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Mega Millions Annuity Jackpot Analysis for South Carolina

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $15,000,000 would be for a resident of South Carolina, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

South Carolina

Drawing Date:  Tue, Mar 3, 2015
Jackpot:$15,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$225,772$56,443$15,804$153,525
2$237,060$59,265$16,594$161,201
3$248,913$62,228$17,424$169,261
4$261,359$65,340$18,295$177,724
5$274,427$68,607$19,210$186,610
6$288,148$72,037$20,170$195,941
7$302,555$75,639$21,179$205,738
8$317,683$79,421$22,238$216,025
9$333,567$83,392$23,350$226,826
10$350,246$87,561$24,517$238,167
11$367,758$91,940$25,743$250,075
12$386,146$96,536$27,030$262,579
13$405,453$101,363$28,382$275,708
14$425,726$106,431$29,801$289,494
15$447,012$111,753$31,291$303,968
16$469,363$117,341$32,855$319,167
17$492,831$123,208$34,498$335,125
18$517,472$129,368$36,223$351,881
19$543,346$135,837$38,034$369,475
20$570,513$142,628$39,936$387,949
21$599,039$149,760$41,933$407,347
22$628,991$157,248$44,029$427,714
23$660,441$165,110$46,231$449,100
24$693,463$173,366$48,542$471,555
25$728,136$182,034$50,970$495,132
26$764,543$191,136$53,518$519,889
27$802,770$200,692$56,194$545,883
28$842,908$210,727$59,004$573,178
29$885,054$221,263$61,954$601,836
30$929,306$232,327$65,051$631,928
Total$15,000,000$3,750,000$1,050,000$10,200,000
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