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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 $118,000,000 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:  Fri, Apr 29, 2016
Jackpot:$118,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,776,069$444,017$124,325$1,207,727
2$1,864,873$466,218$130,541$1,268,114
3$1,958,116$489,529$137,068$1,331,519
4$2,056,022$514,006$143,922$1,398,095
5$2,158,823$539,706$151,118$1,468,000
6$2,266,765$566,691$158,674$1,541,400
7$2,380,103$595,026$166,607$1,618,470
8$2,499,108$624,777$174,938$1,699,393
9$2,624,063$656,016$183,684$1,784,363
10$2,755,266$688,817$192,869$1,873,581
11$2,893,030$723,257$202,512$1,967,260
12$3,037,681$759,420$212,638$2,065,623
13$3,189,565$797,391$223,270$2,168,904
14$3,349,044$837,261$234,433$2,277,350
15$3,516,496$879,124$246,155$2,391,217
16$3,692,321$923,080$258,462$2,510,778
17$3,876,937$969,234$271,386$2,636,317
18$4,070,783$1,017,696$284,955$2,768,133
19$4,274,323$1,068,581$299,203$2,906,539
20$4,488,039$1,122,010$314,163$3,051,866
21$4,712,441$1,178,110$329,871$3,204,460
22$4,948,063$1,237,016$346,364$3,364,683
23$5,195,466$1,298,866$363,683$3,532,917
24$5,455,239$1,363,810$381,867$3,709,563
25$5,728,001$1,432,000$400,960$3,895,041
26$6,014,401$1,503,600$421,008$4,089,793
27$6,315,121$1,578,780$442,058$4,294,282
28$6,630,877$1,657,719$464,161$4,508,997
29$6,962,421$1,740,605$487,369$4,734,446
30$7,310,542$1,827,636$511,738$4,971,169
Total$118,000,000$29,500,000$8,260,000$80,240,000
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