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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 $85,000,000 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, Apr 28, 2015
Jackpot:$85,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,279,372$319,843$89,556$869,973
2$1,343,341$335,835$94,034$913,472
3$1,410,508$352,627$98,736$959,145
4$1,481,033$370,258$103,672$1,007,102
5$1,555,085$388,771$108,856$1,057,458
6$1,632,839$408,210$114,299$1,110,330
7$1,714,481$428,620$120,014$1,165,847
8$1,800,205$450,051$126,014$1,224,139
9$1,890,215$472,554$132,315$1,285,346
10$1,984,726$496,181$138,931$1,349,614
11$2,083,962$520,991$145,877$1,417,094
12$2,188,160$547,040$153,171$1,487,949
13$2,297,568$574,392$160,830$1,562,346
14$2,412,447$603,112$168,871$1,640,464
15$2,533,069$633,267$177,315$1,722,487
16$2,659,723$664,931$186,181$1,808,611
17$2,792,709$698,177$195,490$1,899,042
18$2,932,344$733,086$205,264$1,993,994
19$3,078,961$769,740$215,527$2,093,694
20$3,232,909$808,227$226,304$2,198,378
21$3,394,555$848,639$237,619$2,308,297
22$3,564,282$891,071$249,500$2,423,712
23$3,742,497$935,624$261,975$2,544,898
24$3,929,621$982,405$275,073$2,672,143
25$4,126,102$1,031,526$288,827$2,805,750
26$4,332,408$1,083,102$303,269$2,946,037
27$4,549,028$1,137,257$318,432$3,093,339
28$4,776,479$1,194,120$334,354$3,248,006
29$5,015,303$1,253,826$351,071$3,410,406
30$5,266,069$1,316,517$368,625$3,580,927
Total$85,000,000$21,250,000$5,950,000$57,800,000
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