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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 $20,000,000 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 31, 2015
Jackpot:$20,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,257$21,072$204,700
2$316,080$79,020$22,126$214,934
3$331,884$82,971$23,232$225,681
4$348,478$87,120$24,393$236,965
5$365,902$91,476$25,613$248,814
6$384,197$96,049$26,894$261,254
7$403,407$100,852$28,239$274,317
8$423,578$105,894$29,650$288,033
9$444,757$111,189$31,133$302,434
10$466,994$116,749$32,690$317,556
11$490,344$122,586$34,324$333,434
12$514,861$128,715$36,040$350,106
13$540,604$135,151$37,842$367,611
14$567,635$141,909$39,734$385,991
15$596,016$149,004$41,721$405,291
16$625,817$156,454$43,807$425,556
17$657,108$164,277$45,998$446,833
18$689,963$172,491$48,297$469,175
19$724,461$181,115$50,712$492,634
20$760,685$190,171$53,248$517,265
21$798,719$199,680$55,910$543,129
22$838,655$209,664$58,706$570,285
23$880,587$220,147$61,641$598,799
24$924,617$231,154$64,723$628,739
25$970,848$242,712$67,959$660,176
26$1,019,390$254,848$71,357$693,185
27$1,070,360$267,590$74,925$727,844
28$1,123,878$280,969$78,671$764,237
29$1,180,071$295,018$82,605$802,449
30$1,239,075$309,769$86,735$842,571
Total$20,000,000$5,000,000$1,400,000$13,600,000
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