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Mega Millions Annuity Jackpot Analysis for South Carolina (Oct. 16, 2018 Drawing)

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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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$702,752$6,927,122
2$10,541,273$2,529,905$737,889$7,273,478
3$11,068,336$2,656,401$774,784$7,637,152
4$11,621,753$2,789,221$813,523$8,019,010
5$12,202,840$2,928,682$854,199$8,419,960
6$12,812,983$3,075,116$896,909$8,840,958
7$13,453,632$3,228,872$941,754$9,283,006
8$14,126,314$3,390,315$988,842$9,747,156
9$14,832,629$3,559,831$1,038,284$10,234,514
10$15,574,261$3,737,823$1,090,198$10,746,240
11$16,352,974$3,924,714$1,144,708$11,283,552
12$17,170,622$4,120,949$1,201,944$11,847,729
13$18,029,153$4,326,997$1,262,041$12,440,116
14$18,930,611$4,543,347$1,325,143$13,062,122
15$19,877,142$4,770,514$1,391,400$13,715,228
16$20,870,999$5,009,040$1,460,970$14,400,989
17$21,914,548$5,259,492$1,534,018$15,121,038
18$23,010,276$5,522,466$1,610,719$15,877,090
19$24,160,790$5,798,590$1,691,255$16,670,945
20$25,368,829$6,088,519$1,775,818$17,504,492
21$26,637,271$6,392,945$1,864,609$18,379,717
22$27,969,134$6,712,592$1,957,839$19,298,703
23$29,367,591$7,048,222$2,055,731$20,263,638
24$30,835,970$7,400,633$2,158,518$21,276,819
25$32,377,769$7,770,665$2,266,444$22,340,660
26$33,996,658$8,159,198$2,379,766$23,457,694
27$35,696,491$8,567,158$2,498,754$24,630,579
28$37,481,315$8,995,516$2,623,692$25,862,107
29$39,355,381$9,445,291$2,754,877$27,155,213
30$41,323,150$9,917,556$2,892,620$28,512,973
Total$667,000,001$160,080,000$46,690,000$460,230,001
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