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Mega Millions Annuity Jackpot Analysis for South Carolina (Oct. 30, 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 $45,000,000 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. 30, 2018
Jackpot:$45,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$162,555$47,412$467,347
2$711,180$170,683$49,783$490,714
3$746,739$179,217$52,272$515,250
4$784,076$188,178$54,885$541,013
5$823,280$197,587$57,630$568,063
6$864,444$207,467$60,511$596,466
7$907,666$217,840$63,537$626,290
8$953,050$228,732$66,713$657,604
9$1,000,702$240,169$70,049$690,484
10$1,050,737$252,177$73,552$725,009
11$1,103,274$264,786$77,229$761,259
12$1,158,438$278,025$81,091$799,322
13$1,216,360$291,926$85,145$839,288
14$1,277,178$306,523$89,402$881,253
15$1,341,037$321,849$93,873$925,315
16$1,408,088$337,941$98,566$971,581
17$1,478,493$354,838$103,494$1,020,160
18$1,552,417$372,580$108,669$1,071,168
19$1,630,038$391,209$114,103$1,124,726
20$1,711,540$410,770$119,808$1,180,963
21$1,797,117$431,308$125,798$1,240,011
22$1,886,973$452,874$132,088$1,302,011
23$1,981,322$475,517$138,693$1,367,112
24$2,080,388$499,293$145,627$1,435,468
25$2,184,407$524,258$152,909$1,507,241
26$2,293,628$550,471$160,554$1,582,603
27$2,408,309$577,994$168,582$1,661,733
28$2,528,724$606,894$177,011$1,744,820
29$2,655,161$637,239$185,861$1,832,061
30$2,787,919$669,100$195,154$1,923,664
Total$45,000,000$10,800,000$3,150,000$31,050,000
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