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Mega Millions Annuity Jackpot Analysis for South Carolina (Dec. 21, 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 $305,000,000 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:  Dec. 21, 2018
Jackpot:$305,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,590,688$1,101,765$321,348$3,167,574
2$4,820,222$1,156,853$337,416$3,325,953
3$5,061,233$1,214,696$354,286$3,492,251
4$5,314,295$1,275,431$372,001$3,666,864
5$5,580,009$1,339,202$390,601$3,850,207
6$5,859,010$1,406,162$410,131$4,042,717
7$6,151,961$1,476,471$430,637$4,244,853
8$6,459,559$1,550,294$452,169$4,457,096
9$6,782,537$1,627,809$474,778$4,679,950
10$7,121,663$1,709,199$498,516$4,913,948
11$7,477,747$1,794,659$523,442$5,159,645
12$7,851,634$1,884,392$549,614$5,417,627
13$8,244,216$1,978,612$577,095$5,688,509
14$8,656,426$2,077,542$605,950$5,972,934
15$9,089,248$2,181,419$636,247$6,271,581
16$9,543,710$2,290,490$668,060$6,585,160
17$10,020,895$2,405,015$701,463$6,914,418
18$10,521,940$2,525,266$736,536$7,260,139
19$11,048,037$2,651,529$773,363$7,623,146
20$11,600,439$2,784,105$812,031$8,004,303
21$12,180,461$2,923,311$852,632$8,404,518
22$12,789,484$3,069,476$895,264$8,824,744
23$13,428,958$3,222,950$940,027$9,265,981
24$14,100,406$3,384,097$987,028$9,729,280
25$14,805,427$3,553,302$1,036,380$10,215,744
26$15,545,698$3,730,968$1,088,199$10,726,532
27$16,322,983$3,917,516$1,142,609$11,262,858
28$17,139,132$4,113,392$1,199,739$11,826,001
29$17,996,089$4,319,061$1,259,726$12,417,301
30$18,895,893$4,535,014$1,322,713$13,038,166
Total$305,000,001$73,200,000$21,350,000$210,450,000
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