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Mega Millions Annuity Jackpot Analysis for South Carolina (Apr. 3, 2020 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 $121,000,000 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:  Apr. 3, 2020
Jackpot:$121,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,821,224$437,094$127,486$1,256,644
2$1,912,285$458,948$133,860$1,319,477
3$2,007,899$481,896$140,553$1,385,450
4$2,108,294$505,991$147,581$1,454,723
5$2,213,709$531,290$154,960$1,527,459
6$2,324,394$557,855$162,708$1,603,832
7$2,440,614$585,747$170,843$1,684,024
8$2,562,645$615,035$179,385$1,768,225
9$2,690,777$645,786$188,354$1,856,636
10$2,825,316$678,076$197,772$1,949,468
11$2,966,581$711,980$207,661$2,046,941
12$3,114,911$747,579$218,044$2,149,288
13$3,270,656$784,957$228,946$2,256,753
14$3,434,189$824,205$240,393$2,369,590
15$3,605,898$865,416$252,413$2,488,070
16$3,786,193$908,686$265,034$2,612,473
17$3,975,503$954,121$278,285$2,743,097
18$4,174,278$1,001,827$292,199$2,880,252
19$4,382,992$1,051,918$306,809$3,024,264
20$4,602,141$1,104,514$322,150$3,175,478
21$4,832,248$1,159,740$338,257$3,334,251
22$5,073,861$1,217,727$355,170$3,500,964
23$5,327,554$1,278,613$372,929$3,676,012
24$5,593,932$1,342,544$391,575$3,859,813
25$5,873,628$1,409,671$411,154$4,052,803
26$6,167,310$1,480,154$431,712$4,255,444
27$6,475,675$1,554,162$453,297$4,468,216
28$6,799,459$1,631,870$475,962$4,691,627
29$7,139,432$1,713,464$499,760$4,926,208
30$7,496,404$1,799,137$524,748$5,172,518
Total$121,000,000$29,040,000$8,470,000$83,490,000
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