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Mega Millions Annuity Jackpot Analysis for South Dakota (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 Dakota, 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 Dakota

Drawing Date:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$0$7,629,873
2$10,541,273$2,529,905$0$8,011,367
3$11,068,336$2,656,401$0$8,411,935
4$11,621,753$2,789,221$0$8,832,533
5$12,202,840$2,928,682$0$9,274,159
6$12,812,983$3,075,116$0$9,737,867
7$13,453,632$3,228,872$0$10,224,760
8$14,126,314$3,390,315$0$10,735,998
9$14,832,629$3,559,831$0$11,272,798
10$15,574,261$3,737,823$0$11,836,438
11$16,352,974$3,924,714$0$12,428,260
12$17,170,622$4,120,949$0$13,049,673
13$18,029,153$4,326,997$0$13,702,157
14$18,930,611$4,543,347$0$14,387,265
15$19,877,142$4,770,514$0$15,106,628
16$20,870,999$5,009,040$0$15,861,959
17$21,914,548$5,259,492$0$16,655,057
18$23,010,276$5,522,466$0$17,487,810
19$24,160,790$5,798,590$0$18,362,200
20$25,368,829$6,088,519$0$19,280,310
21$26,637,271$6,392,945$0$20,244,326
22$27,969,134$6,712,592$0$21,256,542
23$29,367,591$7,048,222$0$22,319,369
24$30,835,970$7,400,633$0$23,435,337
25$32,377,769$7,770,665$0$24,607,104
26$33,996,658$8,159,198$0$25,837,460
27$35,696,491$8,567,158$0$27,129,333
28$37,481,315$8,995,516$0$28,485,799
29$39,355,381$9,445,291$0$29,910,089
30$41,323,150$9,917,556$0$31,405,594
Total$667,000,001$160,080,000$0$506,920,001
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