USA Mega

North Carolina Mega Millions Jackpot Annuity Payout Schedule for Dec 26, 1997

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $8,000,000 for a ticket purchased in North 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

North Carolina

Drawing Date:Fri, Dec 26, 1997
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$5,419$93,052
2$126,432$23,386$5,689$97,356
3$132,754$24,903$5,974$101,876
4$139,391$26,496$6,273$106,622
5$146,361$28,169$6,586$111,606
6$153,679$29,925$6,916$116,838
7$161,363$31,770$7,261$122,332
8$169,431$33,706$7,624$128,101
9$177,903$35,739$8,006$134,158
10$186,798$37,874$8,406$140,518
11$196,138$40,451$8,826$146,861
12$205,944$43,589$9,268$153,088
13$216,242$46,884$9,731$159,627
14$227,054$50,344$10,217$166,493
15$238,406$53,977$10,728$173,702
16$250,327$57,989$11,265$181,073
17$262,843$62,370$11,828$188,645
18$275,985$66,970$12,419$196,596
19$289,785$71,799$13,040$204,945
20$304,274$76,871$13,692$213,711
21$319,488$82,195$14,377$222,915
22$335,462$87,786$15,096$232,580
23$352,235$93,657$15,851$242,727
24$369,847$99,821$16,643$253,383
25$388,339$106,293$17,475$264,570
26$407,756$113,089$18,349$276,318
27$428,144$120,225$19,266$288,652
28$449,551$127,718$20,230$301,604
29$472,029$135,585$21,241$315,203
30$495,630$143,845$22,303$329,481
Total$8,000,000$1,975,367$359,999$5,664,633

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.