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North Carolina Mega Millions Jackpot Annuity Payout Schedule for Nov 20, 1998

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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 $25,000,000 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, Nov 20, 1998
Jackpot:$25,000,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$376,286$102,075$16,933$257,278
2$395,100$108,660$17,780$268,661
3$414,855$115,574$18,668$280,613
4$435,598$122,834$19,602$293,162
5$457,378$130,457$20,582$306,339
6$480,247$138,461$21,611$320,175
7$504,259$146,865$22,692$334,702
8$529,472$155,690$23,826$349,956
9$555,946$164,956$25,018$365,972
10$583,743$174,685$26,268$382,790
11$612,930$184,972$27,582$400,376
12$643,577$196,311$28,961$418,305
13$675,755$208,217$30,409$437,129
14$709,543$220,719$31,929$456,895
15$745,020$233,845$33,526$477,649
16$782,271$247,628$35,202$499,441
17$821,385$262,100$36,962$522,322
18$862,454$277,296$38,810$546,348
19$905,577$293,251$40,751$571,575
20$950,856$310,004$42,789$598,063
21$998,398$327,595$44,928$625,875
22$1,048,318$346,066$47,174$655,078
23$1,100,734$365,459$49,533$685,742
24$1,155,771$385,823$52,010$717,938
25$1,213,560$407,205$54,610$751,745
26$1,274,238$429,656$57,341$787,241
27$1,337,949$453,229$60,208$824,513
28$1,404,847$477,981$63,218$863,648
29$1,475,089$503,971$66,379$904,739
30$1,548,844$531,260$69,698$947,886
Total$25,000,000$8,022,845$1,125,000$15,852,156

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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.