USA Mega

North Carolina Mega Millions Jackpot Annuity Payout Schedule for Dec 1, 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 $7,000,000 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:Tue, Dec 1, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$4,741$82,290
2$110,628$19,593$4,978$86,057
3$116,159$20,921$5,227$90,012
4$121,967$22,315$5,489$94,164
5$128,066$23,778$5,763$98,525
6$134,469$25,315$6,051$103,103
7$141,193$26,929$6,354$107,910
8$148,252$28,623$6,671$112,958
9$155,665$30,402$7,005$118,258
10$163,448$32,270$7,355$123,823
11$171,620$34,231$7,723$129,666
12$180,201$36,291$8,109$135,802
13$189,212$38,453$8,515$142,244
14$198,672$41,262$8,940$148,470
15$208,606$44,440$9,387$154,778
16$219,036$47,778$9,857$161,401
17$229,988$51,283$10,349$168,356
18$241,487$54,962$10,867$175,658
19$253,562$59,121$11,410$183,030
20$266,240$63,559$11,981$190,700
21$279,552$68,218$12,580$198,754
22$293,529$73,110$13,209$207,210
23$308,206$78,247$13,869$216,090
24$323,616$83,640$14,563$225,413
25$339,797$89,304$15,291$235,202
26$356,787$95,250$16,055$245,481
27$374,626$101,494$16,858$256,274
28$393,357$108,050$17,701$267,606
29$413,025$114,933$18,586$279,505
30$433,676$122,161$19,515$291,999
Total$7,000,000$1,654,262$314,999$5,030,739

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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.