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North Carolina Mega Millions Jackpot Annuity Payout Schedule for Oct 3, 2014

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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 $120,000,000 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, Oct 3, 2014
Jackpot:$120,000,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,806,172$626,471$81,278$1,098,423
2$1,896,481$659,886$85,342$1,151,254
3$1,991,305$694,971$89,609$1,206,726
4$2,090,870$731,810$94,089$1,264,971
5$2,195,414$770,491$98,794$1,326,129
6$2,305,184$811,106$103,733$1,390,345
7$2,420,444$853,752$108,920$1,457,772
8$2,541,466$898,530$114,366$1,528,570
9$2,668,539$945,547$120,084$1,602,908
10$2,801,966$994,915$126,088$1,680,962
11$2,942,064$1,046,752$132,393$1,762,920
12$3,089,167$1,101,180$139,013$1,848,975
13$3,243,626$1,158,329$145,963$1,939,333
14$3,405,807$1,218,336$153,261$2,034,209
15$3,576,097$1,281,344$160,924$2,133,829
16$3,754,902$1,347,502$168,971$2,238,430
17$3,942,647$1,416,967$177,419$2,348,261
18$4,139,780$1,489,906$186,290$2,463,583
19$4,346,769$1,566,492$195,605$2,584,672
20$4,564,107$1,646,907$205,385$2,711,815
21$4,792,313$1,731,343$215,654$2,845,315
22$5,031,928$1,820,001$226,437$2,985,490
23$5,283,525$1,913,092$237,759$3,132,674
24$5,547,701$2,010,837$249,647$3,287,217
25$5,825,086$2,113,470$262,129$3,449,487
26$6,116,340$2,221,234$275,235$3,619,871
27$6,422,157$2,334,386$288,997$3,798,774
28$6,743,265$2,453,196$303,447$3,986,622
29$7,080,428$2,577,946$318,619$4,183,863
30$7,434,450$2,708,934$334,550$4,390,965
Total$120,000,000$43,145,633$5,400,001$71,454,365

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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.