USA Mega

South Carolina Mega Millions Jackpot Annuity Payout Schedule for Nov 6, 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 $16,000,000 for a ticket purchased in South 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:

South Carolina

Drawing Date:Fri, Nov 6, 1998
Jackpot:$16,000,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$240,823$54,750$15,413$170,660
2$252,864$58,877$16,183$177,804
3$265,507$63,302$16,992$185,213
4$278,783$67,949$17,842$192,992
5$292,722$72,827$18,734$201,160
6$307,358$77,950$19,671$209,737
7$322,726$83,329$20,654$218,743
8$338,862$88,976$21,687$228,198
9$355,805$94,907$22,772$238,127
10$373,595$101,133$23,910$248,552
11$392,275$107,671$25,106$259,499
12$411,889$114,536$26,361$270,992
13$432,483$121,744$27,679$283,061
14$454,108$129,312$29,063$295,732
15$476,813$137,259$30,516$309,038
16$500,654$145,604$32,042$323,008
17$525,686$154,365$33,644$337,677
18$551,971$163,564$35,326$353,080
19$579,569$173,224$37,092$369,253
20$608,548$183,366$38,947$386,234
21$638,975$194,609$40,894$403,472
22$670,924$206,430$42,939$421,555
23$704,470$218,842$45,086$440,542
24$739,693$231,874$47,340$460,479
25$776,678$245,559$49,707$481,412
26$815,512$259,927$52,193$503,392
27$856,288$275,014$54,802$526,471
28$899,102$290,855$57,543$550,704
29$944,057$307,489$60,420$576,149
30$991,260$324,954$63,441$602,865
Total$16,000,000$4,750,198$1,023,999$10,225,801

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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.