USA Mega

South Carolina Mega Millions Jackpot Annuity Payout Schedule for Dec 15, 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 $8,000,000 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:Tue, Dec 15, 1998
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$7,706$90,764
2$126,432$23,386$8,092$94,954
3$132,754$24,903$8,496$99,354
4$139,391$26,496$8,921$103,974
5$146,361$28,169$9,367$108,825
6$153,679$29,925$9,835$113,918
7$161,363$31,770$10,327$119,266
8$169,431$33,706$10,844$124,882
9$177,903$35,739$11,386$130,778
10$186,798$37,874$11,955$136,969
11$196,138$40,451$12,553$143,134
12$205,944$43,589$13,180$149,175
13$216,242$46,884$13,839$155,518
14$227,054$50,344$14,531$162,179
15$238,406$53,977$15,258$169,172
16$250,327$57,989$16,021$176,317
17$262,843$62,370$16,822$183,651
18$275,985$66,970$17,663$191,353
19$289,785$71,799$18,546$199,439
20$304,274$76,871$19,474$207,930
21$319,488$82,195$20,447$216,845
22$335,462$87,786$21,470$226,206
23$352,235$93,657$22,543$236,035
24$369,847$99,821$23,670$246,355
25$388,339$106,293$24,854$257,192
26$407,756$113,089$26,096$268,570
27$428,144$120,225$27,401$280,518
28$449,551$127,718$28,771$293,062
29$472,029$135,585$30,210$306,234
30$495,630$143,845$31,720$320,064
Total$8,000,000$1,975,367$511,998$5,512,633

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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.