USA Mega

South Carolina Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 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 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, Feb 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$6,743$80,288
2$110,628$19,593$7,080$83,955
3$116,159$20,921$7,434$87,804
4$121,967$22,315$7,806$91,847
5$128,066$23,778$8,196$96,091
6$134,469$25,315$8,606$100,548
7$141,193$26,929$9,036$105,228
8$148,252$28,623$9,488$110,141
9$155,665$30,402$9,963$115,300
10$163,448$32,270$10,461$120,717
11$171,620$34,231$10,984$126,405
12$180,201$36,291$11,533$132,378
13$189,212$38,453$12,110$138,649
14$198,672$41,262$12,715$144,696
15$208,606$44,440$13,351$150,815
16$219,036$47,778$14,018$157,240
17$229,988$51,283$14,719$163,986
18$241,487$54,962$15,455$171,070
19$253,562$59,121$16,228$178,212
20$266,240$63,559$17,039$185,642
21$279,552$68,218$17,891$193,442
22$293,529$73,110$18,786$201,633
23$308,206$78,247$19,725$210,234
24$323,616$83,640$20,711$219,264
25$339,797$89,304$21,747$228,746
26$356,787$95,250$22,834$238,702
27$374,626$101,494$23,976$249,156
28$393,357$108,050$25,175$260,133
29$413,025$114,933$26,434$271,658
30$433,676$122,161$27,755$283,760
Total$7,000,000$1,654,262$447,999$4,897,740

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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.