USA Mega

South Carolina Mega Millions Jackpot Annuity Payout Schedule for Mar 25, 2014

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The tax information provided here is based on 2021 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 $20,000,000 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 prize money, as well as deductions claimed.

State:

South Carolina

Drawing Date:Tue, Mar 25, 2014
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$79,904$21,072$200,052
2$316,080$85,172$22,126$208,782
3$331,884$90,704$23,232$217,949
4$348,478$96,512$24,393$227,573
5$365,902$102,610$25,613$237,679
6$384,197$109,013$26,894$248,290
7$403,407$115,737$28,239$259,432
8$423,578$122,796$29,650$271,131
9$444,757$130,209$31,133$283,415
10$466,994$137,992$32,690$296,312
11$490,344$146,165$34,324$309,855
12$514,861$154,746$36,040$324,075
13$540,604$164,096$37,842$338,666
14$567,635$174,097$39,734$353,803
15$596,016$184,598$41,721$369,697
16$625,817$195,625$43,807$386,385
17$657,108$207,202$45,998$403,908
18$689,963$219,359$48,297$422,307
19$724,461$232,123$50,712$441,626
20$760,685$245,526$53,248$461,911
21$798,719$259,598$55,910$483,210
22$838,655$274,374$58,706$505,574
23$880,587$289,890$61,641$529,057
24$924,617$306,180$64,723$553,713
25$970,848$323,286$67,959$579,602
26$1,019,390$341,247$71,357$606,786
27$1,070,360$360,105$74,925$635,329
28$1,123,878$379,907$78,671$665,299
29$1,180,071$400,699$82,605$696,768
30$1,239,075$422,530$86,735$729,810
Total$20,000,000$6,352,002$1,399,997$12,247,996

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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.