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South Carolina Mega Millions Jackpot Annuity Payout Schedule for Jul 11, 2023

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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 $500,000,000 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, Jul 11, 2023
Jackpot:$500,000,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,525,718$2,742,703$481,646$4,301,368
2$7,902,004$2,881,929$505,728$4,514,346
3$8,297,104$3,028,116$531,015$4,737,973
4$8,711,959$3,181,613$557,565$4,972,781
5$9,147,557$3,342,784$585,444$5,219,329
6$9,604,935$3,512,014$614,716$5,478,205
7$10,085,182$3,689,705$645,452$5,750,025
8$10,589,441$3,876,281$677,724$6,035,436
9$11,118,913$4,072,185$711,610$6,335,117
10$11,674,858$4,277,885$747,191$6,649,782
11$12,258,601$4,493,870$784,550$6,980,180
12$12,871,531$4,720,654$823,778$7,327,099
13$13,515,108$4,958,778$864,967$7,691,363
14$14,190,863$5,208,807$908,215$8,073,841
15$14,900,406$5,471,338$953,626$8,475,442
16$15,645,427$5,746,996$1,001,307$8,897,124
17$16,427,698$6,036,436$1,051,373$9,339,889
18$17,249,083$6,340,348$1,103,941$9,804,793
19$18,111,537$6,659,456$1,159,138$10,292,942
20$19,017,114$6,994,520$1,217,095$10,805,498
21$19,967,969$7,346,336$1,277,950$11,343,683
22$20,966,368$7,715,744$1,341,848$11,908,776
23$22,014,686$8,103,622$1,408,940$12,502,125
24$23,115,420$8,510,893$1,479,387$13,125,140
25$24,271,191$8,938,528$1,553,356$13,779,306
26$25,484,751$9,387,546$1,631,024$14,466,181
27$26,758,989$9,859,013$1,712,575$15,187,400
28$28,096,938$10,354,055$1,798,204$15,944,679
29$29,501,785$10,873,848$1,888,114$16,739,822
30$30,976,874$11,419,631$1,982,520$17,574,723
Total$500,000,001$183,745,634$31,999,999$284,254,368

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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.