USA Mega

South Carolina Mega Millions Jackpot Annuity Payout Schedule for Jul 14, 2023

Media: You may freely use any information on this page, but you must credit usamega.com.

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 $560,000,000 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, Jul 14, 2023
Jackpot:$560,000,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$8,428,804$3,076,845$539,443$4,812,515
2$8,850,244$3,232,778$566,416$5,051,050
3$9,292,756$3,396,507$594,736$5,301,512
4$9,757,394$3,568,424$624,473$5,564,497
5$10,245,263$3,748,935$655,697$5,840,631
6$10,757,527$3,938,473$688,482$6,130,572
7$11,295,403$4,137,487$722,906$6,435,011
8$11,860,173$4,346,452$759,051$6,754,670
9$12,453,182$4,565,865$797,004$7,090,313
10$13,075,841$4,796,249$836,854$7,442,738
11$13,729,633$5,038,152$878,697$7,812,785
12$14,416,115$5,292,150$922,631$8,201,333
13$15,136,920$5,558,848$968,763$8,609,309
14$15,893,767$5,838,881$1,017,201$9,037,684
15$16,688,455$6,132,916$1,068,061$9,487,478
16$17,522,878$6,441,652$1,121,464$9,959,761
17$18,399,021$6,765,826$1,177,537$10,455,658
18$19,318,972$7,106,208$1,236,414$10,976,351
19$20,284,921$7,463,608$1,298,235$11,523,077
20$21,299,167$7,838,880$1,363,147$12,097,141
21$22,364,125$8,232,914$1,431,304$12,699,907
22$23,482,332$8,646,650$1,502,869$13,332,812
23$24,656,448$9,081,074$1,578,013$13,997,362
24$25,889,270$9,537,218$1,656,913$14,695,139
25$27,183,734$10,016,169$1,739,759$15,427,806
26$28,542,921$10,519,069$1,826,747$16,197,106
27$29,970,067$11,047,113$1,918,084$17,004,870
28$31,468,570$11,601,559$2,013,988$17,853,023
29$33,041,999$12,183,727$2,114,688$18,743,583
30$34,694,099$12,795,004$2,220,422$19,678,672
Total$560,000,001$205,945,633$35,839,999$318,214,366

◄ Back to Jackpot Analysis

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.