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South Carolina Mega Millions Jackpot Annuity Payout Schedule for Jul 28, 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 $940,000,000 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 28, 2023
Jackpot:$940,000,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$14,148,349$5,193,077$905,494$8,049,778
2$14,855,767$5,454,821$950,769$8,450,176
3$15,598,555$5,729,653$998,307$8,870,594
4$16,378,483$6,018,226$1,048,223$9,312,034
5$17,197,406$6,321,228$1,100,634$9,775,544
6$18,057,277$6,639,380$1,155,666$10,262,231
7$18,960,141$6,973,440$1,213,449$10,773,252
8$19,908,148$7,324,203$1,274,121$11,309,824
9$20,903,556$7,692,503$1,337,828$11,873,225
10$21,948,733$8,079,219$1,404,719$12,464,795
11$23,046,170$8,485,271$1,474,955$13,085,944
12$24,198,478$8,911,625$1,548,703$13,738,151
13$25,408,402$9,359,297$1,626,138$14,422,968
14$26,678,822$9,829,352$1,707,445$15,142,026
15$28,012,763$10,322,910$1,792,817$15,897,036
16$29,413,402$10,841,146$1,882,458$16,689,798
17$30,884,071$11,385,294$1,976,581$17,522,197
18$32,428,275$11,956,650$2,075,410$18,396,216
19$34,049,689$12,556,573$2,179,180$19,313,936
20$35,752,173$13,186,492$2,288,139$20,277,542
21$37,539,782$13,847,907$2,402,546$21,289,329
22$39,416,771$14,542,393$2,522,673$22,351,705
23$41,387,610$15,271,603$2,648,807$23,467,199
24$43,456,990$16,037,274$2,781,247$24,638,468
25$45,629,839$16,841,228$2,920,310$25,868,301
26$47,911,332$17,685,381$3,066,325$27,159,626
27$50,306,898$18,571,740$3,219,641$28,515,517
28$52,822,243$19,502,417$3,380,624$29,939,202
29$55,463,355$20,479,629$3,549,655$31,434,071
30$58,236,523$21,505,701$3,727,137$33,003,684
Total$940,000,002$346,545,633$60,160,001$533,294,369

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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.