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South Carolina Mega Millions Jackpot Annuity Payout Schedule for Jul 4, 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 $400,000,000 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 4, 2023
Jackpot:$400,000,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,020,574$2,185,800$385,317$3,449,457
2$6,321,603$2,297,181$404,583$3,619,839
3$6,637,683$2,414,130$424,812$3,798,741
4$6,969,567$2,536,928$446,052$3,986,587
5$7,318,045$2,665,864$468,355$4,183,826
6$7,683,948$2,801,248$491,773$4,390,927
7$8,068,145$2,943,401$516,361$4,608,382
8$8,471,552$3,092,662$542,179$4,836,711
9$8,895,130$3,249,386$569,288$5,076,456
10$9,339,886$3,413,946$597,753$5,328,188
11$9,806,881$3,586,734$627,640$5,592,507
12$10,297,225$3,768,161$659,022$5,870,041
13$10,812,086$3,958,660$691,974$6,161,453
14$11,352,690$4,158,683$726,572$6,467,435
15$11,920,325$4,368,708$762,901$6,788,716
16$12,516,341$4,589,234$801,046$7,126,061
17$13,142,158$4,820,786$841,098$7,480,274
18$13,799,266$5,063,916$883,153$7,852,197
19$14,489,229$5,319,203$927,311$8,242,716
20$15,213,691$5,587,253$973,676$8,652,761
21$15,974,375$5,868,707$1,022,360$9,083,309
22$16,773,094$6,164,233$1,073,478$9,535,383
23$17,611,749$6,474,535$1,127,152$10,010,062
24$18,492,336$6,800,352$1,183,510$10,508,474
25$19,416,953$7,142,460$1,242,685$11,031,808
26$20,387,801$7,501,674$1,304,819$11,581,308
27$21,407,191$7,878,848$1,370,060$12,158,282
28$22,477,550$8,274,881$1,438,563$12,764,106
29$23,601,428$8,690,716$1,510,491$13,400,220
30$24,781,499$9,127,342$1,586,016$14,068,141
Total$400,000,001$146,745,632$25,600,000$227,654,368

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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.