USA Mega

South Carolina Mega Millions Jackpot Annuity Payout Schedule for Aug 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 $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 money, as well as deductions claimed.

State:

South Carolina

Drawing Date:Fri, Aug 11, 2023
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,735$19,266$206,028
2$316,080$81,003$20,229$214,848
3$331,884$86,534$21,241$224,109
4$348,478$92,342$22,303$233,834
5$365,902$98,441$23,418$244,044
6$384,197$104,844$24,589$254,765
7$403,407$111,567$25,818$266,022
8$423,578$118,627$27,109$277,842
9$444,757$126,040$28,464$290,253
10$466,994$133,823$29,888$303,284
11$490,344$141,995$31,382$316,967
12$514,861$150,576$32,951$331,334
13$540,604$159,586$34,599$346,419
14$567,635$169,047$36,329$362,259
15$596,016$178,980$38,145$378,891
16$625,817$189,740$40,052$396,025
17$657,108$201,318$42,055$413,735
18$689,963$213,474$44,158$432,331
19$724,461$226,238$46,366$451,857
20$760,685$239,641$48,684$472,360
21$798,719$253,714$51,118$493,887
22$838,655$268,490$53,674$516,491
23$880,587$284,005$56,358$540,225
24$924,617$300,296$59,175$565,145
25$970,848$317,401$62,134$591,312
26$1,019,390$335,362$65,241$618,787
27$1,070,360$354,221$68,503$647,636
28$1,123,878$374,022$71,928$677,927
29$1,180,071$394,814$75,525$709,733
30$1,239,075$416,645$79,301$743,129
Total$20,000,000$6,198,521$1,280,003$12,521,479

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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.