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South Carolina Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 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 $122,000,000 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, Sep 8, 2023
Jackpot:$122,000,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,836,275$637,610$117,522$1,081,144
2$1,928,089$671,581$123,398$1,133,111
3$2,024,493$707,250$129,568$1,187,675
4$2,125,718$744,703$136,046$1,244,969
5$2,232,004$784,029$142,848$1,305,126
6$2,343,604$825,321$149,991$1,368,292
7$2,460,784$868,678$157,490$1,434,616
8$2,583,823$914,202$165,365$1,504,256
9$2,713,015$962,003$173,633$1,577,379
10$2,848,665$1,012,194$182,315$1,654,157
11$2,991,099$1,064,894$191,430$1,734,774
12$3,140,654$1,120,230$201,002$1,819,422
13$3,297,686$1,178,332$211,052$1,908,303
14$3,462,571$1,239,339$221,605$2,001,627
15$3,635,699$1,303,396$232,685$2,099,618
16$3,817,484$1,370,657$244,319$2,202,508
17$4,008,358$1,441,280$256,535$2,310,543
18$4,208,776$1,515,435$269,362$2,423,980
19$4,419,215$1,593,297$282,830$2,543,088
20$4,640,176$1,675,053$296,971$2,668,152
21$4,872,184$1,760,896$311,820$2,799,469
22$5,115,794$1,851,031$327,411$2,937,351
23$5,371,583$1,945,674$343,781$3,082,128
24$5,640,162$2,045,048$360,970$3,234,144
25$5,922,171$2,149,391$379,019$3,393,761
26$6,218,279$2,258,951$397,970$3,561,358
27$6,529,193$2,373,989$417,868$3,737,336
28$6,855,653$2,494,779$438,762$3,922,112
29$7,198,435$2,621,609$460,700$4,116,127
30$7,558,357$2,754,780$483,735$4,319,842
Total$122,000,000$43,885,632$7,808,003$70,306,368

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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.