North Carolina Mega Millions Jackpot Annuity Payout Schedule for Jan 26, 2021
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The tax information provided here is based on 2021 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 North 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 prize money, as well as deductions claimed.
Federal Filing Status:
|Year||Gross Payment||Federal Taxes||State Taxes||Net Payment|
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.Mega Millions annuity chart shows the annual net payout a North Carolina jackpot winner would get after federal and state taxes.
Want to Play the Mega Millions Lottery? Here’ How
Could You Be the Next Mega Millions Winner?
Mega Millions, like Powerball, is a multistate lottery in the United States. Tickets for the Mega Millions Lottery can be purchased in all but five states, as well as Washington, DC and the U.S. Virgin Islands .
Each jackpot starts at a sum determined by ticket sales and interest. If no one wins the jackpot, the next drawing will be even larger, with the jackpot increasing each time.
Note: The jackpot has changed from its previous structure. Up until April 3, 2020, each Mega Millions jackpot started at $40 million and increased by $5 million for every drawing that does not produce a jackpot winner.
History of the Mega Millions Lottery
When Mega Millions kicked off in August of 1996, it was known as “The Big Game.” Only six states participated at first, but as the lottery grew in popularity, more joined in. Now, nearly every U.S. jurisdiction participates, with only five states abstaining.
Since it began, the name has changed twice: to “The Big Game Mega Millions” in 2002 and to “Mega Millions,” as it’s known today, in 2005.
In October 2017, Mega Millions changed its structure, making it harder to win the jackpot but easier to win a million-dollar prize. The changes also resulted in larger jackpots, with the size of the starting jackpot growing by nearly three times its size. A similar redesign was made five years earlier, in October 2012.
The October 2017 Mega Million changes included raising ticket prices from $1 to $2 apiece, dropping the number of white balls from 75 to 70, and having 25 numbers to choose among for the Mega Ball instead of 15. The starting jackpot increased from $15 million to $40 million. A “Just the Jackpot” option ticket was also added and some of the non-jackpot payouts were increased.
These changes put Mega Millions more in line with the Powerball lottery, which has been attracting attention due to its record-breaking jackpots.
Mega Millions broke the record for the United States’ largest lottery jackpot when a $656 million prize was awarded on March 30, 2012. Since then, two Powerball jackpots have broken that record, with a $1,586.4 billion prize awarded on January 13, 2016, and a $758.7 million jackpot awarded on August 23, 2017. Mega Millions currently holds the records for the third- and fourth-largest U.S. jackpots.
How Do You Play Mega Millions?
To play the Mega Millions lottery, you must pick five numbers between 1 and 70 and one additional number between 1 and 25. The additional number is known as the “Mega Ball.” The first five numbers do not have to be in any particular order.
As with Powerball, each type of ball has its own color. The five balls numbered from 1 to 70 are white and the Mega Ball is gold.
A basic Mega Millions ticket costs $2. Most states also offer a “Megaplier” option, where you pay $1 per ticket to multiply any prize you win (other than the jackpot) by two, three, four, or five. The value of the Megaplier is drawn at random at the same time that the winning numbers are generated.
You have the option to choose your lottery numbers yourself or to use the quick pick option and let the computer randomly generate the numbers you will play.
As of October 28, 2017, some states offer a “Just the Jackpot” ticket. The Just the Jackpot ticket gives you two tickets for just $3, but those tickets are only eligible to win jackpots, not any of the lower-tier prizes.
More Info: Want to boost your odds of becoming a lottery winner? Read Lottery-Winning Tips that Really Work.
How Do You Win the Mega Millions Lottery?
Mega Millions’ winning numbers are drawn from two drums, one containing 70 balls and one containing 25 balls. The first five numbers are drawn from the first drum, and the Mega Ball is drawn from the second drum. A seventh number is then drawn, which determines the level of the Megaplier, which can range from 2 to 5 times the prize value.
If your five numbers match the five drawn from the first drum in any order, and your Mega Ball matches the number drawn from the second drum, you’ve won the jackpot. It’s also possible to win a secondary prize for matching a fewer number of balls, as outlined below.
Mega Millions Payouts
- 5 numbers plus the Mega Ball: The rolling jackpot.
- 5 numbers without the Mega Ball: $1,000,000 (multiplied by the Megaplier value, if you purchased that option).
- 4 numbers plus the Mega Ball: $10,000 (multiplied by the Megaplier value, if you purchased that option).
- 4 numbers without the Mega Ball: $500 (multiplied by the Megaplier value, if you purchased that option).
- 3 numbers plus the Mega Ball: $200 (multiplied by the Megaplier value, if you purchased that option).
- 3 numbers without the Mega Ball: $10 (multiplied by the Megaplier value, if you purchased that option).
- 2 numbers plus the Mega Ball: $10 (multiplied by the Megaplier value, if you purchased that option).
- 1 number plus the Mega Ball: $4 (multiplied by the Megaplier value, if you purchased that option).
- Only the Mega Ball: $2 (multiplied by the Megaplier value, if you purchased that option).
The value of the jackpot will be announced before ticket sales begin.
Odds of Winning the Mega Millions Lottery:
- 5 numbers plus the Mega Ball (Jackpot): Odds of 1 in 302,575,350.
- 5 numbers without the Mega Ball: Odds of 1 in 12,607,306.
- 4 numbers plus the Mega Ball: Odds of 1 in 931,001.
- 4 numbers without the Mega Ball: Odds of 1 in 38,792.
- 3 numbers plus the Mega Ball: Odds of 1 in 14,547.
- 3 numbers without the Mega Ball: Odds of 1 in 606.
- 2 numbers plus the Mega Ball: Odds of 1 in 693.
- 1 number plus the Mega Ball: Odds of 1 in 89.
- Only the Mega Ball: Odds of 1 in 37.
- Overall odds of winning any prize: 1 in 24.
These odds are from April 7, 2020. To see whether the odds have changed since then, visit the Mega Millions website.
How Can You Find Out If You Won the Mega Millions Jackpot?
Mega Millions winners are drawn on Tuesdays and Fridays at 11:00 p.m. You can buy tickets up to 15 minutes before that time.
Winning numbers are announced on television, in newspapers, and in the stores where you can buy tickets, or you can find them by simply visiting the Mega Millions website (though you can’t buy tickets online).
If you’d like to see the drawings on your own schedule, check out the Mega Millions YouTube page.
Many of the state lottery websites also have handy lottery apps or RSS feeds that can keep you abreast of the latest winning numbers.
More Info: If you’re interested in state-specific lottery results, see this article: Winning Lottery Numbers by State.
Do You Have to Go Public If You’re a Mega Millions Winner?
In all but five states, you have to reveal your identity publicly if you are a Mega Millions winner. The states that allow you to collect your winnings anonymously are Maryland, Ohio, Kansas, Delaware, and North Dakota.
More Info: Read more about what you can do to protect your privacy if you win a jackpot: Which States Allow Lottery Winners to Remain Anonymous?
If You Win the Mega Millions Jackpot, How Will You Get Your Prize?
If you win the jackpot, have the choice of two payout options: a lump-sum payout or an annuity. The annuity will be paid out over 29 years, receiving 5 percent more each year than the year before. If the winner passes away before the annuity has been paid out, his or her heirs will continue to receive the payments.
If the winner takes the lump-sum payout, he or she will receive the entire jackpot at once, and will also be responsible for taxes on the entire amount at once. People who take the annuity option pay taxes on their winnings each year.
Which States Do Not Participate in the Mega Millions Lottery?
The Mega Millions Lottery is not offered in Alabama, Alaska, Hawaii, Nevada, or Utah. That only means that the tickets are not sold in those states. Residents can purchase Mega Millions tickets if they travel to states where they are sold.Everything you need to know about the Mega Millions Lottery including how to play, how much tickets cost, how big the jackpots grow, and much more. ]]>