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Mega Millions Annuity Jackpot Analysis for Maryland

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $378,000,000 would be for a resident of Maryland, 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Maryland

Drawing Date:  Fri, Jun 5, 2020
Jackpot:$378,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,689,442$1,365,466$509,205$3,814,771
2$5,973,915$1,433,740$534,665$4,005,510
3$6,272,610$1,505,426$561,399$4,205,785
4$6,586,241$1,580,698$589,469$4,416,075
5$6,915,553$1,659,733$618,942$4,636,878
6$7,261,330$1,742,719$649,889$4,868,722
7$7,624,397$1,829,855$682,384$5,112,158
8$8,005,617$1,921,348$716,503$5,367,766
9$8,405,898$2,017,415$752,328$5,636,155
10$8,826,193$2,118,286$789,944$5,917,962
11$9,267,502$2,224,201$829,441$6,213,860
12$9,730,877$2,335,411$870,914$6,524,553
13$10,217,421$2,452,181$914,459$6,850,781
14$10,728,292$2,574,790$960,182$7,193,320
15$11,264,707$2,703,530$1,008,191$7,552,986
16$11,827,942$2,838,706$1,058,601$7,930,635
17$12,419,339$2,980,641$1,111,531$8,327,167
18$13,040,306$3,129,674$1,167,107$8,743,525
19$13,692,322$3,286,157$1,225,463$9,180,702
20$14,376,938$3,450,465$1,286,736$9,639,737
21$15,095,785$3,622,988$1,351,073$10,121,724
22$15,850,574$3,804,138$1,418,626$10,627,810
23$16,643,103$3,994,345$1,489,558$11,159,200
24$17,475,258$4,194,062$1,564,036$11,717,160
25$18,349,020$4,403,765$1,642,237$12,303,018
26$19,266,472$4,623,953$1,724,349$12,918,169
27$20,229,795$4,855,151$1,810,567$13,564,078
28$21,241,285$5,097,908$1,901,095$14,242,281
29$22,303,349$5,352,804$1,996,150$14,954,396
30$23,418,517$5,620,444$2,095,957$15,702,115
Total$378,000,001$90,720,000$33,831,000$253,449,001
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