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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 $245,000,000 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:  Tue, Feb 26, 2019
Jackpot:$245,000,000
Federal Tax:  24%
State Tax:8.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,687,602$885,024$322,665$2,479,912
2$3,871,982$929,276$338,798$2,603,908
3$4,065,581$975,739$355,738$2,734,103
4$4,268,860$1,024,526$373,525$2,870,808
5$4,482,303$1,075,753$392,201$3,014,349
6$4,706,418$1,129,540$411,812$3,165,066
7$4,941,739$1,186,017$432,402$3,323,319
8$5,188,826$1,245,318$454,022$3,489,485
9$5,448,267$1,307,584$476,723$3,663,960
10$5,720,680$1,372,963$500,560$3,847,158
11$6,006,714$1,441,611$525,588$4,039,515
12$6,307,050$1,513,692$551,867$4,241,491
13$6,622,403$1,589,377$579,460$4,453,566
14$6,953,523$1,668,845$608,433$4,676,244
15$7,301,199$1,752,288$638,855$4,910,056
16$7,666,259$1,839,902$670,798$5,155,559
17$8,049,572$1,931,897$704,338$5,413,337
18$8,452,050$2,028,492$739,554$5,684,004
19$8,874,653$2,129,917$776,532$5,968,204
20$9,318,386$2,236,413$815,359$6,266,614
21$9,784,305$2,348,233$856,127$6,579,945
22$10,273,520$2,465,645$898,933$6,908,942
23$10,787,196$2,588,927$943,880$7,254,389
24$11,326,556$2,718,373$991,074$7,617,109
25$11,892,884$2,854,292$1,040,627$7,997,964
26$12,487,528$2,997,007$1,092,659$8,397,863
27$13,111,904$3,146,857$1,147,292$8,817,756
28$13,767,499$3,304,200$1,204,656$9,258,643
29$14,455,874$3,469,410$1,264,889$9,721,576
30$15,178,668$3,642,880$1,328,133$10,207,654
Total$245,000,000$58,800,000$21,437,500$164,762,500
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