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Mega Millions Annuity Jackpot Analysis for Maryland

For an out-of-state resident

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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:7.50% (For an out-of-state resident)
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,687,602$885,024$276,570$2,526,007
2$3,871,982$929,276$290,399$2,652,307
3$4,065,581$975,739$304,919$2,784,923
4$4,268,860$1,024,526$320,164$2,924,169
5$4,482,303$1,075,753$336,173$3,070,377
6$4,706,418$1,129,540$352,981$3,223,896
7$4,941,739$1,186,017$370,630$3,385,091
8$5,188,826$1,245,318$389,162$3,554,346
9$5,448,267$1,307,584$408,620$3,732,063
10$5,720,680$1,372,963$429,051$3,918,666
11$6,006,714$1,441,611$450,504$4,114,599
12$6,307,050$1,513,692$473,029$4,320,329
13$6,622,403$1,589,377$496,680$4,536,346
14$6,953,523$1,668,845$521,514$4,763,163
15$7,301,199$1,752,288$547,590$5,001,321
16$7,666,259$1,839,902$574,969$5,251,387
17$8,049,572$1,931,897$603,718$5,513,957
18$8,452,050$2,028,492$633,904$5,789,655
19$8,874,653$2,129,917$665,599$6,079,137
20$9,318,386$2,236,413$698,879$6,383,094
21$9,784,305$2,348,233$733,823$6,702,249
22$10,273,520$2,465,645$770,514$7,037,361
23$10,787,196$2,588,927$809,040$7,389,229
24$11,326,556$2,718,373$849,492$7,758,691
25$11,892,884$2,854,292$891,966$8,146,625
26$12,487,528$2,997,007$936,565$8,553,957
27$13,111,904$3,146,857$983,393$8,981,654
28$13,767,499$3,304,200$1,032,562$9,430,737
29$14,455,874$3,469,410$1,084,191$9,902,274
30$15,178,668$3,642,880$1,138,400$10,397,388
Total$245,000,000$58,800,000$18,375,000$167,825,000
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