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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 $60,000,000 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, Jun 25, 2019
Jackpot:$60,000,000
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$903,086$216,741$67,731$618,614
2$948,240$227,578$71,118$649,545
3$995,652$238,957$74,674$682,022
4$1,045,435$250,904$78,408$716,123
5$1,097,707$263,450$82,328$751,929
6$1,152,592$276,622$86,444$789,526
7$1,210,222$290,453$90,767$829,002
8$1,270,733$304,976$95,305$870,452
9$1,334,270$320,225$100,070$913,975
10$1,400,983$336,236$105,074$959,673
11$1,471,032$353,048$110,327$1,007,657
12$1,544,584$370,700$115,844$1,058,040
13$1,621,813$389,235$121,636$1,110,942
14$1,702,904$408,697$127,718$1,166,489
15$1,788,049$429,132$134,104$1,224,813
16$1,877,451$450,588$140,809$1,286,054
17$1,971,324$473,118$147,849$1,350,357
18$2,069,890$496,774$155,242$1,417,875
19$2,173,384$521,612$163,004$1,488,768
20$2,282,054$547,693$171,154$1,563,207
21$2,396,156$575,078$179,712$1,641,367
22$2,515,964$603,831$188,697$1,723,435
23$2,641,762$634,023$198,132$1,809,607
24$2,773,850$665,724$208,039$1,900,088
25$2,912,543$699,010$218,441$1,995,092
26$3,058,170$733,961$229,363$2,094,847
27$3,211,079$770,659$240,831$2,199,589
28$3,371,633$809,192$252,872$2,309,568
29$3,540,214$849,651$265,516$2,425,047
30$3,717,225$892,134$278,792$2,546,299
Total$60,000,000$14,400,000$4,500,000$41,100,000
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