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Mega Millions Annuity Jackpot Analysis for Maryland (Jan. 8, 2019 Drawing)

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 $45,000,000 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:  Jan. 8, 2019
Jackpot:$45,000,000
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$677,315$162,555$50,799$463,960
2$711,180$170,683$53,339$487,159
3$746,739$179,217$56,005$511,516
4$784,076$188,178$58,806$537,092
5$823,280$197,587$61,746$563,947
6$864,444$207,467$64,833$592,144
7$907,666$217,840$68,075$621,751
8$953,050$228,732$71,479$652,839
9$1,000,702$240,169$75,053$685,481
10$1,050,737$252,177$78,805$719,755
11$1,103,274$264,786$82,746$755,743
12$1,158,438$278,025$86,883$793,530
13$1,216,360$291,926$91,227$833,206
14$1,277,178$306,523$95,788$874,867
15$1,341,037$321,849$100,578$918,610
16$1,408,088$337,941$105,607$964,541
17$1,478,493$354,838$110,887$1,012,768
18$1,552,417$372,580$116,431$1,063,406
19$1,630,038$391,209$122,253$1,116,576
20$1,711,540$410,770$128,366$1,172,405
21$1,797,117$431,308$134,784$1,231,025
22$1,886,973$452,874$141,523$1,292,577
23$1,981,322$475,517$148,599$1,357,205
24$2,080,388$499,293$156,029$1,425,066
25$2,184,407$524,258$163,831$1,496,319
26$2,293,628$550,471$172,022$1,571,135
27$2,408,309$577,994$180,623$1,649,692
28$2,528,724$606,894$189,654$1,732,176
29$2,655,161$637,239$199,137$1,818,785
30$2,787,919$669,100$209,094$1,909,724
Total$45,000,000$10,800,000$3,375,000$30,825,000
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