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Mega Millions Annuity Jackpot Analysis for Maryland (Oct. 26, 2018 Drawing)

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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 $40,000,000 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:  Oct. 26, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$53,884$403,679
2$632,160$151,718$56,578$423,863
3$663,768$159,304$59,407$445,057
4$696,957$167,270$62,378$467,309
5$731,805$175,633$65,497$490,675
6$768,395$184,415$68,771$515,209
7$806,815$193,635$72,210$540,969
8$847,155$203,317$75,820$568,018
9$889,513$213,483$79,611$596,418
10$933,989$224,157$83,592$626,239
11$980,688$235,365$87,772$657,551
12$1,029,722$247,133$92,160$690,429
13$1,081,209$259,490$96,768$724,950
14$1,135,269$272,465$101,607$761,198
15$1,192,032$286,088$106,687$799,258
16$1,251,634$300,392$112,021$839,221
17$1,314,216$315,412$117,622$881,182
18$1,379,927$331,182$123,503$925,241
19$1,448,923$347,742$129,679$971,503
20$1,521,369$365,129$136,163$1,020,078
21$1,597,438$383,385$142,971$1,071,082
22$1,677,309$402,554$150,119$1,124,636
23$1,761,175$422,682$157,625$1,180,868
24$1,849,234$443,816$165,506$1,239,911
25$1,941,695$466,007$173,782$1,301,907
26$2,038,780$489,307$182,471$1,367,002
27$2,140,719$513,773$191,594$1,435,352
28$2,247,755$539,461$201,174$1,507,120
29$2,360,143$566,434$211,233$1,582,476
30$2,478,150$594,756$221,794$1,661,600
Total$40,000,000$9,600,000$3,580,000$26,820,000
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