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Mega Millions Annuity Jackpot Analysis for Maryland (Nov. 2, 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 $52,000,000 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:  Nov. 2, 2018
Jackpot:$52,000,000
Federal Tax:  24%
State Tax:8.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$782,675$187,842$68,484$526,349
2$821,808$197,234$71,908$552,666
3$862,899$207,096$75,504$580,299
4$906,044$217,450$79,279$609,314
5$951,346$228,323$83,243$639,780
6$998,913$239,739$87,405$671,769
7$1,048,859$251,726$91,775$705,358
8$1,101,302$264,312$96,364$740,625
9$1,156,367$277,528$101,182$777,657
10$1,214,185$291,404$106,241$816,540
11$1,274,895$305,975$111,553$857,367
12$1,338,639$321,273$117,131$900,235
13$1,405,571$337,337$122,987$945,247
14$1,475,850$354,204$129,137$992,509
15$1,549,642$371,914$135,594$1,042,134
16$1,627,124$390,510$142,373$1,094,241
17$1,708,481$410,035$149,492$1,148,953
18$1,793,905$430,537$156,967$1,206,401
19$1,883,600$452,064$164,815$1,266,721
20$1,977,780$474,667$173,056$1,330,057
21$2,076,669$498,401$181,709$1,396,560
22$2,180,502$523,321$190,794$1,466,388
23$2,289,527$549,487$200,334$1,539,707
24$2,404,004$576,961$210,350$1,616,692
25$2,524,204$605,809$220,868$1,697,527
26$2,650,414$636,099$231,911$1,782,403
27$2,782,935$667,904$243,507$1,871,524
28$2,922,082$701,300$255,682$1,965,100
29$3,068,186$736,365$268,466$2,063,355
30$3,221,595$773,183$281,890$2,166,523
Total$52,000,000$12,480,000$4,550,000$34,970,000
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