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Mega Millions Annuity Jackpot Analysis for Maryland (Dec. 21, 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 $305,000,000 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:  Dec. 21, 2018
Jackpot:$305,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,590,688$1,101,765$410,867$3,078,056
2$4,820,222$1,156,853$431,410$3,231,959
3$5,061,233$1,214,696$452,980$3,393,557
4$5,314,295$1,275,431$475,629$3,563,235
5$5,580,009$1,339,202$499,411$3,741,396
6$5,859,010$1,406,162$524,381$3,928,466
7$6,151,961$1,476,471$550,600$4,124,890
8$6,459,559$1,550,294$578,131$4,331,134
9$6,782,537$1,627,809$607,037$4,547,691
10$7,121,663$1,709,199$637,389$4,775,075
11$7,477,747$1,794,659$669,258$5,013,829
12$7,851,634$1,884,392$702,721$5,264,521
13$8,244,216$1,978,612$737,857$5,527,747
14$8,656,426$2,077,542$774,750$5,804,134
15$9,089,248$2,181,419$813,488$6,094,341
16$9,543,710$2,290,490$854,162$6,399,058
17$10,020,895$2,405,015$896,870$6,719,010
18$10,521,940$2,525,266$941,714$7,054,961
19$11,048,037$2,651,529$988,799$7,407,709
20$11,600,439$2,784,105$1,038,239$7,778,095
21$12,180,461$2,923,311$1,090,151$8,166,999
22$12,789,484$3,069,476$1,144,659$8,575,349
23$13,428,958$3,222,950$1,201,892$9,004,117
24$14,100,406$3,384,097$1,261,986$9,454,322
25$14,805,427$3,553,302$1,325,086$9,927,038
26$15,545,698$3,730,968$1,391,340$10,423,391
27$16,322,983$3,917,516$1,460,907$10,944,560
28$17,139,132$4,113,392$1,533,952$11,491,788
29$17,996,089$4,319,061$1,610,650$12,066,377
30$18,895,893$4,535,014$1,691,182$12,669,696
Total$305,000,001$73,200,000$27,297,500$204,502,500
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