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Mega Millions Annuity Jackpot Analysis for Maryland (Apr. 10, 2020 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 $136,000,000 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:  Apr. 10, 2020
Jackpot:$136,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,046,995$491,279$183,206$1,372,510
2$2,149,345$515,843$192,366$1,441,136
3$2,256,812$541,635$201,985$1,513,193
4$2,369,653$568,717$212,084$1,588,852
5$2,488,135$597,152$222,688$1,668,295
6$2,612,542$627,010$233,823$1,751,710
7$2,743,169$658,361$245,514$1,839,295
8$2,880,328$691,279$257,789$1,931,260
9$3,024,344$725,843$270,679$2,027,823
10$3,175,561$762,135$284,213$2,129,214
11$3,334,339$800,241$298,423$2,235,675
12$3,501,056$840,254$313,345$2,347,458
13$3,676,109$882,266$329,012$2,464,831
14$3,859,915$926,380$345,462$2,588,073
15$4,052,910$972,699$362,735$2,717,476
16$4,255,556$1,021,333$380,872$2,853,350
17$4,468,334$1,072,400$399,916$2,996,018
18$4,691,750$1,126,020$419,912$3,145,819
19$4,926,338$1,182,321$440,907$3,303,110
20$5,172,655$1,241,437$462,953$3,468,265
21$5,431,288$1,303,509$486,100$3,641,678
22$5,702,852$1,368,684$510,405$3,823,762
23$5,987,995$1,437,119$535,926$4,014,950
24$6,287,394$1,508,975$562,722$4,215,698
25$6,601,764$1,584,423$590,858$4,426,483
26$6,931,852$1,663,645$620,401$4,647,807
27$7,278,445$1,746,827$651,421$4,880,197
28$7,642,367$1,834,168$683,992$5,124,207
29$8,024,485$1,925,876$718,191$5,380,417
30$8,425,710$2,022,170$754,101$5,649,438
Total$136,000,000$32,640,000$12,172,000$91,188,000
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