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Mega Millions Annuity Jackpot Analysis for Maryland (Apr. 14, 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 $145,000,000 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. 14, 2020
Jackpot:$145,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,182,458$523,790$195,330$1,463,338
2$2,291,581$549,979$205,097$1,536,505
3$2,406,160$577,478$215,351$1,613,330
4$2,526,468$606,352$226,119$1,693,997
5$2,652,791$636,670$237,425$1,778,697
6$2,785,431$668,503$249,296$1,867,631
7$2,924,703$701,929$261,761$1,961,013
8$3,070,938$737,025$274,849$2,059,064
9$3,224,485$773,876$288,591$2,162,017
10$3,385,709$812,570$303,021$2,270,118
11$3,554,994$853,199$318,172$2,383,624
12$3,732,744$895,859$334,081$2,502,805
13$3,919,381$940,651$350,785$2,627,945
14$4,115,350$987,684$368,324$2,759,342
15$4,321,118$1,037,068$386,740$2,897,309
16$4,537,174$1,088,922$406,077$3,042,175
17$4,764,032$1,143,368$426,381$3,194,284
18$5,002,234$1,200,536$447,700$3,353,998
19$5,252,346$1,260,563$470,085$3,521,698
20$5,514,963$1,323,591$493,589$3,697,783
21$5,790,711$1,389,771$518,269$3,882,672
22$6,080,247$1,459,259$544,182$4,076,805
23$6,384,259$1,532,222$571,391$4,280,646
24$6,703,472$1,608,833$599,961$4,494,678
25$7,038,645$1,689,275$629,959$4,719,412
26$7,390,578$1,773,739$661,457$4,955,382
27$7,760,107$1,862,426$694,530$5,203,152
28$8,148,112$1,955,547$729,256$5,463,309
29$8,555,518$2,053,324$765,719$5,736,474
30$8,983,293$2,155,990$804,005$6,023,298
Total$145,000,000$34,800,000$12,977,500$97,222,500
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