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Mega Millions Annuity Jackpot Analysis for Maryland (Aug. 7, 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 $55,000,000 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:  Aug. 7, 2018
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:8.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$72,435$556,715
2$869,220$208,613$76,057$584,551
3$912,681$219,044$79,860$613,778
4$958,315$229,996$83,853$644,467
5$1,006,231$241,495$88,045$676,690
6$1,056,543$253,570$92,447$710,525
7$1,109,370$266,249$97,070$746,051
8$1,164,838$279,561$101,923$783,354
9$1,223,080$293,539$107,020$822,522
10$1,284,234$308,216$112,371$863,648
11$1,348,446$323,627$117,989$906,830
12$1,415,868$339,808$123,888$952,172
13$1,486,662$356,799$130,083$999,780
14$1,560,995$374,639$136,587$1,049,769
15$1,639,045$393,371$143,416$1,102,258
16$1,720,997$413,039$150,587$1,157,370
17$1,807,047$433,691$158,117$1,215,239
18$1,897,399$455,376$166,022$1,276,001
19$1,992,269$478,145$174,324$1,339,801
20$2,091,882$502,052$183,040$1,406,791
21$2,196,477$527,154$192,192$1,477,131
22$2,306,300$553,512$201,801$1,550,987
23$2,421,615$581,188$211,891$1,628,536
24$2,542,696$610,247$222,486$1,709,963
25$2,669,831$640,759$233,610$1,795,461
26$2,803,323$672,797$245,291$1,885,234
27$2,943,489$706,437$257,555$1,979,496
28$3,090,663$741,759$270,433$2,078,471
29$3,245,196$778,847$283,955$2,182,395
30$3,407,456$817,789$298,152$2,291,514
Total$55,000,000$13,200,000$4,812,500$36,987,500
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