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Maryland Mega Millions Jackpot Annuity Payout Schedule for Feb 27, 2024

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $563,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Maryland

Drawing Date:Tue, Feb 27, 2024
Jackpot:$563,000,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$8,473,958$3,093,552$758,419$4,621,986
2$8,897,656$3,250,320$796,340$4,850,995
3$9,342,539$3,414,927$836,157$5,091,454
4$9,809,666$3,587,764$877,965$5,343,937
5$10,300,149$3,769,243$921,863$5,609,043
6$10,815,156$3,959,796$967,956$5,887,404
7$11,355,914$4,159,876$1,016,354$6,179,684
8$11,923,710$4,369,960$1,067,172$6,486,578
9$12,519,895$4,590,549$1,120,531$6,808,816
10$13,145,890$4,822,167$1,176,557$7,147,166
11$13,803,185$5,065,366$1,235,385$7,502,434
12$14,493,344$5,320,725$1,297,154$7,875,465
13$15,218,011$5,588,852$1,362,012$8,267,147
14$15,978,912$5,870,385$1,430,113$8,678,414
15$16,777,857$6,165,995$1,501,618$9,110,244
16$17,616,750$6,476,385$1,576,699$9,563,666
17$18,497,587$6,802,295$1,655,534$10,039,758
18$19,422,467$7,144,501$1,738,311$10,539,656
19$20,393,590$7,503,816$1,825,226$11,064,548
20$21,413,270$7,881,098$1,916,488$11,615,685
21$22,483,933$8,277,243$2,012,312$12,194,378
22$23,608,130$8,693,196$2,112,928$12,802,006
23$24,788,536$9,129,946$2,218,574$13,440,016
24$26,027,963$9,588,534$2,329,503$14,109,926
25$27,329,361$10,070,051$2,445,978$14,813,332
26$28,695,830$10,575,645$2,568,277$15,551,908
27$30,130,621$11,106,518$2,696,691$16,327,413
28$31,637,152$11,663,934$2,831,525$17,141,693
29$33,219,009$12,249,221$2,973,101$17,996,687
30$34,879,960$12,863,773$3,121,756$18,894,431
Total$563,000,001$207,055,633$50,388,499$305,555,870

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.