USA Mega

Maryland Mega Millions Jackpot Annuity Payout Schedule for Jan 2, 1998

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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 $10,000,000 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:Fri, Jan 2, 1998
Jackpot:$10,000,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$150,514$29,166$13,471$107,877
2$158,040$30,972$14,145$112,923
3$165,942$32,869$14,852$118,222
4$174,239$34,860$15,594$123,785
5$182,951$36,951$16,374$129,626
6$192,099$39,158$17,193$135,748
7$201,704$42,232$18,052$141,419
8$211,789$45,459$18,955$147,375
9$222,378$48,848$19,903$153,628
10$233,497$52,406$20,898$160,194
11$245,172$56,185$21,943$167,044
12$257,431$60,475$23,040$173,915
13$270,302$64,981$24,192$181,130
14$283,817$69,711$25,402$188,705
15$298,008$74,678$26,672$196,659
16$312,909$79,893$28,005$205,010
17$328,554$85,369$29,406$213,780
18$344,982$91,118$30,876$222,987
19$362,231$97,156$32,420$232,656
20$380,342$103,495$34,041$242,807
21$399,359$110,151$35,743$253,466
22$419,327$117,139$37,530$264,658
23$440,294$124,478$39,406$276,410
24$462,308$132,183$41,377$288,749
25$485,424$140,273$43,445$301,705
26$509,695$148,768$45,618$315,309
27$535,180$157,688$47,899$329,594
28$561,939$167,053$50,294$344,592
29$590,036$176,887$52,808$360,340
30$619,537$187,417$55,449$376,672
Total$10,000,000$2,638,019$895,003$6,466,985

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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.