USA Mega

Maryland Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 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 $7,000,000 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 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$9,430$77,601
2$110,628$19,593$9,901$81,134
3$116,159$20,921$10,396$84,842
4$121,967$22,315$10,916$88,737
5$128,066$23,778$11,462$92,826
6$134,469$25,315$12,035$97,119
7$141,193$26,929$12,637$101,627
8$148,252$28,623$13,269$106,361
9$155,665$30,402$13,932$111,331
10$163,448$32,270$14,629$116,549
11$171,620$34,231$15,360$122,029
12$180,201$36,291$16,128$127,783
13$189,212$38,453$16,934$133,824
14$198,672$41,262$17,781$139,629
15$208,606$44,440$18,670$145,495
16$219,036$47,778$19,604$151,654
17$229,988$51,283$20,584$158,121
18$241,487$54,962$21,613$164,912
19$253,562$59,121$22,694$171,746
20$266,240$63,559$23,828$178,853
21$279,552$68,218$25,020$186,314
22$293,529$73,110$26,271$194,148
23$308,206$78,247$27,584$202,374
24$323,616$83,640$28,964$211,012
25$339,797$89,304$30,412$220,081
26$356,787$95,250$31,932$229,604
27$374,626$101,494$33,529$239,603
28$393,357$108,050$35,205$250,102
29$413,025$114,933$36,966$261,126
30$433,676$122,161$38,814$272,701
Total$7,000,000$1,654,262$626,500$4,719,238

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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.