USA Mega

Maryland Mega Millions Jackpot Annuity Payout Schedule for Sep 22, 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 $20,000,000 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, Sep 22, 1998
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,735$26,942$198,352
2$316,080$81,003$28,289$206,788
3$331,884$86,534$29,704$215,646
4$348,478$92,342$31,189$224,947
5$365,902$98,441$32,748$234,713
6$384,197$104,844$34,386$244,968
7$403,407$111,567$36,105$255,735
8$423,578$118,627$37,910$267,041
9$444,757$126,040$39,806$278,911
10$466,994$133,823$41,796$291,376
11$490,344$141,995$43,886$304,463
12$514,861$150,576$46,080$318,205
13$540,604$159,586$48,384$332,634
14$567,635$169,047$50,803$347,784
15$596,016$178,980$53,343$363,692
16$625,817$189,740$56,011$380,066
17$657,108$201,318$58,811$396,979
18$689,963$213,474$61,752$414,737
19$724,461$226,238$64,839$433,384
20$760,685$239,641$68,081$452,962
21$798,719$253,714$71,485$473,520
22$838,655$268,490$75,060$495,105
23$880,587$284,005$78,813$517,770
24$924,617$300,296$82,753$541,568
25$970,848$317,401$86,891$566,555
26$1,019,390$335,362$91,235$592,793
27$1,070,360$354,221$95,797$620,342
28$1,123,878$374,022$100,587$649,268
29$1,180,071$394,814$105,616$679,641
30$1,239,075$416,645$110,897$711,532
Total$20,000,000$6,198,521$1,789,999$12,011,477

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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.