USA Mega

Maryland Mega Millions Jackpot Annuity Payout Schedule for Sep 29, 1998

For a non-Maryland resident

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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 $24,000,000 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 29, 1998
Jackpot:$24,000,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$361,234$96,807$32,330$232,097
2$379,296$103,128$33,947$242,221
3$398,261$109,766$35,644$252,851
4$418,174$116,736$37,427$264,012
5$439,083$124,054$39,298$275,731
6$461,037$131,738$41,263$288,036
7$484,089$139,806$43,326$300,957
8$508,293$148,277$45,492$314,524
9$533,708$157,172$47,767$328,768
10$560,393$166,512$50,155$343,726
11$588,413$176,319$52,663$359,431
12$617,833$186,786$55,296$375,751
13$648,725$198,216$58,061$392,448
14$681,161$210,217$60,964$409,980
15$715,219$222,819$64,012$428,388
16$750,980$236,051$67,213$447,717
17$788,529$249,944$70,573$468,012
18$827,956$264,531$74,102$489,322
19$869,354$279,849$77,807$511,698
20$912,821$295,932$81,698$535,192
21$958,463$312,819$85,782$559,861
22$1,006,386$330,550$90,072$585,764
23$1,056,705$349,169$94,575$612,961
24$1,109,540$368,718$99,304$641,519
25$1,165,017$389,244$104,269$671,504
26$1,223,268$410,797$109,482$702,989
27$1,284,431$433,427$114,957$736,047
28$1,348,653$457,189$120,704$770,759
29$1,416,086$482,139$126,740$807,207
30$1,486,890$508,337$133,077$845,476
Total$24,000,000$7,657,049$2,148,000$14,194,949

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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.