USA Mega

Maryland Mega Millions Jackpot Annuity Payout Schedule for Aug 8, 2023

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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 $1,602,000,000 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, Aug 8, 2023
Jackpot:$1,602,000,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$24,112,399$8,879,775$2,158,060$13,074,564
2$25,318,019$9,325,855$2,265,963$13,726,202
3$26,583,920$9,794,238$2,379,261$14,410,421
4$27,913,117$10,286,041$2,498,224$15,128,852
5$29,308,771$10,802,433$2,623,135$15,883,203
6$30,774,210$11,344,646$2,754,292$16,675,273
7$32,312,922$11,913,969$2,892,006$17,506,946
8$33,928,567$12,511,758$3,036,607$18,380,203
9$35,624,996$13,139,436$3,188,437$19,297,122
10$37,406,245$13,798,498$3,347,859$20,259,888
11$39,276,558$14,490,514$3,515,252$21,270,792
12$41,240,385$15,217,130$3,691,014$22,332,241
13$43,302,404$15,980,077$3,875,565$23,446,762
14$45,467,525$16,781,172$4,069,343$24,617,010
15$47,740,901$17,622,321$4,272,811$25,845,769
16$50,127,947$18,505,528$4,486,451$27,135,967
17$52,634,343$19,432,895$4,710,774$28,490,675
18$55,266,060$20,406,630$4,946,312$29,913,118
19$58,029,363$21,429,052$5,193,628$31,406,683
20$60,930,832$22,502,595$5,453,309$32,974,927
21$63,977,373$23,629,816$5,725,975$34,621,582
22$67,176,241$24,813,397$6,012,274$36,350,571
23$70,535,054$26,056,158$6,312,887$38,166,009
24$74,061,806$27,361,056$6,628,532$40,072,218
25$77,764,896$28,731,199$6,959,958$42,073,739
26$81,653,142$30,169,850$7,307,956$44,175,336
27$85,735,799$31,680,433$7,673,354$46,382,012
28$90,022,588$33,266,545$8,057,022$48,699,021
29$94,523,718$34,931,963$8,459,873$51,131,882
30$99,249,904$36,680,652$8,882,866$53,686,386
Total$1,602,000,003$591,485,632$143,379,000$867,135,374

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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.