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Maryland Mega Millions Jackpot Annuity Payout Schedule for Feb 23, 2024

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The tax information provided here is based on 2025 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 $525,000,000 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, Feb 23, 2024
Jackpot:$525,000,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,902,003$2,880,761$707,229$4,314,013
2$8,297,104$3,026,949$742,591$4,527,564
3$8,711,959$3,180,445$779,720$4,751,793
4$9,147,557$3,341,616$818,706$4,987,234
5$9,604,934$3,510,846$859,642$5,234,447
6$10,085,181$3,688,537$902,624$5,494,020
7$10,589,441$3,875,113$947,755$5,766,572
8$11,118,913$4,071,018$995,143$6,052,752
9$11,674,858$4,276,718$1,044,900$6,353,241
10$12,258,601$4,492,703$1,097,145$6,668,754
11$12,871,531$4,719,487$1,152,002$7,000,042
12$13,515,108$4,957,610$1,209,602$7,347,895
13$14,190,863$5,207,640$1,270,082$7,713,141
14$14,900,406$5,470,171$1,333,586$8,096,649
15$15,645,426$5,745,828$1,400,266$8,499,333
16$16,427,698$6,035,268$1,470,279$8,922,150
17$17,249,082$6,339,181$1,543,793$9,366,109
18$18,111,537$6,658,289$1,620,983$9,832,265
19$19,017,113$6,993,352$1,702,032$10,321,730
20$19,967,969$7,345,169$1,787,133$10,835,667
21$20,966,367$7,714,576$1,876,490$11,375,301
22$22,014,686$8,102,454$1,970,314$11,941,917
23$23,115,420$8,509,726$2,068,830$12,536,864
24$24,271,191$8,937,361$2,172,272$13,161,558
25$25,484,751$9,386,378$2,280,885$13,817,487
26$26,758,989$9,857,846$2,394,929$14,506,213
27$28,096,938$10,352,887$2,514,676$15,229,375
28$29,501,784$10,872,680$2,640,410$15,988,694
29$30,976,874$11,418,464$2,772,430$16,785,980
30$32,525,718$11,991,536$2,911,052$17,623,130
Total$525,000,001$192,960,609$46,987,501$285,051,890

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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.