Jackpot Analysis Maryland Mega Millions

Jackpot Analysis for Maryland Mega Millions
The jackpot for the MEGA Millions draw on Tue Nov 5, 2024, is projected to be $303 Million, with an option for a cash payout of $141.8 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Maryland residents, the state will deduct 8.95% from your lottery earnings.

Maryland MEGA Millions Jackpot/Cash Option for Tue Nov 5, 2024
Draw DateTue Nov 5, 2024
Projected Jackpot$303,000,000
Cash Value$141,800,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$141,800,000
Federal Tax(24%)$34,032,000
Additional Federal Tax$18,394,330
State Tax(8.95%)$12,691,100
Net Lumpsum Payment$76,682,570
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $4,560,453 $1,647,698
$408,161
$2,504,594
2 $4,788,612 $1,732,117
$428,581
$2,627,914
3 $5,027,982 $1,820,684
$450,004
$2,757,294
4 $5,279,472 $1,913,735
$472,513
$2,893,224
5 $5,543,385 $2,011,383
$496,133
$3,035,869
6 $5,820,630 $2,113,963
$520,946
$3,185,721
7 $6,111,510 $2,221,589
$546,980
$3,342,941
8 $6,417,237 $2,334,708
$574,343
$3,508,186
9 $6,738,114 $2,453,433
$603,061
$3,681,620
10 $7,075,050 $2,578,099
$633,217
$3,863,734
11 $7,428,651 $2,708,931
$664,864
$4,054,856
12 $7,800,129 $2,846,378
$698,112
$4,255,639
13 $8,190,090 $2,990,664
$733,013
$4,466,413
14 $8,599,746 $3,142,236
$769,677
$4,687,833
15 $9,029,703 $3,301,320
$808,158
$4,920,225
16 $9,481,173 $3,468,364
$848,565
$5,164,244
17 $9,955,065 $3,643,704
$890,978
$5,420,383
18 $10,452,894 $3,827,901
$935,534
$5,689,459
19 $10,975,569 $4,021,291
$982,313
$5,971,965
20 $11,524,302 $4,224,322
$1,031,425
$6,268,555
21 $12,100,608 $4,437,555
$1,083,004
$6,580,049
22 $12,705,699 $4,661,439
$1,137,160
$6,907,100
23 $13,340,787 $4,896,422
$1,194,000
$7,250,365
24 $14,007,993 $5,143,288
$1,253,715
$7,610,990
25 $14,708,226 $5,402,374
$1,316,386
$7,989,466
26 $15,443,910 $5,674,577
$1,382,230
$8,387,103
27 $16,215,954 $5,960,233
$1,451,328
$8,804,393
28 $17,026,782 $6,260,240
$1,523,897
$9,242,645
29 $17,878,212 $6,575,269
$1,600,100
$9,702,843
30 $18,772,062 $6,905,993
$1,680,100
$10,185,969