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 |
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Draw Date | Tue Nov 5, 2024 | Projected Jackpot | $303,000,000 | Cash Value | $141,800,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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 |
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