Maryland Lottery

MDLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Maryland, your state will take 8.95% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Maryland MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(8.95%)	$13,702,450
Net Lumpsum Payment	$82,790,220

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$445,878	$2,732,377
2	$5,231,124	-$1,895,846 -$468,186	$2,867,092
3	$5,492,614	-$1,992,598 -$491,589	$3,008,427
4	$5,767,344	-$2,094,248 -$516,177	$3,156,919
5	$6,055,645	-$2,200,919 -$541,980	$3,312,746
6	$6,358,510	-$2,312,979 -$569,087	$3,476,444
7	$6,676,270	-$2,430,550 -$597,526	$3,648,194
8	$7,010,249	-$2,554,123 -$627,417	$3,828,709
9	$7,360,778	-$2,683,818 -$658,790	$4,018,170
10	$7,728,850	-$2,820,005 -$691,732	$4,217,113
11	$8,115,127	-$2,962,927 -$726,304	$4,425,896
12	$8,520,933	-$3,113,076 -$762,624	$4,645,233
13	$8,946,930	-$3,270,694 -$800,750	$4,875,486
14	$9,394,442	-$3,436,274 -$840,803	$5,117,365
15	$9,864,131	-$3,610,059 -$882,840	$5,371,232
16	$10,357,321	-$3,792,539 -$926,980	$5,637,802
17	$10,875,005	-$3,984,082 -$973,313	$5,917,610
18	$11,418,838	-$4,185,300 -$1,021,986	$6,211,552
19	$11,989,813	-$4,396,561 -$1,073,088	$6,520,164
20	$12,589,254	-$4,618,354 -$1,126,738	$6,844,162
21	$13,218,816	-$4,851,292 -$1,183,084	$7,184,440
22	$13,879,823	-$5,095,865 -$1,242,244	$7,541,714
23	$14,573,599	-$5,352,562 -$1,304,337	$7,916,700
24	$15,302,461	-$5,622,241 -$1,369,570	$8,310,650
25	$16,067,402	-$5,905,269 -$1,438,032	$8,724,101
26	$16,871,070	-$6,202,626 -$1,509,961	$9,158,483
27	$17,714,458	-$6,514,680 -$1,585,444	$9,614,334
28	$18,600,214	-$6,842,410 -$1,664,719	$10,093,085
29	$19,530,324	-$7,186,550 -$1,747,964	$10,595,810
30	$20,506,774	-$7,547,837 -$1,835,356	$11,123,581