Maryland Lottery

MDLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Maryland MEGA Millions Jackpot/Cash Option for Fri Jan 10, 2025

Draw Date Jackpot Cash Option
Fri Jan 10, 2025$77,000,000$34,100,000

Lumpsum Option Taxes and Payment

Category Amount
Cash Gross Payment$34,100,000
Federal Tax(24%)$8,184,000
Additional Federal Tax$4,393,330
State Tax(8.95%)$3,051,950
Net Lumpsum Payment$18,470,720

Annuity Payment in 30 Installations

Year Gross Payment Fed/State Tax Net Payment
1 $1,158,927 -$389,133
-$103,724
$666,070
2 $1,216,908 -$410,586
-$108,913
$697,409
3 $1,277,738 -$433,093
-$114,358
$730,287
4 $1,341,648 -$456,740
-$120,077
$764,831
5 $1,408,715 -$481,555
-$126,080
$801,080
6 $1,479,170 -$507,623
-$132,386
$839,161
7 $1,553,090 -$534,974
-$139,002
$879,114
8 $1,630,783 -$563,720
-$145,955
$921,108
9 $1,712,326 -$593,891
-$153,253
$965,182
10 $1,797,950 -$625,572
-$160,917
$1,011,461
11 $1,887,809 -$658,820
-$168,959
$1,060,030
12 $1,982,211 -$693,748
-$177,408
$1,111,055
13 $2,081,310 -$730,415
-$186,277
$1,164,618
14 $2,185,414 -$768,934
-$195,595
$1,220,885
15 $2,294,677 -$809,361
-$205,374
$1,279,942
16 $2,409,407 -$851,811
-$215,642
$1,341,954
17 $2,529,835 -$896,369
-$226,420
$1,407,046
18 $2,656,346 -$943,178
-$237,743
$1,475,425
19 $2,789,171 -$992,324
-$249,631
$1,547,216
20 $2,928,618 -$1,043,919
-$262,111
$1,622,588
21 $3,075,072 -$1,098,107
-$275,219
$1,701,746
22 $3,228,841 -$1,155,002
-$288,981
$1,784,858
23 $3,390,233 -$1,214,717
-$303,426
$1,872,090
24 $3,559,787 -$1,277,452
-$318,601
$1,963,734
25 $3,737,734 -$1,343,292
-$334,527
$2,059,915
26 $3,924,690 -$1,412,466
-$351,260
$2,160,964
27 $4,120,886 -$1,485,058
-$368,819
$2,267,009
28 $4,326,938 -$1,561,297
-$387,261
$2,378,380
29 $4,543,308 -$1,641,354
-$406,626
$2,495,328
30 $4,770,458 -$1,725,400
-$426,956
$2,618,102
7
7
Cash Option: $34.1 Million
Next Draw: Fri Jan 10
Mega Millions
Tue Jan 7, 2025
202433394818

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