Maryland Lottery

MDLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 22, 2024 is estimated to be $453 Million, with a cash option of 209.6 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 Nov 22, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 22, 2024	$453,000,000	$209,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$209,600,000
Federal Tax(24%)	$50,304,000
Additional Federal Tax	$27,208,330
State Tax(8.95%)	$18,759,200
Net Lumpsum Payment	$113,328,470

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$610,220	$3,724,855
2	$7,159,212	-$2,609,239 -$640,749	$3,909,224
3	$7,517,082	-$2,741,651 -$672,779	$4,102,652
4	$7,893,072	-$2,880,767 -$706,430	$4,305,875
5	$8,287,635	-$3,026,755 -$741,743	$4,519,137
6	$8,702,130	-$3,180,118 -$778,841	$4,743,171
7	$9,137,010	-$3,341,024 -$817,762	$4,978,224
8	$9,594,087	-$3,510,143 -$858,671	$5,225,273
9	$10,073,814	-$3,687,642 -$901,606	$5,484,566
10	$10,577,550	-$3,874,024 -$946,691	$5,756,835
11	$11,106,201	-$4,069,625 -$994,005	$6,042,571
12	$11,661,579	-$4,275,115 -$1,043,711	$6,342,753
13	$12,244,590	-$4,490,829 -$1,095,891	$6,657,870
14	$12,857,046	-$4,717,437 -$1,150,706	$6,988,903
15	$13,499,853	-$4,955,276 -$1,208,237	$7,336,340
16	$14,174,823	-$5,205,015 -$1,268,647	$7,701,161
17	$14,883,315	-$5,467,157 -$1,332,057	$8,084,101
18	$15,627,594	-$5,742,540 -$1,398,670	$8,486,384
19	$16,409,019	-$6,031,667 -$1,468,607	$8,908,745
20	$17,229,402	-$6,335,209 -$1,542,031	$9,352,162
21	$18,091,008	-$6,654,003 -$1,619,145	$9,817,860
22	$18,995,649	-$6,988,721 -$1,700,111	$10,306,817
23	$19,945,137	-$7,340,031 -$1,785,090	$10,820,016
24	$20,942,643	-$7,709,108 -$1,874,367	$11,359,168
25	$21,989,526	-$8,096,455 -$1,968,063	$11,925,008
26	$23,089,410	-$8,503,412 -$2,066,502	$12,519,496
27	$24,243,654	-$8,930,482 -$2,169,807	$13,143,365
28	$25,455,882	-$9,379,007 -$2,278,301	$13,798,574
29	$26,728,812	-$9,849,991 -$2,392,229	$14,486,592
30	$28,065,162	-$10,344,440 -$2,511,832	$15,208,890