Maryland Lottery

MDLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 7, 2024 is estimated to be $306 Million, with a cash option of 140.1 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 Tue May 7, 2024

Draw Date	Jackpot	Cash Option
Tue May 7, 2024	$306,000,000	$140,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$140,100,000
Federal Tax(24%)	$33,624,000
Additional Federal Tax	$18,173,330
State Tax(8.95%)	$12,538,950
Net Lumpsum Payment	$75,763,720

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$412,202	$2,528,999
2	$4,836,024	-$1,749,659 -$432,824	$2,653,541
3	$5,077,764	-$1,839,103 -$454,460	$2,784,201
4	$5,331,744	-$1,933,076 -$477,191	$2,921,477
5	$5,598,270	-$2,031,690 -$501,045	$3,065,535
6	$5,878,260	-$2,135,287 -$526,104	$3,216,869
7	$6,172,020	-$2,243,978 -$552,396	$3,375,646
8	$6,480,774	-$2,358,217 -$580,029	$3,542,528
9	$6,804,828	-$2,478,117 -$609,032	$3,717,679
10	$7,145,100	-$2,604,017 -$639,486	$3,901,597
11	$7,502,202	-$2,736,145 -$671,447	$4,094,610
12	$7,877,358	-$2,874,953 -$705,024	$4,297,381
13	$8,271,180	-$3,020,667 -$740,271	$4,510,242
14	$8,684,892	-$3,173,740 -$777,298	$4,733,854
15	$9,119,106	-$3,334,400 -$816,160	$4,968,546
16	$9,575,046	-$3,503,097 -$856,967	$5,214,982
17	$10,053,630	-$3,680,173 -$899,800	$5,473,657
18	$10,556,388	-$3,866,194 -$944,797	$5,745,397
19	$11,084,238	-$4,061,498 -$992,039	$6,030,701
20	$11,638,404	-$4,266,540 -$1,041,637	$6,330,227
21	$12,220,416	-$4,481,884 -$1,093,727	$6,644,805
22	$12,831,498	-$4,707,985 -$1,148,419	$6,975,094
23	$13,472,874	-$4,945,294 -$1,205,822	$7,321,758
24	$14,146,686	-$5,194,604 -$1,266,128	$7,685,954
25	$14,853,852	-$5,456,256 -$1,329,420	$8,068,176
26	$15,596,820	-$5,731,154 -$1,395,915	$8,469,751
27	$16,376,508	-$6,019,638 -$1,465,697	$8,891,173
28	$17,195,364	-$6,322,615 -$1,538,985	$9,333,764
29	$18,055,224	-$6,640,763 -$1,615,943	$9,798,518
30	$18,957,924	-$6,974,762 -$1,696,734	$10,286,428