Maryland Lottery

MDLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 15, 2024 is estimated to be $387 Million, with a cash option of 181.4 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 15, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 15, 2024	$387,000,000	$181,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$181,400,000
Federal Tax(24%)	$43,536,000
Additional Federal Tax	$23,542,330
State Tax(8.95%)	$16,235,300
Net Lumpsum Payment	$98,086,370

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,824,737	-$2,115,483 -$521,314	$3,187,940
2	$6,116,148	-$2,223,305 -$547,395	$3,345,448
3	$6,421,878	-$2,336,425 -$574,758	$3,510,695
4	$6,743,088	-$2,455,273 -$603,506	$3,684,309
5	$7,080,165	-$2,579,991 -$633,675	$3,866,499
6	$7,434,270	-$2,711,010 -$665,367	$4,057,893
7	$7,805,790	-$2,848,473 -$698,618	$4,258,699
8	$8,196,273	-$2,992,951 -$733,566	$4,469,756
9	$8,606,106	-$3,144,590 -$770,246	$4,691,270
10	$9,036,450	-$3,303,817 -$808,762	$4,923,871
11	$9,488,079	-$3,470,920 -$849,183	$5,167,976
12	$9,962,541	-$3,646,471 -$891,647	$5,424,423
13	$10,460,610	-$3,830,756 -$936,225	$5,693,629
14	$10,983,834	-$4,024,349 -$983,053	$5,976,432
15	$11,532,987	-$4,227,536 -$1,032,202	$6,273,249
16	$12,109,617	-$4,440,889 -$1,083,811	$6,584,917
17	$12,714,885	-$4,664,838 -$1,137,982	$6,912,065
18	$13,350,726	-$4,900,099 -$1,194,890	$7,255,737
19	$14,018,301	-$5,147,102 -$1,254,638	$7,616,561
20	$14,719,158	-$5,406,419 -$1,317,365	$7,995,374
21	$15,455,232	-$5,678,766 -$1,383,243	$8,393,223
22	$16,228,071	-$5,964,717 -$1,452,412	$8,810,942
23	$17,039,223	-$6,264,843 -$1,525,010	$9,249,370
24	$17,891,397	-$6,580,147 -$1,601,280	$9,709,970
25	$18,785,754	-$6,911,059 -$1,681,325	$10,193,370
26	$19,725,390	-$7,258,725 -$1,765,422	$10,701,243
27	$20,711,466	-$7,623,573 -$1,853,676	$11,234,217
28	$21,747,078	-$8,006,749 -$1,946,363	$11,793,966
29	$22,834,548	-$8,409,113 -$2,043,692	$12,381,743
30	$23,976,198	-$8,831,524 -$2,145,870	$12,998,804