The jackpot for the MEGA Millions draw on Tue May 14, 2024, is projected to be $363 Million, with an option for a cash payout of $166.9 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Maryland residents, the state will deduct 8.95% from your lottery earnings.
| Maryland MEGA Millions Jackpot/Cash Option for Tue May 14, 2024 |
|---|
| Draw Date | Tue May 14, 2024 | | Projected Jackpot | $363,000,000 | | Cash Value | $166,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $166,900,000 | | Federal Tax(24%) | $40,056,000 | | Additional Federal Tax | $21,657,330 | | State Tax(8.95%) | $14,937,550 | | Net Lumpsum Payment | $90,249,120 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$488,984 |
$2,992,699 |
| 2 |
$5,736,852 |
$2,082,966
$513,448 |
$3,140,438 |
| 3 |
$6,023,622 |
$2,189,071
$539,114 |
$3,295,437 |
| 4 |
$6,324,912 |
$2,300,548
$566,080 |
$3,458,284 |
| 5 |
$6,641,085 |
$2,417,532
$594,377 |
$3,629,176 |
| 6 |
$6,973,230 |
$2,540,425
$624,104 |
$3,808,701 |
| 7 |
$7,321,710 |
$2,669,363
$655,293 |
$3,997,054 |
| 8 |
$7,687,977 |
$2,804,882
$688,074 |
$4,195,021 |
| 9 |
$8,072,394 |
$2,947,116
$722,479 |
$4,402,799 |
| 10 |
$8,476,050 |
$3,096,469
$758,606 |
$4,620,975 |
| 11 |
$8,899,671 |
$3,253,209
$796,521 |
$4,849,941 |
| 12 |
$9,344,709 |
$3,417,873
$836,351 |
$5,090,485 |
| 13 |
$9,811,890 |
$3,590,730
$878,164 |
$5,342,996 |
| 14 |
$10,302,666 |
$3,772,317
$922,089 |
$5,608,260 |
| 15 |
$10,817,763 |
$3,962,903
$968,190 |
$5,886,670 |
| 16 |
$11,358,633 |
$4,163,025
$1,016,598 |
$6,179,010 |
| 17 |
$11,926,365 |
$4,373,085
$1,067,410 |
$6,485,870 |
| 18 |
$12,522,774 |
$4,593,757
$1,120,788 |
$6,808,229 |
| 19 |
$13,148,949 |
$4,825,442
$1,176,831 |
$7,146,676 |
| 20 |
$13,806,342 |
$5,068,677
$1,235,668 |
$7,501,997 |
| 21 |
$14,496,768 |
$5,324,135
$1,297,461 |
$7,875,172 |
| 22 |
$15,221,679 |
$5,592,352
$1,362,340 |
$8,266,987 |
| 23 |
$15,982,527 |
$5,873,865
$1,430,436 |
$8,678,226 |
| 24 |
$16,781,853 |
$6,169,616
$1,501,976 |
$9,110,261 |
| 25 |
$17,620,746 |
$6,480,006
$1,577,057 |
$9,563,683 |
| 26 |
$18,502,110 |
$6,806,111
$1,655,939 |
$10,040,060 |
| 27 |
$19,427,034 |
$7,148,333
$1,738,720 |
$10,539,981 |
| 28 |
$20,398,422 |
$7,507,747
$1,825,659 |
$11,065,016 |
| 29 |
$21,418,452 |
$7,885,158
$1,916,951 |
$11,616,343 |
| 30 |
$22,489,302 |
$8,281,372
$2,012,793 |
$12,195,137 |
|
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