The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Fri Nov 1, 2024 |
|---|
| Draw Date | Fri Nov 1, 2024 | | Projected Jackpot | $281,000,000 | | Cash Value | $129,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $129,800,000 | | Federal Tax(24%) | $31,152,000 | | Additional Federal Tax | $16,834,330 | | State Tax(8.95%) | $11,617,100 | | Net Lumpsum Payment | $70,196,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$378,525 |
$2,325,623 |
| 2 |
$4,440,924 |
$1,603,472
$397,463 |
$2,439,989 |
| 3 |
$4,662,914 |
$1,685,609
$417,331 |
$2,559,974 |
| 4 |
$4,896,144 |
$1,771,904
$438,205 |
$2,686,035 |
| 5 |
$5,140,895 |
$1,862,462
$460,110 |
$2,818,323 |
| 6 |
$5,398,010 |
$1,957,594
$483,122 |
$2,957,294 |
| 7 |
$5,667,770 |
$2,057,405
$507,265 |
$3,103,100 |
| 8 |
$5,951,299 |
$2,162,311
$532,641 |
$3,256,347 |
| 9 |
$6,248,878 |
$2,272,415
$559,275 |
$3,417,188 |
| 10 |
$6,561,350 |
$2,388,030
$587,241 |
$3,586,079 |
| 11 |
$6,889,277 |
$2,509,363
$616,590 |
$3,763,324 |
| 12 |
$7,233,783 |
$2,636,830
$647,424 |
$3,949,529 |
| 13 |
$7,595,430 |
$2,770,639
$679,791 |
$4,145,000 |
| 14 |
$7,975,342 |
$2,911,207
$713,793 |
$4,350,342 |
| 15 |
$8,374,081 |
$3,058,740
$749,480 |
$4,565,861 |
| 16 |
$8,792,771 |
$3,213,656
$786,953 |
$4,792,162 |
| 17 |
$9,232,255 |
$3,376,265
$826,287 |
$5,029,703 |
| 18 |
$9,693,938 |
$3,547,087
$867,607 |
$5,279,244 |
| 19 |
$10,178,663 |
$3,726,436
$910,990 |
$5,541,237 |
| 20 |
$10,687,554 |
$3,914,725
$956,536 |
$5,816,293 |
| 21 |
$11,222,016 |
$4,112,476
$1,004,370 |
$6,105,170 |
| 22 |
$11,783,173 |
$4,320,104
$1,054,594 |
$6,408,475 |
| 23 |
$12,372,149 |
$4,538,026
$1,107,307 |
$6,726,816 |
| 24 |
$12,990,911 |
$4,766,967
$1,162,687 |
$7,061,257 |
| 25 |
$13,640,302 |
$5,007,242
$1,220,807 |
$7,412,253 |
| 26 |
$14,322,570 |
$5,259,681
$1,281,870 |
$7,781,019 |
| 27 |
$15,038,558 |
$5,524,597
$1,345,951 |
$8,168,010 |
| 28 |
$15,790,514 |
$5,802,821
$1,413,251 |
$8,574,442 |
| 29 |
$16,580,124 |
$6,094,976
$1,483,921 |
$9,001,227 |
| 30 |
$17,409,074 |
$6,401,688
$1,558,112 |
$9,449,274 |
|
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