The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 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 Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(8.95%) | $3,785,850 | | Net Lumpsum Payment | $22,902,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$126,624 |
$804,366 |
| 2 |
$1,485,576 |
$509,994
$132,959 |
$842,623 |
| 3 |
$1,559,836 |
$537,470
$139,605 |
$882,761 |
| 4 |
$1,637,856 |
$566,337
$146,588 |
$924,931 |
| 5 |
$1,719,730 |
$596,630
$153,916 |
$969,184 |
| 6 |
$1,805,740 |
$628,454
$161,614 |
$1,015,672 |
| 7 |
$1,895,980 |
$661,843
$169,690 |
$1,064,447 |
| 8 |
$1,990,826 |
$696,936
$178,179 |
$1,115,711 |
| 9 |
$2,090,372 |
$733,768
$187,088 |
$1,169,516 |
| 10 |
$2,194,900 |
$772,443
$196,444 |
$1,226,013 |
| 11 |
$2,304,598 |
$813,032
$206,262 |
$1,285,304 |
| 12 |
$2,419,842 |
$855,672
$216,576 |
$1,347,594 |
| 13 |
$2,540,820 |
$900,434
$227,403 |
$1,412,983 |
| 14 |
$2,667,908 |
$947,456
$238,778 |
$1,481,674 |
| 15 |
$2,801,294 |
$996,809
$250,716 |
$1,553,769 |
| 16 |
$2,941,354 |
$1,048,631
$263,251 |
$1,629,472 |
| 17 |
$3,088,370 |
$1,103,027
$276,409 |
$1,708,934 |
| 18 |
$3,242,812 |
$1,160,171
$290,232 |
$1,792,409 |
| 19 |
$3,404,962 |
$1,220,166
$304,744 |
$1,880,052 |
| 20 |
$3,575,196 |
$1,283,153
$319,980 |
$1,972,063 |
| 21 |
$3,753,984 |
$1,349,304
$335,982 |
$2,068,698 |
| 22 |
$3,941,702 |
$1,418,760
$352,782 |
$2,170,160 |
| 23 |
$4,138,726 |
$1,491,659
$370,416 |
$2,276,651 |
| 24 |
$4,345,714 |
$1,568,245
$388,941 |
$2,388,528 |
| 25 |
$4,562,948 |
$1,648,621
$408,384 |
$2,505,943 |
| 26 |
$4,791,180 |
$1,733,067
$428,811 |
$2,629,302 |
| 27 |
$5,030,692 |
$1,821,686
$450,247 |
$2,758,759 |
| 28 |
$5,282,236 |
$1,914,758
$472,760 |
$2,894,718 |
| 29 |
$5,546,376 |
$2,012,490
$496,401 |
$3,037,485 |
| 30 |
$5,823,676 |
$2,115,091
$521,219 |
$3,187,366 |
|
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