The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 29, 2024 |
|---|
| Draw Date | Fri Nov 29, 2024 | | Projected Jackpot | $514,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(8.95%) | $21,569,500 | | Net Lumpsum Payment | $130,300,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$692,391 |
$4,221,093 |
| 2 |
$8,123,256 |
$2,965,935
$727,031 |
$4,430,290 |
| 3 |
$8,529,316 |
$3,116,177
$763,374 |
$4,649,765 |
| 4 |
$8,955,936 |
$3,274,027
$801,556 |
$4,880,353 |
| 5 |
$9,403,630 |
$3,439,673
$841,625 |
$5,122,332 |
| 6 |
$9,873,940 |
$3,613,688
$883,718 |
$5,376,534 |
| 7 |
$10,367,380 |
$3,796,261
$927,881 |
$5,643,238 |
| 8 |
$10,886,006 |
$3,988,153
$974,298 |
$5,923,555 |
| 9 |
$11,430,332 |
$4,189,553
$1,023,015 |
$6,217,764 |
| 10 |
$12,001,900 |
$4,401,033
$1,074,170 |
$6,526,697 |
| 11 |
$12,601,738 |
$4,622,973
$1,127,856 |
$6,850,909 |
| 12 |
$13,231,902 |
$4,856,134
$1,184,255 |
$7,191,513 |
| 13 |
$13,893,420 |
$5,100,896
$1,243,461 |
$7,549,063 |
| 14 |
$14,588,348 |
$5,358,019
$1,305,657 |
$7,924,672 |
| 15 |
$15,317,714 |
$5,627,885
$1,370,935 |
$8,318,894 |
| 16 |
$16,083,574 |
$5,911,253
$1,439,480 |
$8,732,841 |
| 17 |
$16,887,470 |
$6,208,694
$1,511,429 |
$9,167,347 |
| 18 |
$17,731,972 |
$6,521,160
$1,587,011 |
$9,623,801 |
| 19 |
$18,618,622 |
$6,849,221
$1,666,367 |
$10,103,034 |
| 20 |
$19,549,476 |
$7,193,637
$1,749,678 |
$10,606,161 |
| 21 |
$20,527,104 |
$7,555,359
$1,837,176 |
$11,134,569 |
| 22 |
$21,553,562 |
$7,935,148
$1,929,044 |
$11,689,370 |
| 23 |
$22,630,906 |
$8,333,766
$2,025,466 |
$12,271,674 |
| 24 |
$23,762,734 |
$8,752,542
$2,126,765 |
$12,883,427 |
| 25 |
$24,950,588 |
$9,192,048
$2,233,078 |
$13,525,462 |
| 26 |
$26,198,580 |
$9,653,805
$2,344,773 |
$14,200,002 |
| 27 |
$27,508,252 |
$10,138,384
$2,461,989 |
$14,907,879 |
| 28 |
$28,883,716 |
$10,647,305
$2,585,093 |
$15,651,318 |
| 29 |
$30,328,056 |
$11,181,711
$2,714,361 |
$16,431,984 |
| 30 |
$31,844,356 |
$11,742,742
$2,850,070 |
$17,251,544 |
|
|
