The jackpot for the MEGA Millions draw on Tue Dec 24, 2024, is projected to be $944 Million, with an option for a cash payout of $429.4 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 Dec 24, 2024 |
|---|
| Draw Date | Tue Dec 24, 2024 | | Projected Jackpot | $944,000,000 | | Cash Value | $429,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $429,400,000 | | Federal Tax(24%) | $103,056,000 | | Additional Federal Tax | $55,782,330 | | State Tax(8.95%) | $38,431,300 | | Net Lumpsum Payment | $232,130,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,208,144 |
$5,217,344
$1,271,629 |
$7,719,171 |
| 2 |
$14,918,976 |
$5,480,352
$1,335,248 |
$8,103,376 |
| 3 |
$15,664,736 |
$5,756,283
$1,401,994 |
$8,506,459 |
| 4 |
$16,448,256 |
$6,046,185
$1,472,119 |
$8,929,952 |
| 5 |
$17,270,480 |
$6,350,408
$1,545,708 |
$9,374,364 |
| 6 |
$18,134,240 |
$6,669,999
$1,623,014 |
$9,841,227 |
| 7 |
$19,040,480 |
$7,005,308
$1,704,123 |
$10,331,049 |
| 8 |
$19,992,976 |
$7,357,732
$1,789,371 |
$10,845,873 |
| 9 |
$20,992,672 |
$7,727,619
$1,878,844 |
$11,386,209 |
| 10 |
$22,042,400 |
$8,116,018
$1,972,795 |
$11,953,587 |
| 11 |
$23,144,048 |
$8,523,628
$2,071,392 |
$12,549,028 |
| 12 |
$24,301,392 |
$8,951,845
$2,174,975 |
$13,174,572 |
| 13 |
$25,516,320 |
$9,401,369
$2,283,711 |
$13,831,240 |
| 14 |
$26,792,608 |
$9,873,595
$2,397,938 |
$14,521,075 |
| 15 |
$28,132,144 |
$10,369,224
$2,517,827 |
$15,245,093 |
| 16 |
$29,538,704 |
$10,889,651
$2,643,714 |
$16,005,339 |
| 17 |
$31,015,120 |
$11,435,925
$2,775,853 |
$16,803,342 |
| 18 |
$32,566,112 |
$12,009,792
$2,914,667 |
$17,641,653 |
| 19 |
$34,194,512 |
$12,612,300
$3,060,409 |
$18,521,803 |
| 20 |
$35,904,096 |
$13,244,846
$3,213,417 |
$19,445,833 |
| 21 |
$37,699,584 |
$13,909,176
$3,374,113 |
$20,416,295 |
| 22 |
$39,584,752 |
$14,606,689
$3,542,835 |
$21,435,228 |
| 23 |
$41,563,376 |
$15,338,780
$3,719,922 |
$22,504,674 |
| 24 |
$43,642,064 |
$16,107,894
$3,905,965 |
$23,628,205 |
| 25 |
$45,823,648 |
$16,915,080
$4,101,216 |
$24,807,352 |
| 26 |
$48,115,680 |
$17,763,132
$4,306,353 |
$26,046,195 |
| 27 |
$50,520,992 |
$18,653,097
$4,521,629 |
$27,346,266 |
| 28 |
$53,047,136 |
$19,587,771
$4,747,719 |
$28,711,646 |
| 29 |
$55,699,776 |
$20,569,248
$4,985,130 |
$30,145,398 |
| 30 |
$58,484,576 |
$21,599,624
$5,234,370 |
$31,650,582 |
|
|
