The jackpot for the MEGA Millions draw on Fri Jan 31, 2025, is projected to be $59 Million, with an option for a cash payout of $26.5 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 Jan 31, 2025 |
|---|
| Draw Date | Fri Jan 31, 2025 | | Projected Jackpot | $59,000,000 | | Cash Value | $26,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,500,000 | | Federal Tax(24%) | $6,360,000 | | Additional Federal Tax | $3,405,330 | | State Tax(8.95%) | $2,371,750 | | Net Lumpsum Payment | $14,362,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$79,477 |
$519,638 |
| 2 |
$932,436 |
$305,332
$83,453 |
$543,651 |
| 3 |
$979,046 |
$322,577
$87,625 |
$568,844 |
| 4 |
$1,028,016 |
$340,696
$92,007 |
$595,313 |
| 5 |
$1,079,405 |
$359,710
$96,607 |
$623,088 |
| 6 |
$1,133,390 |
$379,685
$101,438 |
$652,267 |
| 7 |
$1,190,030 |
$400,641
$106,508 |
$682,881 |
| 8 |
$1,249,561 |
$422,668
$111,836 |
$715,057 |
| 9 |
$1,312,042 |
$445,786
$117,428 |
$748,828 |
| 10 |
$1,377,650 |
$470,061
$123,300 |
$784,289 |
| 11 |
$1,446,503 |
$495,536
$129,462 |
$821,505 |
| 12 |
$1,518,837 |
$522,300
$135,936 |
$860,601 |
| 13 |
$1,594,770 |
$550,395
$142,732 |
$901,643 |
| 14 |
$1,674,538 |
$579,909
$149,871 |
$944,758 |
| 15 |
$1,758,259 |
$610,886
$157,364 |
$990,009 |
| 16 |
$1,846,169 |
$643,413
$165,232 |
$1,037,524 |
| 17 |
$1,938,445 |
$677,555
$173,491 |
$1,087,399 |
| 18 |
$2,035,382 |
$713,422
$182,167 |
$1,139,793 |
| 19 |
$2,137,157 |
$751,078
$191,276 |
$1,194,803 |
| 20 |
$2,244,006 |
$790,613
$200,839 |
$1,252,554 |
| 21 |
$2,356,224 |
$832,133
$210,882 |
$1,313,209 |
| 22 |
$2,474,047 |
$875,728
$221,427 |
$1,376,892 |
| 23 |
$2,597,711 |
$921,483
$232,495 |
$1,443,733 |
| 24 |
$2,727,629 |
$969,553
$244,123 |
$1,513,953 |
| 25 |
$2,863,978 |
$1,020,002
$256,326 |
$1,587,650 |
| 26 |
$3,007,230 |
$1,073,005
$269,147 |
$1,665,078 |
| 27 |
$3,157,562 |
$1,128,628
$282,602 |
$1,746,332 |
| 28 |
$3,315,446 |
$1,187,045
$296,732 |
$1,831,669 |
| 29 |
$3,481,236 |
$1,248,388
$311,571 |
$1,921,277 |
| 30 |
$3,655,286 |
$1,312,786
$327,148 |
$2,015,352 |
|
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