The jackpot for the MEGA Millions draw on Tue Dec 31, 2024, is projected to be $20 Million, with an option for a cash payout of $9 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 31, 2024 |
|---|
| Draw Date | Tue Dec 31, 2024 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,000,000 | | Federal Tax(24%) | $2,160,000 | | Additional Federal Tax | $1,130,330 | | State Tax(8.95%) | $805,500 | | Net Lumpsum Payment | $4,904,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$26,941 |
$202,371 |
| 2 |
$316,080 |
$77,280
$28,289 |
$210,511 |
| 3 |
$331,880 |
$83,126
$29,703 |
$219,051 |
| 4 |
$348,480 |
$89,268
$31,189 |
$228,023 |
| 5 |
$365,900 |
$95,713
$32,748 |
$237,439 |
| 6 |
$384,200 |
$102,484
$34,386 |
$247,330 |
| 7 |
$403,400 |
$109,588
$36,104 |
$257,708 |
| 8 |
$423,580 |
$117,055
$37,910 |
$268,615 |
| 9 |
$444,760 |
$124,892
$39,806 |
$280,062 |
| 10 |
$467,000 |
$133,120
$41,797 |
$292,083 |
| 11 |
$490,340 |
$141,756
$43,885 |
$304,699 |
| 12 |
$514,860 |
$150,829
$46,080 |
$317,951 |
| 13 |
$540,600 |
$160,352
$48,384 |
$331,864 |
| 14 |
$567,640 |
$170,357
$50,804 |
$346,479 |
| 15 |
$596,020 |
$180,858
$53,344 |
$361,818 |
| 16 |
$625,820 |
$191,884
$56,011 |
$377,925 |
| 17 |
$657,100 |
$203,457
$58,810 |
$394,833 |
| 18 |
$689,960 |
$215,616
$61,751 |
$412,593 |
| 19 |
$724,460 |
$228,381
$64,839 |
$431,240 |
| 20 |
$760,680 |
$241,782
$68,081 |
$450,817 |
| 21 |
$798,720 |
$255,857
$71,485 |
$471,378 |
| 22 |
$838,660 |
$270,635
$75,060 |
$492,965 |
| 23 |
$880,580 |
$286,145
$78,812 |
$515,623 |
| 24 |
$924,620 |
$302,440
$82,753 |
$539,427 |
| 25 |
$970,840 |
$319,541
$86,890 |
$564,409 |
| 26 |
$1,019,400 |
$337,508
$91,236 |
$590,656 |
| 27 |
$1,070,360 |
$356,364
$95,797 |
$618,199 |
| 28 |
$1,123,880 |
$376,166
$100,587 |
$647,127 |
| 29 |
$1,180,080 |
$396,960
$105,617 |
$677,503 |
| 30 |
$1,239,080 |
$418,790
$110,898 |
$709,392 |
|
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