Maryland Lottery

MDLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Maryland, your state will take 8.95% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Maryland MEGA Millions Jackpot/Cash Option for Fri Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(8.95%)	$2,139,050
Net Lumpsum Payment	$12,957,620

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$63,312	$422,018
2	$742,788	-$235,162 -$66,480	$441,146
3	$779,918	-$248,900 -$69,803	$461,215
4	$818,928	-$263,334 -$73,294	$482,300
5	$859,865	-$278,480 -$76,958	$504,427
6	$902,870	-$294,392 -$80,807	$527,671
7	$947,990	-$311,087 -$84,845	$552,058
8	$995,413	-$328,633 -$89,089	$577,691
9	$1,045,186	-$347,049 -$93,544	$604,593
10	$1,097,450	-$366,387 -$98,222	$632,841
11	$1,152,299	-$386,681 -$103,131	$662,487
12	$1,209,921	-$408,001 -$108,288	$693,632
13	$1,270,410	-$430,382 -$113,702	$726,326
14	$1,333,954	-$453,893 -$119,389	$760,672
15	$1,400,647	-$478,570 -$125,358	$796,719
16	$1,470,677	-$504,481 -$131,626	$834,570
17	$1,544,185	-$531,679 -$138,205	$874,301
18	$1,621,406	-$560,251 -$145,116	$916,039
19	$1,702,481	-$590,248 -$152,372	$959,861
20	$1,787,598	-$621,742 -$159,990	$1,005,866
21	$1,876,992	-$654,817 -$167,991	$1,054,184
22	$1,970,851	-$689,545 -$176,391	$1,104,915
23	$2,069,363	-$725,995 -$185,208	$1,158,160
24	$2,172,857	-$764,287 -$194,471	$1,214,099
25	$2,281,474	-$804,476 -$204,192	$1,272,806
26	$2,395,590	-$846,699 -$214,405	$1,334,486
27	$2,515,346	-$891,008 -$225,123	$1,399,215
28	$2,641,118	-$937,544 -$236,380	$1,467,194
29	$2,773,188	-$986,410 -$248,200	$1,538,578
30	$2,911,838	-$1,037,710 -$260,610	$1,613,518