The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 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 May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(8.95%) | $16,244,250 | | Net Lumpsum Payment | $98,140,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$529,396 |
$3,236,751 |
| 2 |
$6,210,972 |
$2,258,390
$555,882 |
$3,396,700 |
| 3 |
$6,521,442 |
$2,373,264
$583,669 |
$3,564,509 |
| 4 |
$6,847,632 |
$2,493,954
$612,863 |
$3,740,815 |
| 5 |
$7,189,935 |
$2,620,606
$643,499 |
$3,925,830 |
| 6 |
$7,549,530 |
$2,753,656
$675,683 |
$4,120,191 |
| 7 |
$7,926,810 |
$2,893,250
$709,449 |
$4,324,111 |
| 8 |
$8,323,347 |
$3,039,969
$744,940 |
$4,538,438 |
| 9 |
$8,739,534 |
$3,193,958
$782,188 |
$4,763,388 |
| 10 |
$9,176,550 |
$3,355,654
$821,301 |
$4,999,595 |
| 11 |
$9,635,181 |
$3,525,347
$862,349 |
$5,247,485 |
| 12 |
$10,116,999 |
$3,703,620
$905,471 |
$5,507,908 |
| 13 |
$10,622,790 |
$3,890,763
$950,740 |
$5,781,287 |
| 14 |
$11,154,126 |
$4,087,357
$998,294 |
$6,068,475 |
| 15 |
$11,711,793 |
$4,293,694
$1,048,205 |
$6,369,894 |
| 16 |
$12,297,363 |
$4,510,355
$1,100,614 |
$6,686,394 |
| 17 |
$12,912,015 |
$4,737,776
$1,155,625 |
$7,018,614 |
| 18 |
$13,557,714 |
$4,976,685
$1,213,415 |
$7,367,614 |
| 19 |
$14,235,639 |
$5,227,517
$1,274,090 |
$7,734,032 |
| 20 |
$14,947,362 |
$5,490,854
$1,337,789 |
$8,118,719 |
| 21 |
$15,694,848 |
$5,767,424
$1,404,689 |
$8,522,735 |
| 22 |
$16,479,669 |
$6,057,808
$1,474,930 |
$8,946,931 |
| 23 |
$17,303,397 |
$6,362,587
$1,548,654 |
$9,392,156 |
| 24 |
$18,168,783 |
$6,682,780
$1,626,106 |
$9,859,897 |
| 25 |
$19,077,006 |
$7,018,823
$1,707,392 |
$10,350,791 |
| 26 |
$20,031,210 |
$7,371,878
$1,792,793 |
$10,866,539 |
| 27 |
$21,032,574 |
$7,742,383
$1,882,415 |
$11,407,776 |
| 28 |
$22,084,242 |
$8,131,500
$1,976,540 |
$11,976,202 |
| 29 |
$23,188,572 |
$8,540,102
$2,075,377 |
$12,573,093 |
| 30 |
$24,347,922 |
$8,969,062
$2,179,139 |
$13,199,721 |
|
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