The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(8.95%) | $17,533,050 | | Net Lumpsum Payment | $105,923,620 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$567,114 |
$3,464,532 |
| 2 |
$6,653,484 |
$2,422,119
$595,487 |
$3,635,878 |
| 3 |
$6,986,074 |
$2,545,178
$625,254 |
$3,815,642 |
| 4 |
$7,335,504 |
$2,674,467
$656,528 |
$4,004,509 |
| 5 |
$7,702,195 |
$2,810,143
$689,346 |
$4,202,706 |
| 6 |
$8,087,410 |
$2,952,672
$723,823 |
$4,410,915 |
| 7 |
$8,491,570 |
$3,102,211
$759,996 |
$4,629,363 |
| 8 |
$8,916,359 |
$3,259,383
$798,014 |
$4,858,962 |
| 9 |
$9,362,198 |
$3,424,344
$837,917 |
$5,099,937 |
| 10 |
$9,830,350 |
$3,597,560
$879,816 |
$5,352,974 |
| 11 |
$10,321,657 |
$3,779,343
$923,788 |
$5,618,526 |
| 12 |
$10,837,803 |
$3,970,317
$969,983 |
$5,897,503 |
| 13 |
$11,379,630 |
$4,170,793
$1,018,477 |
$6,190,360 |
| 14 |
$11,948,822 |
$4,381,395
$1,069,420 |
$6,498,007 |
| 15 |
$12,546,221 |
$4,602,432
$1,122,887 |
$6,820,902 |
| 16 |
$13,173,511 |
$4,834,529
$1,179,029 |
$7,159,953 |
| 17 |
$13,831,955 |
$5,078,154
$1,237,960 |
$7,515,841 |
| 18 |
$14,523,658 |
$5,334,084
$1,299,867 |
$7,889,707 |
| 19 |
$15,249,883 |
$5,602,787
$1,364,865 |
$8,282,231 |
| 20 |
$16,012,314 |
$5,884,887
$1,433,102 |
$8,694,325 |
| 21 |
$16,813,056 |
$6,181,161
$1,504,769 |
$9,127,126 |
| 22 |
$17,653,793 |
$6,492,234
$1,580,014 |
$9,581,545 |
| 23 |
$18,536,209 |
$6,818,728
$1,658,991 |
$10,058,490 |
| 24 |
$19,463,251 |
$7,161,733
$1,741,961 |
$10,559,557 |
| 25 |
$20,436,182 |
$7,521,718
$1,829,038 |
$11,085,426 |
| 26 |
$21,458,370 |
$7,899,927
$1,920,524 |
$11,637,919 |
| 27 |
$22,531,078 |
$8,296,829
$2,016,531 |
$12,217,718 |
| 28 |
$23,657,674 |
$8,713,670
$2,117,362 |
$12,826,642 |
| 29 |
$24,840,684 |
$9,151,383
$2,223,241 |
$13,466,060 |
| 30 |
$26,082,634 |
$9,610,905
$2,334,396 |
$14,137,333 |
|
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