The jackpot for the MEGA Millions draw on Fri Jun 28, 2024, is projected to be $116 Million, with an option for a cash payout of $55.4 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 Jun 28, 2024 |
|---|
| Draw Date | Fri Jun 28, 2024 | | Projected Jackpot | $116,000,000 | | Cash Value | $55,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $55,400,000 | | Federal Tax(24%) | $13,296,000 | | Additional Federal Tax | $7,162,330 | | State Tax(8.95%) | $4,958,300 | | Net Lumpsum Payment | $29,983,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,745,916 |
$606,319
$156,259 |
$983,338 |
| 2 |
$1,833,264 |
$638,638
$164,077 |
$1,030,549 |
| 3 |
$1,924,904 |
$672,545
$172,279 |
$1,080,080 |
| 4 |
$2,021,184 |
$708,168
$180,896 |
$1,132,120 |
| 5 |
$2,122,220 |
$745,552
$189,939 |
$1,186,729 |
| 6 |
$2,228,360 |
$784,824
$199,438 |
$1,244,098 |
| 7 |
$2,339,720 |
$826,027
$209,405 |
$1,304,288 |
| 8 |
$2,456,764 |
$869,333
$219,880 |
$1,367,551 |
| 9 |
$2,579,608 |
$914,785
$230,875 |
$1,433,948 |
| 10 |
$2,708,600 |
$962,512
$242,420 |
$1,503,668 |
| 11 |
$2,843,972 |
$1,012,600
$254,535 |
$1,576,837 |
| 12 |
$2,986,188 |
$1,065,220
$267,264 |
$1,653,704 |
| 13 |
$3,135,480 |
$1,120,458
$280,625 |
$1,734,397 |
| 14 |
$3,292,312 |
$1,178,486
$294,662 |
$1,819,164 |
| 15 |
$3,456,916 |
$1,239,389
$309,394 |
$1,908,133 |
| 16 |
$3,629,756 |
$1,303,340
$324,863 |
$2,001,553 |
| 17 |
$3,811,180 |
$1,370,467
$341,101 |
$2,099,612 |
| 18 |
$4,001,768 |
$1,440,985
$358,158 |
$2,202,625 |
| 19 |
$4,201,868 |
$1,515,022
$376,067 |
$2,310,779 |
| 20 |
$4,411,944 |
$1,592,750
$394,869 |
$2,424,325 |
| 21 |
$4,632,576 |
$1,674,384
$414,616 |
$2,543,576 |
| 22 |
$4,864,228 |
$1,760,095
$435,348 |
$2,668,785 |
| 23 |
$5,107,364 |
$1,850,055
$457,109 |
$2,800,200 |
| 24 |
$5,362,796 |
$1,944,565
$479,970 |
$2,938,261 |
| 25 |
$5,630,872 |
$2,043,753
$503,963 |
$3,083,156 |
| 26 |
$5,912,520 |
$2,147,963
$529,171 |
$3,235,386 |
| 27 |
$6,208,088 |
$2,257,323
$555,624 |
$3,395,141 |
| 28 |
$6,518,504 |
$2,372,177
$583,406 |
$3,562,921 |
| 29 |
$6,844,464 |
$2,492,782
$612,580 |
$3,739,102 |
| 30 |
$7,186,664 |
$2,619,396
$643,206 |
$3,924,062 |
|
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