The jackpot for the MEGA Millions draw on Fri Feb 28, 2025, is projected to be $197 Million, with an option for a cash payout of $91.9 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 Fri Feb 28, 2025 |
|---|
| Draw Date | Fri Feb 28, 2025 | | Projected Jackpot | $197,000,000 | | Cash Value | $91,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $91,900,000 | | Federal Tax(24%) | $22,056,000 | | Additional Federal Tax | $11,907,330 | | State Tax(8.95%) | $8,225,050 | | Net Lumpsum Payment | $49,711,620 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$265,372 |
$1,642,277 |
| 2 |
$3,113,388 |
$1,112,284
$278,648 |
$1,722,456 |
| 3 |
$3,269,018 |
$1,169,867
$292,577 |
$1,806,574 |
| 4 |
$3,432,528 |
$1,230,366
$307,211 |
$1,894,951 |
| 5 |
$3,604,115 |
$1,293,853
$322,568 |
$1,987,694 |
| 6 |
$3,784,370 |
$1,360,547
$338,701 |
$2,085,122 |
| 7 |
$3,973,490 |
$1,430,522
$355,627 |
$2,187,341 |
| 8 |
$4,172,263 |
$1,504,068
$373,418 |
$2,294,777 |
| 9 |
$4,380,886 |
$1,581,258
$392,089 |
$2,407,539 |
| 10 |
$4,599,950 |
$1,662,312
$411,696 |
$2,525,942 |
| 11 |
$4,829,849 |
$1,747,375
$432,271 |
$2,650,203 |
| 12 |
$5,071,371 |
$1,836,738
$453,888 |
$2,780,745 |
| 13 |
$5,324,910 |
$1,930,547
$476,579 |
$2,917,784 |
| 14 |
$5,591,254 |
$2,029,094
$500,417 |
$3,061,743 |
| 15 |
$5,870,797 |
$2,132,525
$525,436 |
$3,212,836 |
| 16 |
$6,164,327 |
$2,241,131
$551,707 |
$3,371,489 |
| 17 |
$6,472,435 |
$2,355,131
$579,283 |
$3,538,021 |
| 18 |
$6,796,106 |
$2,474,890
$608,251 |
$3,712,965 |
| 19 |
$7,135,931 |
$2,600,625
$638,666 |
$3,896,640 |
| 20 |
$7,492,698 |
$2,732,629
$670,596 |
$4,089,473 |
| 21 |
$7,867,392 |
$2,871,265
$704,132 |
$4,291,995 |
| 22 |
$8,260,801 |
$3,016,827
$739,342 |
$4,504,632 |
| 23 |
$8,673,713 |
$3,169,604
$776,297 |
$4,727,812 |
| 24 |
$9,107,507 |
$3,330,108
$815,122 |
$4,962,277 |
| 25 |
$9,562,774 |
$3,498,557
$855,868 |
$5,208,349 |
| 26 |
$10,041,090 |
$3,675,534
$898,678 |
$5,466,878 |
| 27 |
$10,543,046 |
$3,861,257
$943,603 |
$5,738,186 |
| 28 |
$11,070,218 |
$4,056,311
$990,785 |
$6,023,122 |
| 29 |
$11,623,788 |
$4,261,132
$1,040,329 |
$6,322,327 |
| 30 |
$12,204,938 |
$4,476,157
$1,092,342 |
$6,636,439 |
|
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