The jackpot for the MEGA Millions draw on Fri Jan 17, 2025, is projected to be $113 Million, with an option for a cash payout of $49.2 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 Jan 17, 2025 |
|---|
| Draw Date | Fri Jan 17, 2025 | | Projected Jackpot | $113,000,000 | | Cash Value | $49,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $49,200,000 | | Federal Tax(24%) | $11,808,000 | | Additional Federal Tax | $6,356,330 | | State Tax(8.95%) | $4,403,400 | | Net Lumpsum Payment | $26,632,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$152,218 |
$958,932 |
| 2 |
$1,785,852 |
$621,096
$159,834 |
$1,004,922 |
| 3 |
$1,875,122 |
$654,126
$167,823 |
$1,053,173 |
| 4 |
$1,968,912 |
$688,828
$176,218 |
$1,103,866 |
| 5 |
$2,067,335 |
$725,244
$185,026 |
$1,157,065 |
| 6 |
$2,170,730 |
$763,500
$194,280 |
$1,212,950 |
| 7 |
$2,279,210 |
$803,638
$203,989 |
$1,271,583 |
| 8 |
$2,393,227 |
$845,824
$214,194 |
$1,333,209 |
| 9 |
$2,512,894 |
$890,101
$224,904 |
$1,397,889 |
| 10 |
$2,638,550 |
$936,594
$236,150 |
$1,465,806 |
| 11 |
$2,770,421 |
$985,386
$247,953 |
$1,537,082 |
| 12 |
$2,908,959 |
$1,036,645
$260,352 |
$1,611,962 |
| 13 |
$3,054,390 |
$1,090,455
$273,368 |
$1,690,567 |
| 14 |
$3,207,166 |
$1,146,982
$287,041 |
$1,773,143 |
| 15 |
$3,367,513 |
$1,206,310
$301,392 |
$1,859,811 |
| 16 |
$3,535,883 |
$1,268,607
$316,462 |
$1,950,814 |
| 17 |
$3,712,615 |
$1,333,998
$332,279 |
$2,046,338 |
| 18 |
$3,898,274 |
$1,402,692
$348,896 |
$2,146,686 |
| 19 |
$4,093,199 |
$1,474,814
$366,341 |
$2,252,044 |
| 20 |
$4,297,842 |
$1,550,532
$384,657 |
$2,362,653 |
| 21 |
$4,512,768 |
$1,630,055
$403,893 |
$2,478,820 |
| 22 |
$4,738,429 |
$1,713,549
$424,089 |
$2,600,791 |
| 23 |
$4,975,277 |
$1,801,183
$445,287 |
$2,728,807 |
| 24 |
$5,224,103 |
$1,893,248
$467,557 |
$2,863,298 |
| 25 |
$5,485,246 |
$1,989,871
$490,930 |
$3,004,445 |
| 26 |
$5,759,610 |
$2,091,386
$515,485 |
$3,152,739 |
| 27 |
$6,047,534 |
$2,197,918
$541,254 |
$3,308,362 |
| 28 |
$6,349,922 |
$2,309,802
$568,318 |
$3,471,802 |
| 29 |
$6,667,452 |
$2,427,288
$596,737 |
$3,643,427 |
| 30 |
$7,000,802 |
$2,550,627
$626,572 |
$3,823,603 |
|
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