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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
Washington DC MEGA Millions Jackpot/Cash Option for Tue May 21, 2024 |
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Draw Date | Tue May 21, 2024 | Projected Jackpot | $421,000,000 | Cash Value | $195,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $195,900,000 | Federal Tax(24%) | $47,016,000 | Additional Federal Tax | $25,427,330 | State Tax(10.75%) | $21,059,250 | Net Lumpsum Payment | $102,397,420 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $681,171 |
$3,350,475 |
2 |
$6,653,484 |
$2,422,119 $715,250 |
$3,516,115 |
3 |
$6,986,074 |
$2,545,178 $751,003 |
$3,689,893 |
4 |
$7,335,504 |
$2,674,467 $788,567 |
$3,872,470 |
5 |
$7,702,195 |
$2,810,143 $827,986 |
$4,064,066 |
6 |
$8,087,410 |
$2,952,672 $869,397 |
$4,265,341 |
7 |
$8,491,570 |
$3,102,211 $912,844 |
$4,476,515 |
8 |
$8,916,359 |
$3,259,383 $958,509 |
$4,698,467 |
9 |
$9,362,198 |
$3,424,344 $1,006,436 |
$4,931,418 |
10 |
$9,830,350 |
$3,597,560 $1,056,763 |
$5,176,027 |
11 |
$10,321,657 |
$3,779,343 $1,109,578 |
$5,432,736 |
12 |
$10,837,803 |
$3,970,317 $1,165,064 |
$5,702,422 |
13 |
$11,379,630 |
$4,170,793 $1,223,310 |
$5,985,527 |
14 |
$11,948,822 |
$4,381,395 $1,284,498 |
$6,282,929 |
15 |
$12,546,221 |
$4,602,432 $1,348,719 |
$6,595,070 |
16 |
$13,173,511 |
$4,834,529 $1,416,152 |
$6,922,830 |
17 |
$13,831,955 |
$5,078,154 $1,486,935 |
$7,266,866 |
18 |
$14,523,658 |
$5,334,084 $1,561,293 |
$7,628,281 |
19 |
$15,249,883 |
$5,602,787 $1,639,362 |
$8,007,734 |
20 |
$16,012,314 |
$5,884,887 $1,721,324 |
$8,406,103 |
21 |
$16,813,056 |
$6,181,161 $1,807,404 |
$8,824,491 |
22 |
$17,653,793 |
$6,492,234 $1,897,783 |
$9,263,776 |
23 |
$18,536,209 |
$6,818,728 $1,992,642 |
$9,724,839 |
24 |
$19,463,251 |
$7,161,733 $2,092,299 |
$10,209,219 |
25 |
$20,436,182 |
$7,521,718 $2,196,890 |
$10,717,574 |
26 |
$21,458,370 |
$7,899,927 $2,306,775 |
$11,251,668 |
27 |
$22,531,078 |
$8,296,829 $2,422,091 |
$11,812,158 |
28 |
$23,657,674 |
$8,713,670 $2,543,200 |
$12,400,804 |
29 |
$24,840,684 |
$9,151,383 $2,670,374 |
$13,018,927 |
30 |
$26,082,634 |
$9,610,905 $2,803,883 |
$13,667,846 |
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