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 those living in Delaware, the bright side is you won't have to pay any state taxes on your lottery prize.
Delaware 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(0%) | $0 | Net Lumpsum Payment | $123,456,670 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $0 |
$4,031,646 |
2 |
$6,653,484 |
$2,422,119 $0 |
$4,231,365 |
3 |
$6,986,074 |
$2,545,178 $0 |
$4,440,896 |
4 |
$7,335,504 |
$2,674,467 $0 |
$4,661,037 |
5 |
$7,702,195 |
$2,810,143 $0 |
$4,892,052 |
6 |
$8,087,410 |
$2,952,672 $0 |
$5,134,738 |
7 |
$8,491,570 |
$3,102,211 $0 |
$5,389,359 |
8 |
$8,916,359 |
$3,259,383 $0 |
$5,656,976 |
9 |
$9,362,198 |
$3,424,344 $0 |
$5,937,854 |
10 |
$9,830,350 |
$3,597,560 $0 |
$6,232,790 |
11 |
$10,321,657 |
$3,779,343 $0 |
$6,542,314 |
12 |
$10,837,803 |
$3,970,317 $0 |
$6,867,486 |
13 |
$11,379,630 |
$4,170,793 $0 |
$7,208,837 |
14 |
$11,948,822 |
$4,381,395 $0 |
$7,567,427 |
15 |
$12,546,221 |
$4,602,432 $0 |
$7,943,789 |
16 |
$13,173,511 |
$4,834,529 $0 |
$8,338,982 |
17 |
$13,831,955 |
$5,078,154 $0 |
$8,753,801 |
18 |
$14,523,658 |
$5,334,084 $0 |
$9,189,574 |
19 |
$15,249,883 |
$5,602,787 $0 |
$9,647,096 |
20 |
$16,012,314 |
$5,884,887 $0 |
$10,127,427 |
21 |
$16,813,056 |
$6,181,161 $0 |
$10,631,895 |
22 |
$17,653,793 |
$6,492,234 $0 |
$11,161,559 |
23 |
$18,536,209 |
$6,818,728 $0 |
$11,717,481 |
24 |
$19,463,251 |
$7,161,733 $0 |
$12,301,518 |
25 |
$20,436,182 |
$7,521,718 $0 |
$12,914,464 |
26 |
$21,458,370 |
$7,899,927 $0 |
$13,558,443 |
27 |
$22,531,078 |
$8,296,829 $0 |
$14,234,249 |
28 |
$23,657,674 |
$8,713,670 $0 |
$14,944,004 |
29 |
$24,840,684 |
$9,151,383 $0 |
$15,689,301 |
30 |
$26,082,634 |
$9,610,905 $0 |
$16,471,729 |
|
|