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 Kansas residents, the state will deduct 5% from your lottery earnings.
Kansas 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(5%) | $9,795,000 | Net Lumpsum Payment | $113,661,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $316,824 |
$3,714,822 |
2 |
$6,653,484 |
$2,422,119 $332,674 |
$3,898,691 |
3 |
$6,986,074 |
$2,545,178 $349,304 |
$4,091,592 |
4 |
$7,335,504 |
$2,674,467 $366,775 |
$4,294,262 |
5 |
$7,702,195 |
$2,810,143 $385,110 |
$4,506,942 |
6 |
$8,087,410 |
$2,952,672 $404,371 |
$4,730,367 |
7 |
$8,491,570 |
$3,102,211 $424,579 |
$4,964,780 |
8 |
$8,916,359 |
$3,259,383 $445,818 |
$5,211,158 |
9 |
$9,362,198 |
$3,424,344 $468,110 |
$5,469,744 |
10 |
$9,830,350 |
$3,597,560 $491,518 |
$5,741,272 |
11 |
$10,321,657 |
$3,779,343 $516,083 |
$6,026,231 |
12 |
$10,837,803 |
$3,970,317 $541,890 |
$6,325,596 |
13 |
$11,379,630 |
$4,170,793 $568,982 |
$6,639,855 |
14 |
$11,948,822 |
$4,381,395 $597,441 |
$6,969,986 |
15 |
$12,546,221 |
$4,602,432 $627,311 |
$7,316,478 |
16 |
$13,173,511 |
$4,834,529 $658,676 |
$7,680,306 |
17 |
$13,831,955 |
$5,078,154 $691,598 |
$8,062,203 |
18 |
$14,523,658 |
$5,334,084 $726,183 |
$8,463,391 |
19 |
$15,249,883 |
$5,602,787 $762,494 |
$8,884,602 |
20 |
$16,012,314 |
$5,884,887 $800,616 |
$9,326,811 |
21 |
$16,813,056 |
$6,181,161 $840,653 |
$9,791,242 |
22 |
$17,653,793 |
$6,492,234 $882,690 |
$10,278,869 |
23 |
$18,536,209 |
$6,818,728 $926,810 |
$10,790,671 |
24 |
$19,463,251 |
$7,161,733 $973,163 |
$11,328,355 |
25 |
$20,436,182 |
$7,521,718 $1,021,809 |
$11,892,655 |
26 |
$21,458,370 |
$7,899,927 $1,072,919 |
$12,485,524 |
27 |
$22,531,078 |
$8,296,829 $1,126,554 |
$13,107,695 |
28 |
$23,657,674 |
$8,713,670 $1,182,884 |
$13,761,120 |
29 |
$24,840,684 |
$9,151,383 $1,242,034 |
$14,447,267 |
30 |
$26,082,634 |
$9,610,905 $1,304,132 |
$15,167,597 |
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