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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
Michigan 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(4.25%) | $8,325,750 | Net Lumpsum Payment | $115,130,920 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $269,300 |
$3,762,346 |
2 |
$6,653,484 |
$2,422,119 $282,773 |
$3,948,592 |
3 |
$6,986,074 |
$2,545,178 $296,908 |
$4,143,988 |
4 |
$7,335,504 |
$2,674,467 $311,759 |
$4,349,278 |
5 |
$7,702,195 |
$2,810,143 $327,343 |
$4,564,709 |
6 |
$8,087,410 |
$2,952,672 $343,715 |
$4,791,023 |
7 |
$8,491,570 |
$3,102,211 $360,892 |
$5,028,467 |
8 |
$8,916,359 |
$3,259,383 $378,945 |
$5,278,031 |
9 |
$9,362,198 |
$3,424,344 $397,893 |
$5,539,961 |
10 |
$9,830,350 |
$3,597,560 $417,790 |
$5,815,000 |
11 |
$10,321,657 |
$3,779,343 $438,670 |
$6,103,644 |
12 |
$10,837,803 |
$3,970,317 $460,607 |
$6,406,879 |
13 |
$11,379,630 |
$4,170,793 $483,634 |
$6,725,203 |
14 |
$11,948,822 |
$4,381,395 $507,825 |
$7,059,602 |
15 |
$12,546,221 |
$4,602,432 $533,214 |
$7,410,575 |
16 |
$13,173,511 |
$4,834,529 $559,874 |
$7,779,108 |
17 |
$13,831,955 |
$5,078,154 $587,858 |
$8,165,943 |
18 |
$14,523,658 |
$5,334,084 $617,255 |
$8,572,319 |
19 |
$15,249,883 |
$5,602,787 $648,120 |
$8,998,976 |
20 |
$16,012,314 |
$5,884,887 $680,523 |
$9,446,904 |
21 |
$16,813,056 |
$6,181,161 $714,555 |
$9,917,340 |
22 |
$17,653,793 |
$6,492,234 $750,286 |
$10,411,273 |
23 |
$18,536,209 |
$6,818,728 $787,789 |
$10,929,692 |
24 |
$19,463,251 |
$7,161,733 $827,188 |
$11,474,330 |
25 |
$20,436,182 |
$7,521,718 $868,538 |
$12,045,926 |
26 |
$21,458,370 |
$7,899,927 $911,981 |
$12,646,462 |
27 |
$22,531,078 |
$8,296,829 $957,571 |
$13,276,678 |
28 |
$23,657,674 |
$8,713,670 $1,005,451 |
$13,938,553 |
29 |
$24,840,684 |
$9,151,383 $1,055,729 |
$14,633,572 |
30 |
$26,082,634 |
$9,610,905 $1,108,512 |
$15,363,217 |
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