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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
Minnesota 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(7.25%) | $14,202,750 | Net Lumpsum Payment | $109,253,920 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $459,394 |
$3,572,252 |
2 |
$6,653,484 |
$2,422,119 $482,378 |
$3,748,987 |
3 |
$6,986,074 |
$2,545,178 $506,490 |
$3,934,406 |
4 |
$7,335,504 |
$2,674,467 $531,824 |
$4,129,213 |
5 |
$7,702,195 |
$2,810,143 $558,409 |
$4,333,643 |
6 |
$8,087,410 |
$2,952,672 $586,337 |
$4,548,401 |
7 |
$8,491,570 |
$3,102,211 $615,639 |
$4,773,720 |
8 |
$8,916,359 |
$3,259,383 $646,436 |
$5,010,540 |
9 |
$9,362,198 |
$3,424,344 $678,759 |
$5,259,095 |
10 |
$9,830,350 |
$3,597,560 $712,700 |
$5,520,090 |
11 |
$10,321,657 |
$3,779,343 $748,320 |
$5,793,994 |
12 |
$10,837,803 |
$3,970,317 $785,741 |
$6,081,745 |
13 |
$11,379,630 |
$4,170,793 $825,023 |
$6,383,814 |
14 |
$11,948,822 |
$4,381,395 $866,290 |
$6,701,137 |
15 |
$12,546,221 |
$4,602,432 $909,601 |
$7,034,188 |
16 |
$13,173,511 |
$4,834,529 $955,080 |
$7,383,902 |
17 |
$13,831,955 |
$5,078,154 $1,002,817 |
$7,750,984 |
18 |
$14,523,658 |
$5,334,084 $1,052,965 |
$8,136,609 |
19 |
$15,249,883 |
$5,602,787 $1,105,617 |
$8,541,479 |
20 |
$16,012,314 |
$5,884,887 $1,160,893 |
$8,966,534 |
21 |
$16,813,056 |
$6,181,161 $1,218,947 |
$9,412,948 |
22 |
$17,653,793 |
$6,492,234 $1,279,900 |
$9,881,659 |
23 |
$18,536,209 |
$6,818,728 $1,343,875 |
$10,373,606 |
24 |
$19,463,251 |
$7,161,733 $1,411,086 |
$10,890,432 |
25 |
$20,436,182 |
$7,521,718 $1,481,623 |
$11,432,841 |
26 |
$21,458,370 |
$7,899,927 $1,555,732 |
$12,002,711 |
27 |
$22,531,078 |
$8,296,829 $1,633,503 |
$12,600,746 |
28 |
$23,657,674 |
$8,713,670 $1,715,181 |
$13,228,823 |
29 |
$24,840,684 |
$9,151,383 $1,800,950 |
$13,888,351 |
30 |
$26,082,634 |
$9,610,905 $1,890,991 |
$14,580,738 |
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