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 Virginia residents, the state will deduct 4% from your lottery earnings.
Virginia 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%) | $7,836,000 | Net Lumpsum Payment | $115,620,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $253,459 |
$3,778,187 |
2 |
$6,653,484 |
$2,422,119 $266,139 |
$3,965,226 |
3 |
$6,986,074 |
$2,545,178 $279,443 |
$4,161,453 |
4 |
$7,335,504 |
$2,674,467 $293,420 |
$4,367,617 |
5 |
$7,702,195 |
$2,810,143 $308,088 |
$4,583,964 |
6 |
$8,087,410 |
$2,952,672 $323,496 |
$4,811,242 |
7 |
$8,491,570 |
$3,102,211 $339,663 |
$5,049,696 |
8 |
$8,916,359 |
$3,259,383 $356,654 |
$5,300,322 |
9 |
$9,362,198 |
$3,424,344 $374,488 |
$5,563,366 |
10 |
$9,830,350 |
$3,597,560 $393,214 |
$5,839,576 |
11 |
$10,321,657 |
$3,779,343 $412,866 |
$6,129,448 |
12 |
$10,837,803 |
$3,970,317 $433,512 |
$6,433,974 |
13 |
$11,379,630 |
$4,170,793 $455,185 |
$6,753,652 |
14 |
$11,948,822 |
$4,381,395 $477,953 |
$7,089,474 |
15 |
$12,546,221 |
$4,602,432 $501,849 |
$7,441,940 |
16 |
$13,173,511 |
$4,834,529 $526,940 |
$7,812,042 |
17 |
$13,831,955 |
$5,078,154 $553,278 |
$8,200,523 |
18 |
$14,523,658 |
$5,334,084 $580,946 |
$8,608,628 |
19 |
$15,249,883 |
$5,602,787 $609,995 |
$9,037,101 |
20 |
$16,012,314 |
$5,884,887 $640,493 |
$9,486,934 |
21 |
$16,813,056 |
$6,181,161 $672,522 |
$9,959,373 |
22 |
$17,653,793 |
$6,492,234 $706,152 |
$10,455,407 |
23 |
$18,536,209 |
$6,818,728 $741,448 |
$10,976,033 |
24 |
$19,463,251 |
$7,161,733 $778,530 |
$11,522,988 |
25 |
$20,436,182 |
$7,521,718 $817,447 |
$12,097,017 |
26 |
$21,458,370 |
$7,899,927 $858,335 |
$12,700,108 |
27 |
$22,531,078 |
$8,296,829 $901,243 |
$13,333,006 |
28 |
$23,657,674 |
$8,713,670 $946,307 |
$13,997,697 |
29 |
$24,840,684 |
$9,151,383 $993,627 |
$14,695,674 |
30 |
$26,082,634 |
$9,610,905 $1,043,305 |
$15,428,424 |
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