The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 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 Fri May 17, 2024 |
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Draw Date | Fri May 17, 2024 | Projected Jackpot | $393,000,000 | Cash Value | $181,500,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $181,500,000 | Federal Tax(24%) | $43,560,000 | Additional Federal Tax | $23,555,330 | State Tax(4.25%) | $7,713,750 | Net Lumpsum Payment | $106,670,920 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,915,043 |
$2,148,896 $251,389 |
$3,514,758 |
2 |
$6,210,972 |
$2,258,390 $263,966 |
$3,688,616 |
3 |
$6,521,442 |
$2,373,264 $277,161 |
$3,871,017 |
4 |
$6,847,632 |
$2,493,954 $291,024 |
$4,062,654 |
5 |
$7,189,935 |
$2,620,606 $305,572 |
$4,263,757 |
6 |
$7,549,530 |
$2,753,656 $320,855 |
$4,475,019 |
7 |
$7,926,810 |
$2,893,250 $336,889 |
$4,696,671 |
8 |
$8,323,347 |
$3,039,969 $353,742 |
$4,929,636 |
9 |
$8,739,534 |
$3,193,958 $371,430 |
$5,174,146 |
10 |
$9,176,550 |
$3,355,654 $390,003 |
$5,430,893 |
11 |
$9,635,181 |
$3,525,347 $409,495 |
$5,700,339 |
12 |
$10,116,999 |
$3,703,620 $429,972 |
$5,983,407 |
13 |
$10,622,790 |
$3,890,763 $451,469 |
$6,280,558 |
14 |
$11,154,126 |
$4,087,357 $474,050 |
$6,592,719 |
15 |
$11,711,793 |
$4,293,694 $497,751 |
$6,920,348 |
16 |
$12,297,363 |
$4,510,355 $522,638 |
$7,264,370 |
17 |
$12,912,015 |
$4,737,776 $548,761 |
$7,625,478 |
18 |
$13,557,714 |
$4,976,685 $576,203 |
$8,004,826 |
19 |
$14,235,639 |
$5,227,517 $605,015 |
$8,403,107 |
20 |
$14,947,362 |
$5,490,854 $635,263 |
$8,821,245 |
21 |
$15,694,848 |
$5,767,424 $667,031 |
$9,260,393 |
22 |
$16,479,669 |
$6,057,808 $700,386 |
$9,721,475 |
23 |
$17,303,397 |
$6,362,587 $735,394 |
$10,205,416 |
24 |
$18,168,783 |
$6,682,780 $772,173 |
$10,713,830 |
25 |
$19,077,006 |
$7,018,823 $810,773 |
$11,247,410 |
26 |
$20,031,210 |
$7,371,878 $851,326 |
$11,808,006 |
27 |
$21,032,574 |
$7,742,383 $893,884 |
$12,396,307 |
28 |
$22,084,242 |
$8,131,500 $938,580 |
$13,014,162 |
29 |
$23,188,572 |
$8,540,102 $985,514 |
$13,662,956 |
30 |
$24,347,922 |
$8,969,062 $1,034,787 |
$14,344,073 |
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