The jackpot for the MEGA Millions draw on Tue May 14, 2024, is projected to be $363 Million, with an option for a cash payout of $166.9 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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
Washington DC MEGA Millions Jackpot/Cash Option for Tue May 14, 2024 |
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Draw Date | Tue May 14, 2024 | Projected Jackpot | $363,000,000 | Cash Value | $166,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $166,900,000 | Federal Tax(24%) | $40,056,000 | Additional Federal Tax | $21,657,330 | State Tax(10.75%) | $17,941,750 | Net Lumpsum Payment | $87,244,920 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,463,513 |
$1,981,830 $587,328 |
$2,894,355 |
2 |
$5,736,852 |
$2,082,966 $616,712 |
$3,037,174 |
3 |
$6,023,622 |
$2,189,071 $647,539 |
$3,187,012 |
4 |
$6,324,912 |
$2,300,548 $679,928 |
$3,344,436 |
5 |
$6,641,085 |
$2,417,532 $713,917 |
$3,509,636 |
6 |
$6,973,230 |
$2,540,425 $749,622 |
$3,683,183 |
7 |
$7,321,710 |
$2,669,363 $787,084 |
$3,865,263 |
8 |
$7,687,977 |
$2,804,882 $826,458 |
$4,056,637 |
9 |
$8,072,394 |
$2,947,116 $867,782 |
$4,257,496 |
10 |
$8,476,050 |
$3,096,469 $911,175 |
$4,468,406 |
11 |
$8,899,671 |
$3,253,209 $956,715 |
$4,689,747 |
12 |
$9,344,709 |
$3,417,873 $1,004,556 |
$4,922,280 |
13 |
$9,811,890 |
$3,590,730 $1,054,778 |
$5,166,382 |
14 |
$10,302,666 |
$3,772,317 $1,107,537 |
$5,422,812 |
15 |
$10,817,763 |
$3,962,903 $1,162,910 |
$5,691,950 |
16 |
$11,358,633 |
$4,163,025 $1,221,053 |
$5,974,555 |
17 |
$11,926,365 |
$4,373,085 $1,282,084 |
$6,271,196 |
18 |
$12,522,774 |
$4,593,757 $1,346,198 |
$6,582,819 |
19 |
$13,148,949 |
$4,825,442 $1,413,512 |
$6,909,995 |
20 |
$13,806,342 |
$5,068,677 $1,484,182 |
$7,253,483 |
21 |
$14,496,768 |
$5,324,135 $1,558,403 |
$7,614,230 |
22 |
$15,221,679 |
$5,592,352 $1,636,330 |
$7,992,997 |
23 |
$15,982,527 |
$5,873,865 $1,718,122 |
$8,390,540 |
24 |
$16,781,853 |
$6,169,616 $1,804,049 |
$8,808,188 |
25 |
$17,620,746 |
$6,480,006 $1,894,230 |
$9,246,510 |
26 |
$18,502,110 |
$6,806,111 $1,988,977 |
$9,707,022 |
27 |
$19,427,034 |
$7,148,333 $2,088,406 |
$10,190,295 |
28 |
$20,398,422 |
$7,507,747 $2,192,830 |
$10,697,845 |
29 |
$21,418,452 |
$7,885,158 $2,302,484 |
$11,230,810 |
30 |
$22,489,302 |
$8,281,372 $2,417,600 |
$11,790,330 |
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