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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
Georgia 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(5.75%) | $9,596,750 | Net Lumpsum Payment | $95,589,920 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,463,513 |
$1,981,830 $314,152 |
$3,167,531 |
2 |
$5,736,852 |
$2,082,966 $329,869 |
$3,324,017 |
3 |
$6,023,622 |
$2,189,071 $346,358 |
$3,488,193 |
4 |
$6,324,912 |
$2,300,548 $363,682 |
$3,660,682 |
5 |
$6,641,085 |
$2,417,532 $381,862 |
$3,841,691 |
6 |
$6,973,230 |
$2,540,425 $400,961 |
$4,031,844 |
7 |
$7,321,710 |
$2,669,363 $420,998 |
$4,231,349 |
8 |
$7,687,977 |
$2,804,882 $442,059 |
$4,441,036 |
9 |
$8,072,394 |
$2,947,116 $464,163 |
$4,661,115 |
10 |
$8,476,050 |
$3,096,469 $487,373 |
$4,892,208 |
11 |
$8,899,671 |
$3,253,209 $511,731 |
$5,134,731 |
12 |
$9,344,709 |
$3,417,873 $537,321 |
$5,389,515 |
13 |
$9,811,890 |
$3,590,730 $564,184 |
$5,656,976 |
14 |
$10,302,666 |
$3,772,317 $592,403 |
$5,937,946 |
15 |
$10,817,763 |
$3,962,903 $622,021 |
$6,232,839 |
16 |
$11,358,633 |
$4,163,025 $653,121 |
$6,542,487 |
17 |
$11,926,365 |
$4,373,085 $685,766 |
$6,867,514 |
18 |
$12,522,774 |
$4,593,757 $720,060 |
$7,208,957 |
19 |
$13,148,949 |
$4,825,442 $756,065 |
$7,567,442 |
20 |
$13,806,342 |
$5,068,677 $793,865 |
$7,943,800 |
21 |
$14,496,768 |
$5,324,135 $833,564 |
$8,339,069 |
22 |
$15,221,679 |
$5,592,352 $875,247 |
$8,754,080 |
23 |
$15,982,527 |
$5,873,865 $918,995 |
$9,189,667 |
24 |
$16,781,853 |
$6,169,616 $964,957 |
$9,647,280 |
25 |
$17,620,746 |
$6,480,006 $1,013,193 |
$10,127,547 |
26 |
$18,502,110 |
$6,806,111 $1,063,871 |
$10,632,128 |
27 |
$19,427,034 |
$7,148,333 $1,117,054 |
$11,161,647 |
28 |
$20,398,422 |
$7,507,747 $1,172,909 |
$11,717,766 |
29 |
$21,418,452 |
$7,885,158 $1,231,561 |
$12,301,733 |
30 |
$22,489,302 |
$8,281,372 $1,293,135 |
$12,914,795 |
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