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 |
|---|
| Draw Date | Tue May 14, 2024 | | Projected Jackpot | $363,000,000 | | Cash Value | $166,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| 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 |
|---|
| 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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