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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $9,680,200 | | Net Lumpsum Payment | $95,506,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$316,884 |
$3,164,799 |
| 2 |
$5,736,852 |
$2,082,966
$332,737 |
$3,321,149 |
| 3 |
$6,023,622 |
$2,189,071
$349,370 |
$3,485,181 |
| 4 |
$6,324,912 |
$2,300,548
$366,845 |
$3,657,519 |
| 5 |
$6,641,085 |
$2,417,532
$385,183 |
$3,838,370 |
| 6 |
$6,973,230 |
$2,540,425
$404,447 |
$4,028,358 |
| 7 |
$7,321,710 |
$2,669,363
$424,659 |
$4,227,688 |
| 8 |
$7,687,977 |
$2,804,882
$445,903 |
$4,437,192 |
| 9 |
$8,072,394 |
$2,947,116
$468,199 |
$4,657,079 |
| 10 |
$8,476,050 |
$3,096,469
$491,611 |
$4,887,970 |
| 11 |
$8,899,671 |
$3,253,209
$516,181 |
$5,130,281 |
| 12 |
$9,344,709 |
$3,417,873
$541,993 |
$5,384,843 |
| 13 |
$9,811,890 |
$3,590,730
$569,090 |
$5,652,070 |
| 14 |
$10,302,666 |
$3,772,317
$597,555 |
$5,932,794 |
| 15 |
$10,817,763 |
$3,962,903
$627,430 |
$6,227,430 |
| 16 |
$11,358,633 |
$4,163,025
$658,801 |
$6,536,807 |
| 17 |
$11,926,365 |
$4,373,085
$691,729 |
$6,861,551 |
| 18 |
$12,522,774 |
$4,593,757
$726,321 |
$7,202,696 |
| 19 |
$13,148,949 |
$4,825,442
$762,639 |
$7,560,868 |
| 20 |
$13,806,342 |
$5,068,677
$800,768 |
$7,936,897 |
| 21 |
$14,496,768 |
$5,324,135
$840,813 |
$8,331,820 |
| 22 |
$15,221,679 |
$5,592,352
$882,857 |
$8,746,470 |
| 23 |
$15,982,527 |
$5,873,865
$926,987 |
$9,181,675 |
| 24 |
$16,781,853 |
$6,169,616
$973,347 |
$9,638,890 |
| 25 |
$17,620,746 |
$6,480,006
$1,022,003 |
$10,118,737 |
| 26 |
$18,502,110 |
$6,806,111
$1,073,122 |
$10,622,877 |
| 27 |
$19,427,034 |
$7,148,333
$1,126,768 |
$11,151,933 |
| 28 |
$20,398,422 |
$7,507,747
$1,183,108 |
$11,707,567 |
| 29 |
$21,418,452 |
$7,885,158
$1,242,270 |
$12,291,024 |
| 30 |
$22,489,302 |
$8,281,372
$1,304,380 |
$12,903,550 |
|
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