The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 Illinois residents, the state will deduct 4.95% from your lottery earnings.
| Illinois MEGA Millions Jackpot/Cash Option for Fri Nov 29, 2024 |
|---|
| Draw Date | Fri Nov 29, 2024 | | Projected Jackpot | $514,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(4.95%) | $11,929,500 | | Net Lumpsum Payment | $139,940,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$382,943 |
$4,530,541 |
| 2 |
$8,123,256 |
$2,965,935
$402,101 |
$4,755,220 |
| 3 |
$8,529,316 |
$3,116,177
$422,201 |
$4,990,938 |
| 4 |
$8,955,936 |
$3,274,027
$443,319 |
$5,238,590 |
| 5 |
$9,403,630 |
$3,439,673
$465,480 |
$5,498,477 |
| 6 |
$9,873,940 |
$3,613,688
$488,760 |
$5,771,492 |
| 7 |
$10,367,380 |
$3,796,261
$513,185 |
$6,057,934 |
| 8 |
$10,886,006 |
$3,988,153
$538,857 |
$6,358,996 |
| 9 |
$11,430,332 |
$4,189,553
$565,801 |
$6,674,978 |
| 10 |
$12,001,900 |
$4,401,033
$594,094 |
$7,006,773 |
| 11 |
$12,601,738 |
$4,622,973
$623,786 |
$7,354,979 |
| 12 |
$13,231,902 |
$4,856,134
$654,979 |
$7,720,789 |
| 13 |
$13,893,420 |
$5,100,896
$687,724 |
$8,104,800 |
| 14 |
$14,588,348 |
$5,358,019
$722,123 |
$8,508,206 |
| 15 |
$15,317,714 |
$5,627,885
$758,227 |
$8,931,602 |
| 16 |
$16,083,574 |
$5,911,253
$796,137 |
$9,376,184 |
| 17 |
$16,887,470 |
$6,208,694
$835,930 |
$9,842,846 |
| 18 |
$17,731,972 |
$6,521,160
$877,733 |
$10,333,079 |
| 19 |
$18,618,622 |
$6,849,221
$921,622 |
$10,847,779 |
| 20 |
$19,549,476 |
$7,193,637
$967,699 |
$11,388,140 |
| 21 |
$20,527,104 |
$7,555,359
$1,016,092 |
$11,955,653 |
| 22 |
$21,553,562 |
$7,935,148
$1,066,901 |
$12,551,513 |
| 23 |
$22,630,906 |
$8,333,766
$1,120,230 |
$13,176,910 |
| 24 |
$23,762,734 |
$8,752,542
$1,176,255 |
$13,833,937 |
| 25 |
$24,950,588 |
$9,192,048
$1,235,054 |
$14,523,486 |
| 26 |
$26,198,580 |
$9,653,805
$1,296,830 |
$15,247,945 |
| 27 |
$27,508,252 |
$10,138,384
$1,361,658 |
$16,008,210 |
| 28 |
$28,883,716 |
$10,647,305
$1,429,744 |
$16,806,667 |
| 29 |
$30,328,056 |
$11,181,711
$1,501,239 |
$17,645,106 |
| 30 |
$31,844,356 |
$11,742,742
$1,576,296 |
$18,525,318 |
|
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