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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
Indiana 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(3.15%) | $5,257,350 | Net Lumpsum Payment | $99,929,320 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,463,513 |
$1,981,830 $172,101 |
$3,309,582 |
2 |
$5,736,852 |
$2,082,966 $180,711 |
$3,473,175 |
3 |
$6,023,622 |
$2,189,071 $189,744 |
$3,644,807 |
4 |
$6,324,912 |
$2,300,548 $199,235 |
$3,825,129 |
5 |
$6,641,085 |
$2,417,532 $209,194 |
$4,014,359 |
6 |
$6,973,230 |
$2,540,425 $219,657 |
$4,213,148 |
7 |
$7,321,710 |
$2,669,363 $230,634 |
$4,421,713 |
8 |
$7,687,977 |
$2,804,882 $242,171 |
$4,640,924 |
9 |
$8,072,394 |
$2,947,116 $254,280 |
$4,870,998 |
10 |
$8,476,050 |
$3,096,469 $266,996 |
$5,112,585 |
11 |
$8,899,671 |
$3,253,209 $280,340 |
$5,366,122 |
12 |
$9,344,709 |
$3,417,873 $294,358 |
$5,632,478 |
13 |
$9,811,890 |
$3,590,730 $309,075 |
$5,912,085 |
14 |
$10,302,666 |
$3,772,317 $324,534 |
$6,205,815 |
15 |
$10,817,763 |
$3,962,903 $340,760 |
$6,514,100 |
16 |
$11,358,633 |
$4,163,025 $357,797 |
$6,837,811 |
17 |
$11,926,365 |
$4,373,085 $375,680 |
$7,177,600 |
18 |
$12,522,774 |
$4,593,757 $394,467 |
$7,534,550 |
19 |
$13,148,949 |
$4,825,442 $414,192 |
$7,909,315 |
20 |
$13,806,342 |
$5,068,677 $434,900 |
$8,302,765 |
21 |
$14,496,768 |
$5,324,135 $456,648 |
$8,715,985 |
22 |
$15,221,679 |
$5,592,352 $479,483 |
$9,149,844 |
23 |
$15,982,527 |
$5,873,865 $503,450 |
$9,605,212 |
24 |
$16,781,853 |
$6,169,616 $528,628 |
$10,083,609 |
25 |
$17,620,746 |
$6,480,006 $555,053 |
$10,585,687 |
26 |
$18,502,110 |
$6,806,111 $582,816 |
$11,113,183 |
27 |
$19,427,034 |
$7,148,333 $611,952 |
$11,666,749 |
28 |
$20,398,422 |
$7,507,747 $642,550 |
$12,248,125 |
29 |
$21,418,452 |
$7,885,158 $674,681 |
$12,858,613 |
30 |
$22,489,302 |
$8,281,372 $708,413 |
$13,499,517 |
|
|