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 Louisiana residents, the state will deduct 4.75% from your lottery earnings.
| Louisiana 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(4.75%) | $7,927,750 | | Net Lumpsum Payment | $97,258,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$259,517 |
$3,222,166 |
| 2 |
$5,736,852 |
$2,082,966
$272,500 |
$3,381,386 |
| 3 |
$6,023,622 |
$2,189,071
$286,122 |
$3,548,429 |
| 4 |
$6,324,912 |
$2,300,548
$300,433 |
$3,723,931 |
| 5 |
$6,641,085 |
$2,417,532
$315,452 |
$3,908,101 |
| 6 |
$6,973,230 |
$2,540,425
$331,228 |
$4,101,577 |
| 7 |
$7,321,710 |
$2,669,363
$347,781 |
$4,304,566 |
| 8 |
$7,687,977 |
$2,804,882
$365,179 |
$4,517,916 |
| 9 |
$8,072,394 |
$2,947,116
$383,439 |
$4,741,839 |
| 10 |
$8,476,050 |
$3,096,469
$402,612 |
$4,976,969 |
| 11 |
$8,899,671 |
$3,253,209
$422,734 |
$5,223,728 |
| 12 |
$9,344,709 |
$3,417,873
$443,874 |
$5,482,962 |
| 13 |
$9,811,890 |
$3,590,730
$466,065 |
$5,755,095 |
| 14 |
$10,302,666 |
$3,772,317
$489,377 |
$6,040,972 |
| 15 |
$10,817,763 |
$3,962,903
$513,844 |
$6,341,016 |
| 16 |
$11,358,633 |
$4,163,025
$539,535 |
$6,656,073 |
| 17 |
$11,926,365 |
$4,373,085
$566,502 |
$6,986,778 |
| 18 |
$12,522,774 |
$4,593,757
$594,832 |
$7,334,185 |
| 19 |
$13,148,949 |
$4,825,442
$624,575 |
$7,698,932 |
| 20 |
$13,806,342 |
$5,068,677
$655,801 |
$8,081,864 |
| 21 |
$14,496,768 |
$5,324,135
$688,596 |
$8,484,037 |
| 22 |
$15,221,679 |
$5,592,352
$723,030 |
$8,906,297 |
| 23 |
$15,982,527 |
$5,873,865
$759,170 |
$9,349,492 |
| 24 |
$16,781,853 |
$6,169,616
$797,138 |
$9,815,099 |
| 25 |
$17,620,746 |
$6,480,006
$836,985 |
$10,303,755 |
| 26 |
$18,502,110 |
$6,806,111
$878,850 |
$10,817,149 |
| 27 |
$19,427,034 |
$7,148,333
$922,784 |
$11,355,917 |
| 28 |
$20,398,422 |
$7,507,747
$968,925 |
$11,921,750 |
| 29 |
$21,418,452 |
$7,885,158
$1,017,376 |
$12,515,918 |
| 30 |
$22,489,302 |
$8,281,372
$1,068,242 |
$13,139,688 |
|
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