The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Fri Nov 1, 2024 |
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Draw Date | Fri Nov 1, 2024 | Projected Jackpot | $281,000,000 | Cash Value | $129,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $129,800,000 | Federal Tax(24%) | $31,152,000 | Additional Federal Tax | $16,834,330 | State Tax(4.75%) | $6,165,500 | Net Lumpsum Payment | $75,648,170 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$4,229,331 |
$1,525,183 $200,893 |
$2,503,255 |
2 |
$4,440,924 |
$1,603,472 $210,944 |
$2,626,508 |
3 |
$4,662,914 |
$1,685,609 $221,488 |
$2,755,817 |
4 |
$4,896,144 |
$1,771,904 $232,567 |
$2,891,673 |
5 |
$5,140,895 |
$1,862,462 $244,193 |
$3,034,240 |
6 |
$5,398,010 |
$1,957,594 $256,405 |
$3,184,011 |
7 |
$5,667,770 |
$2,057,405 $269,219 |
$3,341,146 |
8 |
$5,951,299 |
$2,162,311 $282,687 |
$3,506,301 |
9 |
$6,248,878 |
$2,272,415 $296,822 |
$3,679,641 |
10 |
$6,561,350 |
$2,388,030 $311,664 |
$3,861,656 |
11 |
$6,889,277 |
$2,509,363 $327,241 |
$4,052,673 |
12 |
$7,233,783 |
$2,636,830 $343,605 |
$4,253,348 |
13 |
$7,595,430 |
$2,770,639 $360,783 |
$4,464,008 |
14 |
$7,975,342 |
$2,911,207 $378,829 |
$4,685,306 |
15 |
$8,374,081 |
$3,058,740 $397,769 |
$4,917,572 |
16 |
$8,792,771 |
$3,213,656 $417,657 |
$5,161,458 |
17 |
$9,232,255 |
$3,376,265 $438,532 |
$5,417,458 |
18 |
$9,693,938 |
$3,547,087 $460,462 |
$5,686,389 |
19 |
$10,178,663 |
$3,726,436 $483,486 |
$5,968,741 |
20 |
$10,687,554 |
$3,914,725 $507,659 |
$6,265,170 |
21 |
$11,222,016 |
$4,112,476 $533,046 |
$6,576,494 |
22 |
$11,783,173 |
$4,320,104 $559,701 |
$6,903,368 |
23 |
$12,372,149 |
$4,538,026 $587,677 |
$7,246,446 |
24 |
$12,990,911 |
$4,766,967 $617,068 |
$7,606,876 |
25 |
$13,640,302 |
$5,007,242 $647,914 |
$7,985,146 |
26 |
$14,322,570 |
$5,259,681 $680,322 |
$8,382,567 |
27 |
$15,038,558 |
$5,524,597 $714,332 |
$8,799,629 |
28 |
$15,790,514 |
$5,802,821 $750,049 |
$9,237,644 |
29 |
$16,580,124 |
$6,094,976 $787,556 |
$9,697,592 |
30 |
$17,409,074 |
$6,401,688 $826,931 |
$10,180,455 |
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