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 Maine residents, the state will deduct 5% from your lottery earnings.
Maine MEGA Millions Jackpot/Cash Option for Tue May 14, 2024 |
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Draw Date | Tue May 14, 2024 | Projected Jackpot | $363,000,000 | Cash Value | $166,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $166,900,000 | Federal Tax(24%) | $40,056,000 | Additional Federal Tax | $21,657,330 | State Tax(5%) | $8,345,000 | Net Lumpsum Payment | $96,841,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,463,513 |
$1,981,830 $273,176 |
$3,208,507 |
2 |
$5,736,852 |
$2,082,966 $286,843 |
$3,367,043 |
3 |
$6,023,622 |
$2,189,071 $301,181 |
$3,533,370 |
4 |
$6,324,912 |
$2,300,548 $316,246 |
$3,708,118 |
5 |
$6,641,085 |
$2,417,532 $332,054 |
$3,891,499 |
6 |
$6,973,230 |
$2,540,425 $348,662 |
$4,084,143 |
7 |
$7,321,710 |
$2,669,363 $366,086 |
$4,286,261 |
8 |
$7,687,977 |
$2,804,882 $384,399 |
$4,498,696 |
9 |
$8,072,394 |
$2,947,116 $403,620 |
$4,721,658 |
10 |
$8,476,050 |
$3,096,469 $423,803 |
$4,955,778 |
11 |
$8,899,671 |
$3,253,209 $444,984 |
$5,201,478 |
12 |
$9,344,709 |
$3,417,873 $467,235 |
$5,459,601 |
13 |
$9,811,890 |
$3,590,730 $490,595 |
$5,730,565 |
14 |
$10,302,666 |
$3,772,317 $515,133 |
$6,015,216 |
15 |
$10,817,763 |
$3,962,903 $540,888 |
$6,313,972 |
16 |
$11,358,633 |
$4,163,025 $567,932 |
$6,627,676 |
17 |
$11,926,365 |
$4,373,085 $596,318 |
$6,956,962 |
18 |
$12,522,774 |
$4,593,757 $626,139 |
$7,302,878 |
19 |
$13,148,949 |
$4,825,442 $657,447 |
$7,666,060 |
20 |
$13,806,342 |
$5,068,677 $690,317 |
$8,047,348 |
21 |
$14,496,768 |
$5,324,135 $724,838 |
$8,447,795 |
22 |
$15,221,679 |
$5,592,352 $761,084 |
$8,868,243 |
23 |
$15,982,527 |
$5,873,865 $799,126 |
$9,309,536 |
24 |
$16,781,853 |
$6,169,616 $839,093 |
$9,773,144 |
25 |
$17,620,746 |
$6,480,006 $881,037 |
$10,259,703 |
26 |
$18,502,110 |
$6,806,111 $925,106 |
$10,770,893 |
27 |
$19,427,034 |
$7,148,333 $971,352 |
$11,307,349 |
28 |
$20,398,422 |
$7,507,747 $1,019,921 |
$11,870,754 |
29 |
$21,418,452 |
$7,885,158 $1,070,923 |
$12,462,371 |
30 |
$22,489,302 |
$8,281,372 $1,124,465 |
$13,083,465 |
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