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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan 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(4.25%) | $7,093,250 | | Net Lumpsum Payment | $98,093,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$232,199 |
$3,249,484 |
| 2 |
$5,736,852 |
$2,082,966
$243,816 |
$3,410,070 |
| 3 |
$6,023,622 |
$2,189,071
$256,004 |
$3,578,547 |
| 4 |
$6,324,912 |
$2,300,548
$268,809 |
$3,755,555 |
| 5 |
$6,641,085 |
$2,417,532
$282,246 |
$3,941,307 |
| 6 |
$6,973,230 |
$2,540,425
$296,362 |
$4,136,443 |
| 7 |
$7,321,710 |
$2,669,363
$311,173 |
$4,341,174 |
| 8 |
$7,687,977 |
$2,804,882
$326,739 |
$4,556,356 |
| 9 |
$8,072,394 |
$2,947,116
$343,077 |
$4,782,201 |
| 10 |
$8,476,050 |
$3,096,469
$360,232 |
$5,019,349 |
| 11 |
$8,899,671 |
$3,253,209
$378,236 |
$5,268,226 |
| 12 |
$9,344,709 |
$3,417,873
$397,150 |
$5,529,686 |
| 13 |
$9,811,890 |
$3,590,730
$417,005 |
$5,804,155 |
| 14 |
$10,302,666 |
$3,772,317
$437,863 |
$6,092,486 |
| 15 |
$10,817,763 |
$3,962,903
$459,755 |
$6,395,105 |
| 16 |
$11,358,633 |
$4,163,025
$482,742 |
$6,712,866 |
| 17 |
$11,926,365 |
$4,373,085
$506,871 |
$7,046,409 |
| 18 |
$12,522,774 |
$4,593,757
$532,218 |
$7,396,799 |
| 19 |
$13,148,949 |
$4,825,442
$558,830 |
$7,764,677 |
| 20 |
$13,806,342 |
$5,068,677
$586,770 |
$8,150,895 |
| 21 |
$14,496,768 |
$5,324,135
$616,113 |
$8,556,520 |
| 22 |
$15,221,679 |
$5,592,352
$646,921 |
$8,982,406 |
| 23 |
$15,982,527 |
$5,873,865
$679,257 |
$9,429,405 |
| 24 |
$16,781,853 |
$6,169,616
$713,229 |
$9,899,008 |
| 25 |
$17,620,746 |
$6,480,006
$748,882 |
$10,391,858 |
| 26 |
$18,502,110 |
$6,806,111
$786,340 |
$10,909,659 |
| 27 |
$19,427,034 |
$7,148,333
$825,649 |
$11,453,052 |
| 28 |
$20,398,422 |
$7,507,747
$866,933 |
$12,023,742 |
| 29 |
$21,418,452 |
$7,885,158
$910,284 |
$12,623,010 |
| 30 |
$22,489,302 |
$8,281,372
$955,795 |
$13,252,135 |
|
|
