The jackpot for the MEGA Millions draw on Fri Dec 13, 2024, is projected to be $670 Million, with an option for a cash payout of $317.8 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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan MEGA Millions Jackpot/Cash Option for Fri Dec 13, 2024 |
|---|
| Draw Date | Fri Dec 13, 2024 | | Projected Jackpot | $670,000,000 | | Cash Value | $317,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $317,800,000 | | Federal Tax(24%) | $76,272,000 | | Additional Federal Tax | $41,274,330 | | State Tax(4.25%) | $13,506,500 | | Net Lumpsum Payment | $186,747,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,084,170 |
$3,691,473
$428,577 |
$5,964,120 |
| 2 |
$10,588,680 |
$3,878,142
$450,019 |
$6,260,519 |
| 3 |
$11,117,980 |
$4,073,983
$472,514 |
$6,571,483 |
| 4 |
$11,674,080 |
$4,279,740
$496,148 |
$6,898,192 |
| 5 |
$12,257,650 |
$4,495,661
$520,950 |
$7,241,039 |
| 6 |
$12,870,700 |
$4,722,489
$547,005 |
$7,601,206 |
| 7 |
$13,513,900 |
$4,960,473
$574,341 |
$7,979,086 |
| 8 |
$14,189,930 |
$5,210,604
$603,072 |
$8,376,254 |
| 9 |
$14,899,460 |
$5,473,131
$633,227 |
$8,793,102 |
| 10 |
$15,644,500 |
$5,748,795
$664,891 |
$9,230,814 |
| 11 |
$16,426,390 |
$6,038,095
$698,122 |
$9,690,173 |
| 12 |
$17,247,810 |
$6,342,020
$733,032 |
$10,172,758 |
| 13 |
$18,110,100 |
$6,661,067
$769,679 |
$10,679,354 |
| 14 |
$19,015,940 |
$6,996,228
$808,177 |
$11,211,535 |
| 15 |
$19,966,670 |
$7,347,998
$848,583 |
$11,770,089 |
| 16 |
$20,964,970 |
$7,717,369
$891,011 |
$12,356,590 |
| 17 |
$22,012,850 |
$8,105,085
$935,546 |
$12,972,219 |
| 18 |
$23,113,660 |
$8,512,385
$982,331 |
$13,618,944 |
| 19 |
$24,269,410 |
$8,940,012
$1,031,450 |
$14,297,948 |
| 20 |
$25,482,780 |
$9,388,959
$1,083,018 |
$15,010,803 |
| 21 |
$26,757,120 |
$9,860,465
$1,137,178 |
$15,759,477 |
| 22 |
$28,095,110 |
$10,355,521
$1,194,042 |
$16,545,547 |
| 23 |
$29,499,430 |
$10,875,119
$1,253,726 |
$17,370,585 |
| 24 |
$30,974,770 |
$11,420,995
$1,316,428 |
$18,237,347 |
| 25 |
$32,523,140 |
$11,993,892
$1,382,233 |
$19,147,015 |
| 26 |
$34,149,900 |
$12,595,793
$1,451,371 |
$20,102,736 |
| 27 |
$35,857,060 |
$13,227,443
$1,523,925 |
$21,105,692 |
| 28 |
$37,649,980 |
$13,890,823
$1,600,124 |
$22,159,033 |
| 29 |
$39,532,680 |
$14,587,422
$1,680,139 |
$23,265,119 |
| 30 |
$41,509,180 |
$15,318,727
$1,764,140 |
$24,426,313 |
|
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