The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 Nov 29, 2024 |
|---|
| Draw Date | Fri Nov 29, 2024 | | Projected Jackpot | $514,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(4.25%) | $10,242,500 | | Net Lumpsum Payment | $141,627,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$328,789 |
$4,584,695 |
| 2 |
$8,123,256 |
$2,965,935
$345,238 |
$4,812,083 |
| 3 |
$8,529,316 |
$3,116,177
$362,496 |
$5,050,643 |
| 4 |
$8,955,936 |
$3,274,027
$380,627 |
$5,301,282 |
| 5 |
$9,403,630 |
$3,439,673
$399,654 |
$5,564,303 |
| 6 |
$9,873,940 |
$3,613,688
$419,642 |
$5,840,610 |
| 7 |
$10,367,380 |
$3,796,261
$440,614 |
$6,130,505 |
| 8 |
$10,886,006 |
$3,988,153
$462,655 |
$6,435,198 |
| 9 |
$11,430,332 |
$4,189,553
$485,789 |
$6,754,990 |
| 10 |
$12,001,900 |
$4,401,033
$510,081 |
$7,090,786 |
| 11 |
$12,601,738 |
$4,622,973
$535,574 |
$7,443,191 |
| 12 |
$13,231,902 |
$4,856,134
$562,356 |
$7,813,412 |
| 13 |
$13,893,420 |
$5,100,896
$590,470 |
$8,202,054 |
| 14 |
$14,588,348 |
$5,358,019
$620,005 |
$8,610,324 |
| 15 |
$15,317,714 |
$5,627,885
$651,003 |
$9,038,826 |
| 16 |
$16,083,574 |
$5,911,253
$683,552 |
$9,488,769 |
| 17 |
$16,887,470 |
$6,208,694
$717,717 |
$9,961,059 |
| 18 |
$17,731,972 |
$6,521,160
$753,609 |
$10,457,203 |
| 19 |
$18,618,622 |
$6,849,221
$791,291 |
$10,978,110 |
| 20 |
$19,549,476 |
$7,193,637
$830,853 |
$11,524,986 |
| 21 |
$20,527,104 |
$7,555,359
$872,402 |
$12,099,343 |
| 22 |
$21,553,562 |
$7,935,148
$916,026 |
$12,702,388 |
| 23 |
$22,630,906 |
$8,333,766
$961,814 |
$13,335,326 |
| 24 |
$23,762,734 |
$8,752,542
$1,009,916 |
$14,000,276 |
| 25 |
$24,950,588 |
$9,192,048
$1,060,400 |
$14,698,140 |
| 26 |
$26,198,580 |
$9,653,805
$1,113,440 |
$15,431,335 |
| 27 |
$27,508,252 |
$10,138,384
$1,169,101 |
$16,200,767 |
| 28 |
$28,883,716 |
$10,647,305
$1,227,558 |
$17,008,853 |
| 29 |
$30,328,056 |
$11,181,711
$1,288,942 |
$17,857,403 |
| 30 |
$31,844,356 |
$11,742,742
$1,353,385 |
$18,748,229 |
|
|
