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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $12,100,250 | | Net Lumpsum Payment | $93,086,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$396,105 |
$3,085,578 |
| 2 |
$5,736,852 |
$2,082,966
$415,922 |
$3,237,964 |
| 3 |
$6,023,622 |
$2,189,071
$436,713 |
$3,397,838 |
| 4 |
$6,324,912 |
$2,300,548
$458,556 |
$3,565,808 |
| 5 |
$6,641,085 |
$2,417,532
$481,479 |
$3,742,074 |
| 6 |
$6,973,230 |
$2,540,425
$505,559 |
$3,927,246 |
| 7 |
$7,321,710 |
$2,669,363
$530,824 |
$4,121,523 |
| 8 |
$7,687,977 |
$2,804,882
$557,378 |
$4,325,717 |
| 9 |
$8,072,394 |
$2,947,116
$585,249 |
$4,540,029 |
| 10 |
$8,476,050 |
$3,096,469
$614,514 |
$4,765,067 |
| 11 |
$8,899,671 |
$3,253,209
$645,226 |
$5,001,236 |
| 12 |
$9,344,709 |
$3,417,873
$677,491 |
$5,249,345 |
| 13 |
$9,811,890 |
$3,590,730
$711,362 |
$5,509,798 |
| 14 |
$10,302,666 |
$3,772,317
$746,943 |
$5,783,406 |
| 15 |
$10,817,763 |
$3,962,903
$784,288 |
$6,070,572 |
| 16 |
$11,358,633 |
$4,163,025
$823,501 |
$6,372,107 |
| 17 |
$11,926,365 |
$4,373,085
$864,661 |
$6,688,619 |
| 18 |
$12,522,774 |
$4,593,757
$907,901 |
$7,021,116 |
| 19 |
$13,148,949 |
$4,825,442
$953,299 |
$7,370,208 |
| 20 |
$13,806,342 |
$5,068,677
$1,000,960 |
$7,736,705 |
| 21 |
$14,496,768 |
$5,324,135
$1,051,016 |
$8,121,617 |
| 22 |
$15,221,679 |
$5,592,352
$1,103,572 |
$8,525,755 |
| 23 |
$15,982,527 |
$5,873,865
$1,158,733 |
$8,949,929 |
| 24 |
$16,781,853 |
$6,169,616
$1,216,684 |
$9,395,553 |
| 25 |
$17,620,746 |
$6,480,006
$1,277,504 |
$9,863,236 |
| 26 |
$18,502,110 |
$6,806,111
$1,341,403 |
$10,354,596 |
| 27 |
$19,427,034 |
$7,148,333
$1,408,460 |
$10,870,241 |
| 28 |
$20,398,422 |
$7,507,747
$1,478,886 |
$11,411,789 |
| 29 |
$21,418,452 |
$7,885,158
$1,552,838 |
$11,980,456 |
| 30 |
$22,489,302 |
$8,281,372
$1,630,474 |
$12,577,456 |
|
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