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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $17,472,500 | | Net Lumpsum Payment | $134,397,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$560,876 |
$4,352,608 |
| 2 |
$8,123,256 |
$2,965,935
$588,936 |
$4,568,385 |
| 3 |
$8,529,316 |
$3,116,177
$618,375 |
$4,794,764 |
| 4 |
$8,955,936 |
$3,274,027
$649,305 |
$5,032,604 |
| 5 |
$9,403,630 |
$3,439,673
$681,763 |
$5,282,194 |
| 6 |
$9,873,940 |
$3,613,688
$715,861 |
$5,544,391 |
| 7 |
$10,367,380 |
$3,796,261
$751,635 |
$5,819,484 |
| 8 |
$10,886,006 |
$3,988,153
$789,235 |
$6,108,618 |
| 9 |
$11,430,332 |
$4,189,553
$828,699 |
$6,412,080 |
| 10 |
$12,001,900 |
$4,401,033
$870,138 |
$6,730,729 |
| 11 |
$12,601,738 |
$4,622,973
$913,626 |
$7,065,139 |
| 12 |
$13,231,902 |
$4,856,134
$959,313 |
$7,416,455 |
| 13 |
$13,893,420 |
$5,100,896
$1,007,273 |
$7,785,251 |
| 14 |
$14,588,348 |
$5,358,019
$1,057,655 |
$8,172,674 |
| 15 |
$15,317,714 |
$5,627,885
$1,110,534 |
$8,579,295 |
| 16 |
$16,083,574 |
$5,911,253
$1,166,059 |
$9,006,262 |
| 17 |
$16,887,470 |
$6,208,694
$1,224,342 |
$9,454,434 |
| 18 |
$17,731,972 |
$6,521,160
$1,285,568 |
$9,925,244 |
| 19 |
$18,618,622 |
$6,849,221
$1,349,850 |
$10,419,551 |
| 20 |
$19,549,476 |
$7,193,637
$1,417,337 |
$10,938,502 |
| 21 |
$20,527,104 |
$7,555,359
$1,488,215 |
$11,483,530 |
| 22 |
$21,553,562 |
$7,935,148
$1,562,633 |
$12,055,781 |
| 23 |
$22,630,906 |
$8,333,766
$1,640,741 |
$12,656,399 |
| 24 |
$23,762,734 |
$8,752,542
$1,722,798 |
$13,287,394 |
| 25 |
$24,950,588 |
$9,192,048
$1,808,918 |
$13,949,622 |
| 26 |
$26,198,580 |
$9,653,805
$1,899,397 |
$14,645,378 |
| 27 |
$27,508,252 |
$10,138,384
$1,994,348 |
$15,375,520 |
| 28 |
$28,883,716 |
$10,647,305
$2,094,069 |
$16,142,342 |
| 29 |
$30,328,056 |
$11,181,711
$2,198,784 |
$16,947,561 |
| 30 |
$31,844,356 |
$11,742,742
$2,308,716 |
$17,792,898 |
|
|
