The jackpot for the MEGA Millions draw on Tue Sep 17, 2024, is projected to be $31 Million, with an option for a cash payout of $15.6 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 Sep 17, 2024 |
|---|
| Draw Date | Tue Sep 17, 2024 | | Projected Jackpot | $31,000,000 | | Cash Value | $15,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $15,600,000 | | Federal Tax(24%) | $3,744,000 | | Additional Federal Tax | $1,988,330 | | State Tax(7.25%) | $1,131,000 | | Net Lumpsum Payment | $8,736,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$466,581 |
$132,965
$33,827 |
$299,789 |
| 2 |
$489,924 |
$141,602
$35,519 |
$312,803 |
| 3 |
$514,414 |
$150,664
$37,295 |
$326,455 |
| 4 |
$540,144 |
$160,184
$39,160 |
$340,800 |
| 5 |
$567,145 |
$170,174
$41,118 |
$355,853 |
| 6 |
$595,510 |
$180,669
$43,174 |
$371,667 |
| 7 |
$625,270 |
$191,680
$45,332 |
$388,258 |
| 8 |
$656,549 |
$203,254
$47,600 |
$405,695 |
| 9 |
$689,378 |
$215,400
$49,980 |
$423,998 |
| 10 |
$723,850 |
$228,155
$52,479 |
$443,216 |
| 11 |
$760,027 |
$241,540
$55,102 |
$463,385 |
| 12 |
$798,033 |
$255,603
$57,857 |
$484,573 |
| 13 |
$837,930 |
$270,364
$60,750 |
$506,816 |
| 14 |
$879,842 |
$285,872
$63,789 |
$530,181 |
| 15 |
$923,831 |
$302,148
$66,978 |
$554,705 |
| 16 |
$970,021 |
$319,238
$70,327 |
$580,456 |
| 17 |
$1,018,505 |
$337,177
$73,842 |
$607,486 |
| 18 |
$1,069,438 |
$356,022
$77,534 |
$635,882 |
| 19 |
$1,122,913 |
$375,808
$81,411 |
$665,694 |
| 20 |
$1,179,054 |
$396,580
$85,481 |
$696,993 |
| 21 |
$1,238,016 |
$418,396
$89,756 |
$729,864 |
| 22 |
$1,299,923 |
$441,302
$94,244 |
$764,377 |
| 23 |
$1,364,899 |
$465,343
$98,955 |
$800,601 |
| 24 |
$1,433,161 |
$490,600
$103,904 |
$838,657 |
| 25 |
$1,504,802 |
$517,107
$109,098 |
$878,597 |
| 26 |
$1,580,070 |
$544,956
$114,555 |
$920,559 |
| 27 |
$1,659,058 |
$574,182
$120,282 |
$964,594 |
| 28 |
$1,742,014 |
$604,876
$126,296 |
$1,010,842 |
| 29 |
$1,829,124 |
$637,106
$132,611 |
$1,059,407 |
| 30 |
$1,920,574 |
$670,943
$139,242 |
$1,110,389 |
|
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