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 Montana residents, the state will deduct 6.75% from your lottery earnings.
| Montana 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(6.75%) | $11,265,750 | | Net Lumpsum Payment | $93,920,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$368,787 |
$3,112,896 |
| 2 |
$5,736,852 |
$2,082,966
$387,238 |
$3,266,648 |
| 3 |
$6,023,622 |
$2,189,071
$406,594 |
$3,427,957 |
| 4 |
$6,324,912 |
$2,300,548
$426,932 |
$3,597,432 |
| 5 |
$6,641,085 |
$2,417,532
$448,273 |
$3,775,280 |
| 6 |
$6,973,230 |
$2,540,425
$470,693 |
$3,962,112 |
| 7 |
$7,321,710 |
$2,669,363
$494,215 |
$4,158,132 |
| 8 |
$7,687,977 |
$2,804,882
$518,938 |
$4,364,157 |
| 9 |
$8,072,394 |
$2,947,116
$544,887 |
$4,580,391 |
| 10 |
$8,476,050 |
$3,096,469
$572,133 |
$4,807,448 |
| 11 |
$8,899,671 |
$3,253,209
$600,728 |
$5,045,734 |
| 12 |
$9,344,709 |
$3,417,873
$630,768 |
$5,296,068 |
| 13 |
$9,811,890 |
$3,590,730
$662,303 |
$5,558,857 |
| 14 |
$10,302,666 |
$3,772,317
$695,430 |
$5,834,919 |
| 15 |
$10,817,763 |
$3,962,903
$730,199 |
$6,124,661 |
| 16 |
$11,358,633 |
$4,163,025
$766,708 |
$6,428,900 |
| 17 |
$11,926,365 |
$4,373,085
$805,030 |
$6,748,250 |
| 18 |
$12,522,774 |
$4,593,757
$845,287 |
$7,083,730 |
| 19 |
$13,148,949 |
$4,825,442
$887,554 |
$7,435,953 |
| 20 |
$13,806,342 |
$5,068,677
$931,928 |
$7,805,737 |
| 21 |
$14,496,768 |
$5,324,135
$978,532 |
$8,194,101 |
| 22 |
$15,221,679 |
$5,592,352
$1,027,463 |
$8,601,864 |
| 23 |
$15,982,527 |
$5,873,865
$1,078,821 |
$9,029,841 |
| 24 |
$16,781,853 |
$6,169,616
$1,132,775 |
$9,479,462 |
| 25 |
$17,620,746 |
$6,480,006
$1,189,400 |
$9,951,340 |
| 26 |
$18,502,110 |
$6,806,111
$1,248,892 |
$10,447,107 |
| 27 |
$19,427,034 |
$7,148,333
$1,311,325 |
$10,967,376 |
| 28 |
$20,398,422 |
$7,507,747
$1,376,893 |
$11,513,782 |
| 29 |
$21,418,452 |
$7,885,158
$1,445,746 |
$12,087,548 |
| 30 |
$22,489,302 |
$8,281,372
$1,518,028 |
$12,689,902 |
|
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