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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $6,659,310 | | Net Lumpsum Payment | $98,527,360 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$217,994 |
$3,263,689 |
| 2 |
$5,736,852 |
$2,082,966
$228,900 |
$3,424,986 |
| 3 |
$6,023,622 |
$2,189,071
$240,343 |
$3,594,208 |
| 4 |
$6,324,912 |
$2,300,548
$252,364 |
$3,772,000 |
| 5 |
$6,641,085 |
$2,417,532
$264,979 |
$3,958,574 |
| 6 |
$6,973,230 |
$2,540,425
$278,232 |
$4,154,573 |
| 7 |
$7,321,710 |
$2,669,363
$292,136 |
$4,360,211 |
| 8 |
$7,687,977 |
$2,804,882
$306,750 |
$4,576,345 |
| 9 |
$8,072,394 |
$2,947,116
$322,089 |
$4,803,189 |
| 10 |
$8,476,050 |
$3,096,469
$338,194 |
$5,041,387 |
| 11 |
$8,899,671 |
$3,253,209
$355,097 |
$5,291,365 |
| 12 |
$9,344,709 |
$3,417,873
$372,854 |
$5,553,982 |
| 13 |
$9,811,890 |
$3,590,730
$391,494 |
$5,829,666 |
| 14 |
$10,302,666 |
$3,772,317
$411,076 |
$6,119,273 |
| 15 |
$10,817,763 |
$3,962,903
$431,629 |
$6,423,231 |
| 16 |
$11,358,633 |
$4,163,025
$453,209 |
$6,742,399 |
| 17 |
$11,926,365 |
$4,373,085
$475,862 |
$7,077,418 |
| 18 |
$12,522,774 |
$4,593,757
$499,659 |
$7,429,358 |
| 19 |
$13,148,949 |
$4,825,442
$524,643 |
$7,798,864 |
| 20 |
$13,806,342 |
$5,068,677
$550,873 |
$8,186,792 |
| 21 |
$14,496,768 |
$5,324,135
$578,421 |
$8,594,212 |
| 22 |
$15,221,679 |
$5,592,352
$607,345 |
$9,021,982 |
| 23 |
$15,982,527 |
$5,873,865
$637,703 |
$9,470,959 |
| 24 |
$16,781,853 |
$6,169,616
$669,596 |
$9,942,641 |
| 25 |
$17,620,746 |
$6,480,006
$703,068 |
$10,437,672 |
| 26 |
$18,502,110 |
$6,806,111
$738,234 |
$10,957,765 |
| 27 |
$19,427,034 |
$7,148,333
$775,139 |
$11,503,562 |
| 28 |
$20,398,422 |
$7,507,747
$813,897 |
$12,076,778 |
| 29 |
$21,418,452 |
$7,885,158
$854,596 |
$12,678,698 |
| 30 |
$22,489,302 |
$8,281,372
$897,323 |
$13,310,607 |
|
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