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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $5,123,830 | | Net Lumpsum Payment | $100,062,840 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$167,730 |
$3,313,953 |
| 2 |
$5,736,852 |
$2,082,966
$176,121 |
$3,477,765 |
| 3 |
$6,023,622 |
$2,189,071
$184,925 |
$3,649,626 |
| 4 |
$6,324,912 |
$2,300,548
$194,175 |
$3,830,189 |
| 5 |
$6,641,085 |
$2,417,532
$203,881 |
$4,019,672 |
| 6 |
$6,973,230 |
$2,540,425
$214,078 |
$4,218,727 |
| 7 |
$7,321,710 |
$2,669,363
$224,776 |
$4,427,571 |
| 8 |
$7,687,977 |
$2,804,882
$236,021 |
$4,647,074 |
| 9 |
$8,072,394 |
$2,947,116
$247,822 |
$4,877,456 |
| 10 |
$8,476,050 |
$3,096,469
$260,215 |
$5,119,366 |
| 11 |
$8,899,671 |
$3,253,209
$273,220 |
$5,373,242 |
| 12 |
$9,344,709 |
$3,417,873
$286,883 |
$5,639,953 |
| 13 |
$9,811,890 |
$3,590,730
$301,225 |
$5,919,935 |
| 14 |
$10,302,666 |
$3,772,317
$316,292 |
$6,214,057 |
| 15 |
$10,817,763 |
$3,962,903
$332,105 |
$6,522,755 |
| 16 |
$11,358,633 |
$4,163,025
$348,710 |
$6,846,898 |
| 17 |
$11,926,365 |
$4,373,085
$366,139 |
$7,187,141 |
| 18 |
$12,522,774 |
$4,593,757
$384,449 |
$7,544,568 |
| 19 |
$13,148,949 |
$4,825,442
$403,673 |
$7,919,834 |
| 20 |
$13,806,342 |
$5,068,677
$423,855 |
$8,313,810 |
| 21 |
$14,496,768 |
$5,324,135
$445,051 |
$8,727,582 |
| 22 |
$15,221,679 |
$5,592,352
$467,306 |
$9,162,021 |
| 23 |
$15,982,527 |
$5,873,865
$490,664 |
$9,617,998 |
| 24 |
$16,781,853 |
$6,169,616
$515,203 |
$10,097,034 |
| 25 |
$17,620,746 |
$6,480,006
$540,957 |
$10,599,783 |
| 26 |
$18,502,110 |
$6,806,111
$568,015 |
$11,127,984 |
| 27 |
$19,427,034 |
$7,148,333
$596,410 |
$11,682,291 |
| 28 |
$20,398,422 |
$7,507,747
$626,232 |
$12,264,443 |
| 29 |
$21,418,452 |
$7,885,158
$657,546 |
$12,875,748 |
| 30 |
$22,489,302 |
$8,281,372
$690,422 |
$13,517,508 |
|
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