The jackpot for the MEGA Millions draw on Fri Jul 3, 2026, is projected to be $542 Million, with an option for a cash payout of $242 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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia MEGA Millions Jackpot/Cash Option for Fri Jul 3, 2026 |
|---|
| Draw Date | Fri Jul 3, 2026 | | Projected Jackpot | $542,000,000 | | Cash Value | $242,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $242,000,000 | | Federal Tax(24%) | $58,080,000 | | Additional Federal Tax | $31,420,330 | | State Tax(4%) | $9,680,000 | | Net Lumpsum Payment | $142,819,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,157,642 |
$2,978,658
$326,306 |
$4,852,678 |
| 2 |
$8,565,768 |
$3,129,665
$342,631 |
$5,093,472 |
| 3 |
$8,993,948 |
$3,288,091
$359,758 |
$5,346,099 |
| 4 |
$9,443,808 |
$3,454,539
$377,752 |
$5,611,517 |
| 5 |
$9,915,890 |
$3,629,210
$396,636 |
$5,890,044 |
| 6 |
$10,411,820 |
$3,812,704
$416,473 |
$6,182,643 |
| 7 |
$10,932,140 |
$4,005,222
$437,286 |
$6,489,632 |
| 8 |
$11,479,018 |
$4,207,567
$459,161 |
$6,812,290 |
| 9 |
$12,052,996 |
$4,419,939
$482,120 |
$7,150,937 |
| 10 |
$12,655,700 |
$4,642,939
$506,228 |
$7,506,533 |
| 11 |
$13,288,214 |
$4,876,970
$531,529 |
$7,879,715 |
| 12 |
$13,952,706 |
$5,122,832
$558,108 |
$8,271,766 |
| 13 |
$14,650,260 |
$5,380,927
$586,010 |
$8,683,323 |
| 14 |
$15,383,044 |
$5,652,057
$615,322 |
$9,115,665 |
| 15 |
$16,152,142 |
$5,936,623
$646,086 |
$9,569,433 |
| 16 |
$16,959,722 |
$6,235,428
$678,389 |
$10,045,905 |
| 17 |
$17,807,410 |
$6,549,072
$712,296 |
$10,546,042 |
| 18 |
$18,697,916 |
$6,878,559
$747,917 |
$11,071,440 |
| 19 |
$19,632,866 |
$7,224,491
$785,315 |
$11,623,060 |
| 20 |
$20,614,428 |
$7,587,669
$824,577 |
$12,202,182 |
| 21 |
$21,645,312 |
$7,969,096
$865,812 |
$12,810,404 |
| 22 |
$22,727,686 |
$8,369,574
$909,107 |
$13,449,005 |
| 23 |
$23,863,718 |
$8,789,906
$954,549 |
$14,119,263 |
| 24 |
$25,057,202 |
$9,231,495
$1,002,288 |
$14,823,419 |
| 25 |
$26,309,764 |
$9,694,943
$1,052,391 |
$15,562,430 |
| 26 |
$27,625,740 |
$10,181,854
$1,105,030 |
$16,338,856 |
| 27 |
$29,006,756 |
$10,692,830
$1,160,270 |
$17,153,656 |
| 28 |
$30,457,148 |
$11,229,475
$1,218,286 |
$18,009,387 |
| 29 |
$31,980,168 |
$11,792,993
$1,279,207 |
$18,907,968 |
| 30 |
$33,579,068 |
$12,384,586
$1,343,163 |
$19,851,319 |
|
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