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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $6,676,000 | | Net Lumpsum Payment | $98,510,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$218,541 |
$3,263,142 |
| 2 |
$5,736,852 |
$2,082,966
$229,474 |
$3,424,412 |
| 3 |
$6,023,622 |
$2,189,071
$240,945 |
$3,593,606 |
| 4 |
$6,324,912 |
$2,300,548
$252,996 |
$3,771,368 |
| 5 |
$6,641,085 |
$2,417,532
$265,643 |
$3,957,910 |
| 6 |
$6,973,230 |
$2,540,425
$278,929 |
$4,153,876 |
| 7 |
$7,321,710 |
$2,669,363
$292,868 |
$4,359,479 |
| 8 |
$7,687,977 |
$2,804,882
$307,519 |
$4,575,576 |
| 9 |
$8,072,394 |
$2,947,116
$322,896 |
$4,802,382 |
| 10 |
$8,476,050 |
$3,096,469
$339,042 |
$5,040,539 |
| 11 |
$8,899,671 |
$3,253,209
$355,987 |
$5,290,475 |
| 12 |
$9,344,709 |
$3,417,873
$373,788 |
$5,553,048 |
| 13 |
$9,811,890 |
$3,590,730
$392,476 |
$5,828,684 |
| 14 |
$10,302,666 |
$3,772,317
$412,107 |
$6,118,242 |
| 15 |
$10,817,763 |
$3,962,903
$432,711 |
$6,422,149 |
| 16 |
$11,358,633 |
$4,163,025
$454,345 |
$6,741,263 |
| 17 |
$11,926,365 |
$4,373,085
$477,055 |
$7,076,225 |
| 18 |
$12,522,774 |
$4,593,757
$500,911 |
$7,428,106 |
| 19 |
$13,148,949 |
$4,825,442
$525,958 |
$7,797,549 |
| 20 |
$13,806,342 |
$5,068,677
$552,254 |
$8,185,411 |
| 21 |
$14,496,768 |
$5,324,135
$579,871 |
$8,592,762 |
| 22 |
$15,221,679 |
$5,592,352
$608,867 |
$9,020,460 |
| 23 |
$15,982,527 |
$5,873,865
$639,301 |
$9,469,361 |
| 24 |
$16,781,853 |
$6,169,616
$671,274 |
$9,940,963 |
| 25 |
$17,620,746 |
$6,480,006
$704,830 |
$10,435,910 |
| 26 |
$18,502,110 |
$6,806,111
$740,084 |
$10,955,915 |
| 27 |
$19,427,034 |
$7,148,333
$777,081 |
$11,501,620 |
| 28 |
$20,398,422 |
$7,507,747
$815,937 |
$12,074,738 |
| 29 |
$21,418,452 |
$7,885,158
$856,738 |
$12,676,556 |
| 30 |
$22,489,302 |
$8,281,372
$899,572 |
$13,308,358 |
|
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