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 Vermont residents, the state will deduct 6% from your lottery earnings.
| Vermont 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%) | $10,014,000 | | Net Lumpsum Payment | $95,172,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$327,811 |
$3,153,872 |
| 2 |
$5,736,852 |
$2,082,966
$344,211 |
$3,309,675 |
| 3 |
$6,023,622 |
$2,189,071
$361,417 |
$3,473,134 |
| 4 |
$6,324,912 |
$2,300,548
$379,495 |
$3,644,869 |
| 5 |
$6,641,085 |
$2,417,532
$398,465 |
$3,825,088 |
| 6 |
$6,973,230 |
$2,540,425
$418,394 |
$4,014,411 |
| 7 |
$7,321,710 |
$2,669,363
$439,303 |
$4,213,044 |
| 8 |
$7,687,977 |
$2,804,882
$461,279 |
$4,421,816 |
| 9 |
$8,072,394 |
$2,947,116
$484,344 |
$4,640,934 |
| 10 |
$8,476,050 |
$3,096,469
$508,563 |
$4,871,018 |
| 11 |
$8,899,671 |
$3,253,209
$533,980 |
$5,112,482 |
| 12 |
$9,344,709 |
$3,417,873
$560,683 |
$5,366,153 |
| 13 |
$9,811,890 |
$3,590,730
$588,713 |
$5,632,447 |
| 14 |
$10,302,666 |
$3,772,317
$618,160 |
$5,912,189 |
| 15 |
$10,817,763 |
$3,962,903
$649,066 |
$6,205,794 |
| 16 |
$11,358,633 |
$4,163,025
$681,518 |
$6,514,090 |
| 17 |
$11,926,365 |
$4,373,085
$715,582 |
$6,837,698 |
| 18 |
$12,522,774 |
$4,593,757
$751,366 |
$7,177,651 |
| 19 |
$13,148,949 |
$4,825,442
$788,937 |
$7,534,570 |
| 20 |
$13,806,342 |
$5,068,677
$828,381 |
$7,909,284 |
| 21 |
$14,496,768 |
$5,324,135
$869,806 |
$8,302,827 |
| 22 |
$15,221,679 |
$5,592,352
$913,301 |
$8,716,026 |
| 23 |
$15,982,527 |
$5,873,865
$958,952 |
$9,149,710 |
| 24 |
$16,781,853 |
$6,169,616
$1,006,911 |
$9,605,326 |
| 25 |
$17,620,746 |
$6,480,006
$1,057,245 |
$10,083,495 |
| 26 |
$18,502,110 |
$6,806,111
$1,110,127 |
$10,585,872 |
| 27 |
$19,427,034 |
$7,148,333
$1,165,622 |
$11,113,079 |
| 28 |
$20,398,422 |
$7,507,747
$1,223,905 |
$11,666,770 |
| 29 |
$21,418,452 |
$7,885,158
$1,285,107 |
$12,248,187 |
| 30 |
$22,489,302 |
$8,281,372
$1,349,358 |
$12,858,572 |
|
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