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 Wisconsin residents, the state will deduct 7.65% from your lottery earnings.
| Wisconsin 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(7.65%) | $12,767,850 | | Net Lumpsum Payment | $92,418,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$417,959 |
$3,063,724 |
| 2 |
$5,736,852 |
$2,082,966
$438,869 |
$3,215,017 |
| 3 |
$6,023,622 |
$2,189,071
$460,807 |
$3,373,744 |
| 4 |
$6,324,912 |
$2,300,548
$483,856 |
$3,540,508 |
| 5 |
$6,641,085 |
$2,417,532
$508,043 |
$3,715,510 |
| 6 |
$6,973,230 |
$2,540,425
$533,452 |
$3,899,353 |
| 7 |
$7,321,710 |
$2,669,363
$560,111 |
$4,092,236 |
| 8 |
$7,687,977 |
$2,804,882
$588,130 |
$4,294,965 |
| 9 |
$8,072,394 |
$2,947,116
$617,538 |
$4,507,740 |
| 10 |
$8,476,050 |
$3,096,469
$648,418 |
$4,731,163 |
| 11 |
$8,899,671 |
$3,253,209
$680,825 |
$4,965,637 |
| 12 |
$9,344,709 |
$3,417,873
$714,870 |
$5,211,966 |
| 13 |
$9,811,890 |
$3,590,730
$750,610 |
$5,470,550 |
| 14 |
$10,302,666 |
$3,772,317
$788,154 |
$5,742,195 |
| 15 |
$10,817,763 |
$3,962,903
$827,559 |
$6,027,301 |
| 16 |
$11,358,633 |
$4,163,025
$868,935 |
$6,326,673 |
| 17 |
$11,926,365 |
$4,373,085
$912,367 |
$6,640,913 |
| 18 |
$12,522,774 |
$4,593,757
$957,992 |
$6,971,025 |
| 19 |
$13,148,949 |
$4,825,442
$1,005,895 |
$7,317,612 |
| 20 |
$13,806,342 |
$5,068,677
$1,056,185 |
$7,681,480 |
| 21 |
$14,496,768 |
$5,324,135
$1,109,003 |
$8,063,630 |
| 22 |
$15,221,679 |
$5,592,352
$1,164,458 |
$8,464,869 |
| 23 |
$15,982,527 |
$5,873,865
$1,222,663 |
$8,885,999 |
| 24 |
$16,781,853 |
$6,169,616
$1,283,812 |
$9,328,425 |
| 25 |
$17,620,746 |
$6,480,006
$1,347,987 |
$9,792,753 |
| 26 |
$18,502,110 |
$6,806,111
$1,415,411 |
$10,280,588 |
| 27 |
$19,427,034 |
$7,148,333
$1,486,168 |
$10,792,533 |
| 28 |
$20,398,422 |
$7,507,747
$1,560,479 |
$11,330,196 |
| 29 |
$21,418,452 |
$7,885,158
$1,638,512 |
$11,894,782 |
| 30 |
$22,489,302 |
$8,281,372
$1,720,432 |
$12,487,498 |
|
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