The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 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 those living in Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
Florida MEGA Millions Jackpot/Cash Option for Fri May 17, 2024 |
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Draw Date | Fri May 17, 2024 | Projected Jackpot | $393,000,000 | Cash Value | $181,500,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $181,500,000 | Federal Tax(24%) | $43,560,000 | Additional Federal Tax | $23,555,330 | State Tax(0%) | $0 | Net Lumpsum Payment | $114,384,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,915,043 |
$2,148,896 $0 |
$3,766,147 |
2 |
$6,210,972 |
$2,258,390 $0 |
$3,952,582 |
3 |
$6,521,442 |
$2,373,264 $0 |
$4,148,178 |
4 |
$6,847,632 |
$2,493,954 $0 |
$4,353,678 |
5 |
$7,189,935 |
$2,620,606 $0 |
$4,569,329 |
6 |
$7,549,530 |
$2,753,656 $0 |
$4,795,874 |
7 |
$7,926,810 |
$2,893,250 $0 |
$5,033,560 |
8 |
$8,323,347 |
$3,039,969 $0 |
$5,283,378 |
9 |
$8,739,534 |
$3,193,958 $0 |
$5,545,576 |
10 |
$9,176,550 |
$3,355,654 $0 |
$5,820,896 |
11 |
$9,635,181 |
$3,525,347 $0 |
$6,109,834 |
12 |
$10,116,999 |
$3,703,620 $0 |
$6,413,379 |
13 |
$10,622,790 |
$3,890,763 $0 |
$6,732,027 |
14 |
$11,154,126 |
$4,087,357 $0 |
$7,066,769 |
15 |
$11,711,793 |
$4,293,694 $0 |
$7,418,099 |
16 |
$12,297,363 |
$4,510,355 $0 |
$7,787,008 |
17 |
$12,912,015 |
$4,737,776 $0 |
$8,174,239 |
18 |
$13,557,714 |
$4,976,685 $0 |
$8,581,029 |
19 |
$14,235,639 |
$5,227,517 $0 |
$9,008,122 |
20 |
$14,947,362 |
$5,490,854 $0 |
$9,456,508 |
21 |
$15,694,848 |
$5,767,424 $0 |
$9,927,424 |
22 |
$16,479,669 |
$6,057,808 $0 |
$10,421,861 |
23 |
$17,303,397 |
$6,362,587 $0 |
$10,940,810 |
24 |
$18,168,783 |
$6,682,780 $0 |
$11,486,003 |
25 |
$19,077,006 |
$7,018,823 $0 |
$12,058,183 |
26 |
$20,031,210 |
$7,371,878 $0 |
$12,659,332 |
27 |
$21,032,574 |
$7,742,383 $0 |
$13,290,191 |
28 |
$22,084,242 |
$8,131,500 $0 |
$13,952,742 |
29 |
$23,188,572 |
$8,540,102 $0 |
$14,648,470 |
30 |
$24,347,922 |
$8,969,062 $0 |
$15,378,860 |
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