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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia MEGA Millions Jackpot/Cash Option for Fri May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(5.75%) | $10,436,250 | | Net Lumpsum Payment | $103,948,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$340,115 |
$3,426,032 |
| 2 |
$6,210,972 |
$2,258,390
$357,131 |
$3,595,451 |
| 3 |
$6,521,442 |
$2,373,264
$374,983 |
$3,773,195 |
| 4 |
$6,847,632 |
$2,493,954
$393,739 |
$3,959,939 |
| 5 |
$7,189,935 |
$2,620,606
$413,421 |
$4,155,908 |
| 6 |
$7,549,530 |
$2,753,656
$434,098 |
$4,361,776 |
| 7 |
$7,926,810 |
$2,893,250
$455,792 |
$4,577,768 |
| 8 |
$8,323,347 |
$3,039,969
$478,592 |
$4,804,786 |
| 9 |
$8,739,534 |
$3,193,958
$502,523 |
$5,043,053 |
| 10 |
$9,176,550 |
$3,355,654
$527,652 |
$5,293,244 |
| 11 |
$9,635,181 |
$3,525,347
$554,023 |
$5,555,811 |
| 12 |
$10,116,999 |
$3,703,620
$581,727 |
$5,831,652 |
| 13 |
$10,622,790 |
$3,890,763
$610,810 |
$6,121,217 |
| 14 |
$11,154,126 |
$4,087,357
$641,362 |
$6,425,407 |
| 15 |
$11,711,793 |
$4,293,694
$673,428 |
$6,744,671 |
| 16 |
$12,297,363 |
$4,510,355
$707,098 |
$7,079,910 |
| 17 |
$12,912,015 |
$4,737,776
$742,441 |
$7,431,798 |
| 18 |
$13,557,714 |
$4,976,685
$779,569 |
$7,801,460 |
| 19 |
$14,235,639 |
$5,227,517
$818,549 |
$8,189,573 |
| 20 |
$14,947,362 |
$5,490,854
$859,473 |
$8,597,035 |
| 21 |
$15,694,848 |
$5,767,424
$902,454 |
$9,024,970 |
| 22 |
$16,479,669 |
$6,057,808
$947,581 |
$9,474,280 |
| 23 |
$17,303,397 |
$6,362,587
$994,945 |
$9,945,865 |
| 24 |
$18,168,783 |
$6,682,780
$1,044,705 |
$10,441,298 |
| 25 |
$19,077,006 |
$7,018,823
$1,096,928 |
$10,961,255 |
| 26 |
$20,031,210 |
$7,371,878
$1,151,795 |
$11,507,537 |
| 27 |
$21,032,574 |
$7,742,383
$1,209,373 |
$12,080,818 |
| 28 |
$22,084,242 |
$8,131,500
$1,269,844 |
$12,682,898 |
| 29 |
$23,188,572 |
$8,540,102
$1,333,343 |
$13,315,127 |
| 30 |
$24,347,922 |
$8,969,062
$1,400,006 |
$13,978,854 |
|
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