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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $10,527,000 | | Net Lumpsum Payment | $103,857,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$343,072 |
$3,423,075 |
| 2 |
$6,210,972 |
$2,258,390
$360,236 |
$3,592,346 |
| 3 |
$6,521,442 |
$2,373,264
$378,244 |
$3,769,934 |
| 4 |
$6,847,632 |
$2,493,954
$397,163 |
$3,956,515 |
| 5 |
$7,189,935 |
$2,620,606
$417,016 |
$4,152,313 |
| 6 |
$7,549,530 |
$2,753,656
$437,873 |
$4,358,001 |
| 7 |
$7,926,810 |
$2,893,250
$459,755 |
$4,573,805 |
| 8 |
$8,323,347 |
$3,039,969
$482,754 |
$4,800,624 |
| 9 |
$8,739,534 |
$3,193,958
$506,893 |
$5,038,683 |
| 10 |
$9,176,550 |
$3,355,654
$532,240 |
$5,288,656 |
| 11 |
$9,635,181 |
$3,525,347
$558,840 |
$5,550,994 |
| 12 |
$10,116,999 |
$3,703,620
$586,786 |
$5,826,593 |
| 13 |
$10,622,790 |
$3,890,763
$616,122 |
$6,115,905 |
| 14 |
$11,154,126 |
$4,087,357
$646,939 |
$6,419,830 |
| 15 |
$11,711,793 |
$4,293,694
$679,284 |
$6,738,815 |
| 16 |
$12,297,363 |
$4,510,355
$713,247 |
$7,073,761 |
| 17 |
$12,912,015 |
$4,737,776
$748,897 |
$7,425,342 |
| 18 |
$13,557,714 |
$4,976,685
$786,347 |
$7,794,682 |
| 19 |
$14,235,639 |
$5,227,517
$825,667 |
$8,182,455 |
| 20 |
$14,947,362 |
$5,490,854
$866,947 |
$8,589,561 |
| 21 |
$15,694,848 |
$5,767,424
$910,301 |
$9,017,123 |
| 22 |
$16,479,669 |
$6,057,808
$955,821 |
$9,466,040 |
| 23 |
$17,303,397 |
$6,362,587
$1,003,597 |
$9,937,213 |
| 24 |
$18,168,783 |
$6,682,780
$1,053,789 |
$10,432,214 |
| 25 |
$19,077,006 |
$7,018,823
$1,106,466 |
$10,951,717 |
| 26 |
$20,031,210 |
$7,371,878
$1,161,810 |
$11,497,522 |
| 27 |
$21,032,574 |
$7,742,383
$1,219,889 |
$12,070,302 |
| 28 |
$22,084,242 |
$8,131,500
$1,280,886 |
$12,671,856 |
| 29 |
$23,188,572 |
$8,540,102
$1,344,937 |
$13,303,533 |
| 30 |
$24,347,922 |
$8,969,062
$1,412,179 |
$13,966,681 |
|
|
