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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan 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(4.25%) | $7,713,750 | | Net Lumpsum Payment | $106,670,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$251,389 |
$3,514,758 |
| 2 |
$6,210,972 |
$2,258,390
$263,966 |
$3,688,616 |
| 3 |
$6,521,442 |
$2,373,264
$277,161 |
$3,871,017 |
| 4 |
$6,847,632 |
$2,493,954
$291,024 |
$4,062,654 |
| 5 |
$7,189,935 |
$2,620,606
$305,572 |
$4,263,757 |
| 6 |
$7,549,530 |
$2,753,656
$320,855 |
$4,475,019 |
| 7 |
$7,926,810 |
$2,893,250
$336,889 |
$4,696,671 |
| 8 |
$8,323,347 |
$3,039,969
$353,742 |
$4,929,636 |
| 9 |
$8,739,534 |
$3,193,958
$371,430 |
$5,174,146 |
| 10 |
$9,176,550 |
$3,355,654
$390,003 |
$5,430,893 |
| 11 |
$9,635,181 |
$3,525,347
$409,495 |
$5,700,339 |
| 12 |
$10,116,999 |
$3,703,620
$429,972 |
$5,983,407 |
| 13 |
$10,622,790 |
$3,890,763
$451,469 |
$6,280,558 |
| 14 |
$11,154,126 |
$4,087,357
$474,050 |
$6,592,719 |
| 15 |
$11,711,793 |
$4,293,694
$497,751 |
$6,920,348 |
| 16 |
$12,297,363 |
$4,510,355
$522,638 |
$7,264,370 |
| 17 |
$12,912,015 |
$4,737,776
$548,761 |
$7,625,478 |
| 18 |
$13,557,714 |
$4,976,685
$576,203 |
$8,004,826 |
| 19 |
$14,235,639 |
$5,227,517
$605,015 |
$8,403,107 |
| 20 |
$14,947,362 |
$5,490,854
$635,263 |
$8,821,245 |
| 21 |
$15,694,848 |
$5,767,424
$667,031 |
$9,260,393 |
| 22 |
$16,479,669 |
$6,057,808
$700,386 |
$9,721,475 |
| 23 |
$17,303,397 |
$6,362,587
$735,394 |
$10,205,416 |
| 24 |
$18,168,783 |
$6,682,780
$772,173 |
$10,713,830 |
| 25 |
$19,077,006 |
$7,018,823
$810,773 |
$11,247,410 |
| 26 |
$20,031,210 |
$7,371,878
$851,326 |
$11,808,006 |
| 27 |
$21,032,574 |
$7,742,383
$893,884 |
$12,396,307 |
| 28 |
$22,084,242 |
$8,131,500
$938,580 |
$13,014,162 |
| 29 |
$23,188,572 |
$8,540,102
$985,514 |
$13,662,956 |
| 30 |
$24,347,922 |
$8,969,062
$1,034,787 |
$14,344,073 |
|
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