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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $13,158,750 | | Net Lumpsum Payment | $101,225,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$428,841 |
$3,337,306 |
| 2 |
$6,210,972 |
$2,258,390
$450,295 |
$3,502,287 |
| 3 |
$6,521,442 |
$2,373,264
$472,805 |
$3,675,373 |
| 4 |
$6,847,632 |
$2,493,954
$496,453 |
$3,857,225 |
| 5 |
$7,189,935 |
$2,620,606
$521,270 |
$4,048,059 |
| 6 |
$7,549,530 |
$2,753,656
$547,341 |
$4,248,533 |
| 7 |
$7,926,810 |
$2,893,250
$574,694 |
$4,458,866 |
| 8 |
$8,323,347 |
$3,039,969
$603,443 |
$4,679,935 |
| 9 |
$8,739,534 |
$3,193,958
$633,616 |
$4,911,960 |
| 10 |
$9,176,550 |
$3,355,654
$665,300 |
$5,155,596 |
| 11 |
$9,635,181 |
$3,525,347
$698,551 |
$5,411,283 |
| 12 |
$10,116,999 |
$3,703,620
$733,482 |
$5,679,897 |
| 13 |
$10,622,790 |
$3,890,763
$770,152 |
$5,961,875 |
| 14 |
$11,154,126 |
$4,087,357
$808,674 |
$6,258,095 |
| 15 |
$11,711,793 |
$4,293,694
$849,105 |
$6,568,994 |
| 16 |
$12,297,363 |
$4,510,355
$891,559 |
$6,895,449 |
| 17 |
$12,912,015 |
$4,737,776
$936,121 |
$7,238,118 |
| 18 |
$13,557,714 |
$4,976,685
$982,934 |
$7,598,095 |
| 19 |
$14,235,639 |
$5,227,517
$1,032,084 |
$7,976,038 |
| 20 |
$14,947,362 |
$5,490,854
$1,083,684 |
$8,372,824 |
| 21 |
$15,694,848 |
$5,767,424
$1,137,876 |
$8,789,548 |
| 22 |
$16,479,669 |
$6,057,808
$1,194,776 |
$9,227,085 |
| 23 |
$17,303,397 |
$6,362,587
$1,254,496 |
$9,686,314 |
| 24 |
$18,168,783 |
$6,682,780
$1,317,237 |
$10,168,766 |
| 25 |
$19,077,006 |
$7,018,823
$1,383,083 |
$10,675,100 |
| 26 |
$20,031,210 |
$7,371,878
$1,452,263 |
$11,207,069 |
| 27 |
$21,032,574 |
$7,742,383
$1,524,862 |
$11,765,329 |
| 28 |
$22,084,242 |
$8,131,500
$1,601,108 |
$12,351,634 |
| 29 |
$23,188,572 |
$8,540,102
$1,681,171 |
$12,967,299 |
| 30 |
$24,347,922 |
$8,969,062
$1,765,224 |
$13,613,636 |
|
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