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 Missouri residents, the state will deduct 4% from your lottery earnings.
Missouri 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%) | $7,260,000 | Net Lumpsum Payment | $107,124,670 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,915,043 |
$2,148,896 $236,602 |
$3,529,545 |
2 |
$6,210,972 |
$2,258,390 $248,439 |
$3,704,143 |
3 |
$6,521,442 |
$2,373,264 $260,858 |
$3,887,320 |
4 |
$6,847,632 |
$2,493,954 $273,905 |
$4,079,773 |
5 |
$7,189,935 |
$2,620,606 $287,597 |
$4,281,732 |
6 |
$7,549,530 |
$2,753,656 $301,981 |
$4,493,893 |
7 |
$7,926,810 |
$2,893,250 $317,072 |
$4,716,488 |
8 |
$8,323,347 |
$3,039,969 $332,934 |
$4,950,444 |
9 |
$8,739,534 |
$3,193,958 $349,581 |
$5,195,995 |
10 |
$9,176,550 |
$3,355,654 $367,062 |
$5,453,834 |
11 |
$9,635,181 |
$3,525,347 $385,407 |
$5,724,427 |
12 |
$10,116,999 |
$3,703,620 $404,680 |
$6,008,699 |
13 |
$10,622,790 |
$3,890,763 $424,912 |
$6,307,115 |
14 |
$11,154,126 |
$4,087,357 $446,165 |
$6,620,604 |
15 |
$11,711,793 |
$4,293,694 $468,472 |
$6,949,627 |
16 |
$12,297,363 |
$4,510,355 $491,895 |
$7,295,113 |
17 |
$12,912,015 |
$4,737,776 $516,481 |
$7,657,758 |
18 |
$13,557,714 |
$4,976,685 $542,309 |
$8,038,720 |
19 |
$14,235,639 |
$5,227,517 $569,426 |
$8,438,696 |
20 |
$14,947,362 |
$5,490,854 $597,894 |
$8,858,614 |
21 |
$15,694,848 |
$5,767,424 $627,794 |
$9,299,630 |
22 |
$16,479,669 |
$6,057,808 $659,187 |
$9,762,674 |
23 |
$17,303,397 |
$6,362,587 $692,136 |
$10,248,674 |
24 |
$18,168,783 |
$6,682,780 $726,751 |
$10,759,252 |
25 |
$19,077,006 |
$7,018,823 $763,080 |
$11,295,103 |
26 |
$20,031,210 |
$7,371,878 $801,248 |
$11,858,084 |
27 |
$21,032,574 |
$7,742,383 $841,303 |
$12,448,888 |
28 |
$22,084,242 |
$8,131,500 $883,370 |
$13,069,372 |
29 |
$23,188,572 |
$8,540,102 $927,543 |
$13,720,927 |
30 |
$24,347,922 |
$8,969,062 $973,917 |
$14,404,943 |
|
|