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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $7,241,850 | | Net Lumpsum Payment | $107,142,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$236,010 |
$3,530,137 |
| 2 |
$6,210,972 |
$2,258,390
$247,818 |
$3,704,764 |
| 3 |
$6,521,442 |
$2,373,264
$260,206 |
$3,887,972 |
| 4 |
$6,847,632 |
$2,493,954
$273,221 |
$4,080,457 |
| 5 |
$7,189,935 |
$2,620,606
$286,878 |
$4,282,451 |
| 6 |
$7,549,530 |
$2,753,656
$301,226 |
$4,494,648 |
| 7 |
$7,926,810 |
$2,893,250
$316,280 |
$4,717,280 |
| 8 |
$8,323,347 |
$3,039,969
$332,102 |
$4,951,276 |
| 9 |
$8,739,534 |
$3,193,958
$348,707 |
$5,196,869 |
| 10 |
$9,176,550 |
$3,355,654
$366,144 |
$5,454,752 |
| 11 |
$9,635,181 |
$3,525,347
$384,444 |
$5,725,390 |
| 12 |
$10,116,999 |
$3,703,620
$403,668 |
$6,009,711 |
| 13 |
$10,622,790 |
$3,890,763
$423,849 |
$6,308,178 |
| 14 |
$11,154,126 |
$4,087,357
$445,050 |
$6,621,719 |
| 15 |
$11,711,793 |
$4,293,694
$467,301 |
$6,950,798 |
| 16 |
$12,297,363 |
$4,510,355
$490,665 |
$7,296,343 |
| 17 |
$12,912,015 |
$4,737,776
$515,189 |
$7,659,050 |
| 18 |
$13,557,714 |
$4,976,685
$540,953 |
$8,040,076 |
| 19 |
$14,235,639 |
$5,227,517
$568,002 |
$8,440,120 |
| 20 |
$14,947,362 |
$5,490,854
$596,400 |
$8,860,108 |
| 21 |
$15,694,848 |
$5,767,424
$626,224 |
$9,301,200 |
| 22 |
$16,479,669 |
$6,057,808
$657,539 |
$9,764,322 |
| 23 |
$17,303,397 |
$6,362,587
$690,406 |
$10,250,404 |
| 24 |
$18,168,783 |
$6,682,780
$724,934 |
$10,761,069 |
| 25 |
$19,077,006 |
$7,018,823
$761,173 |
$11,297,010 |
| 26 |
$20,031,210 |
$7,371,878
$799,245 |
$11,860,087 |
| 27 |
$21,032,574 |
$7,742,383
$839,200 |
$12,450,991 |
| 28 |
$22,084,242 |
$8,131,500
$881,161 |
$13,071,581 |
| 29 |
$23,188,572 |
$8,540,102
$925,224 |
$13,723,246 |
| 30 |
$24,347,922 |
$8,969,062
$971,482 |
$14,407,378 |
|
|
