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 Oklahoma residents, the state will deduct 4.75% from your lottery earnings.
Oklahoma MEGA Millions Jackpot/Cash Option for Fri May 17, 2024 |
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Draw Date | Fri May 17, 2024 | Projected Jackpot | $393,000,000 | Cash Value | $181,500,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $181,500,000 | Federal Tax(24%) | $43,560,000 | Additional Federal Tax | $23,555,330 | State Tax(4.75%) | $8,621,250 | Net Lumpsum Payment | $105,763,420 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,915,043 |
$2,148,896 $280,965 |
$3,485,182 |
2 |
$6,210,972 |
$2,258,390 $295,021 |
$3,657,561 |
3 |
$6,521,442 |
$2,373,264 $309,768 |
$3,838,410 |
4 |
$6,847,632 |
$2,493,954 $325,263 |
$4,028,415 |
5 |
$7,189,935 |
$2,620,606 $341,522 |
$4,227,807 |
6 |
$7,549,530 |
$2,753,656 $358,603 |
$4,437,271 |
7 |
$7,926,810 |
$2,893,250 $376,523 |
$4,657,037 |
8 |
$8,323,347 |
$3,039,969 $395,359 |
$4,888,019 |
9 |
$8,739,534 |
$3,193,958 $415,128 |
$5,130,448 |
10 |
$9,176,550 |
$3,355,654 $435,886 |
$5,385,010 |
11 |
$9,635,181 |
$3,525,347 $457,671 |
$5,652,163 |
12 |
$10,116,999 |
$3,703,620 $480,557 |
$5,932,822 |
13 |
$10,622,790 |
$3,890,763 $504,583 |
$6,227,444 |
14 |
$11,154,126 |
$4,087,357 $529,821 |
$6,536,948 |
15 |
$11,711,793 |
$4,293,694 $556,310 |
$6,861,789 |
16 |
$12,297,363 |
$4,510,355 $584,125 |
$7,202,883 |
17 |
$12,912,015 |
$4,737,776 $613,321 |
$7,560,918 |
18 |
$13,557,714 |
$4,976,685 $643,991 |
$7,937,038 |
19 |
$14,235,639 |
$5,227,517 $676,193 |
$8,331,929 |
20 |
$14,947,362 |
$5,490,854 $710,000 |
$8,746,508 |
21 |
$15,694,848 |
$5,767,424 $745,505 |
$9,181,919 |
22 |
$16,479,669 |
$6,057,808 $782,784 |
$9,639,077 |
23 |
$17,303,397 |
$6,362,587 $821,911 |
$10,118,899 |
24 |
$18,168,783 |
$6,682,780 $863,017 |
$10,622,986 |
25 |
$19,077,006 |
$7,018,823 $906,158 |
$11,152,025 |
26 |
$20,031,210 |
$7,371,878 $951,482 |
$11,707,850 |
27 |
$21,032,574 |
$7,742,383 $999,047 |
$12,291,144 |
28 |
$22,084,242 |
$8,131,500 $1,049,001 |
$12,903,741 |
29 |
$23,188,572 |
$8,540,102 $1,101,457 |
$13,547,013 |
30 |
$24,347,922 |
$8,969,062 $1,156,526 |
$14,222,334 |
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