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 Oregon residents, the state will deduct 8% from your lottery earnings.
Oregon 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(8%) | $14,520,000 | Net Lumpsum Payment | $99,864,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,915,043 |
$2,148,896 $473,203 |
$3,292,944 |
2 |
$6,210,972 |
$2,258,390 $496,878 |
$3,455,704 |
3 |
$6,521,442 |
$2,373,264 $521,715 |
$3,626,463 |
4 |
$6,847,632 |
$2,493,954 $547,811 |
$3,805,867 |
5 |
$7,189,935 |
$2,620,606 $575,195 |
$3,994,134 |
6 |
$7,549,530 |
$2,753,656 $603,962 |
$4,191,912 |
7 |
$7,926,810 |
$2,893,250 $634,145 |
$4,399,415 |
8 |
$8,323,347 |
$3,039,969 $665,868 |
$4,617,510 |
9 |
$8,739,534 |
$3,193,958 $699,163 |
$4,846,413 |
10 |
$9,176,550 |
$3,355,654 $734,124 |
$5,086,772 |
11 |
$9,635,181 |
$3,525,347 $770,814 |
$5,339,020 |
12 |
$10,116,999 |
$3,703,620 $809,360 |
$5,604,019 |
13 |
$10,622,790 |
$3,890,763 $849,823 |
$5,882,204 |
14 |
$11,154,126 |
$4,087,357 $892,330 |
$6,174,439 |
15 |
$11,711,793 |
$4,293,694 $936,943 |
$6,481,156 |
16 |
$12,297,363 |
$4,510,355 $983,789 |
$6,803,219 |
17 |
$12,912,015 |
$4,737,776 $1,032,961 |
$7,141,278 |
18 |
$13,557,714 |
$4,976,685 $1,084,617 |
$7,496,412 |
19 |
$14,235,639 |
$5,227,517 $1,138,851 |
$7,869,271 |
20 |
$14,947,362 |
$5,490,854 $1,195,789 |
$8,260,719 |
21 |
$15,694,848 |
$5,767,424 $1,255,588 |
$8,671,836 |
22 |
$16,479,669 |
$6,057,808 $1,318,374 |
$9,103,487 |
23 |
$17,303,397 |
$6,362,587 $1,384,272 |
$9,556,538 |
24 |
$18,168,783 |
$6,682,780 $1,453,503 |
$10,032,500 |
25 |
$19,077,006 |
$7,018,823 $1,526,160 |
$10,532,023 |
26 |
$20,031,210 |
$7,371,878 $1,602,497 |
$11,056,835 |
27 |
$21,032,574 |
$7,742,383 $1,682,606 |
$11,607,585 |
28 |
$22,084,242 |
$8,131,500 $1,766,739 |
$12,186,003 |
29 |
$23,188,572 |
$8,540,102 $1,855,086 |
$12,793,384 |
30 |
$24,347,922 |
$8,969,062 $1,947,834 |
$13,431,026 |
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