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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $5,572,050 | | Net Lumpsum Payment | $108,812,620 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$181,592 |
$3,584,555 |
| 2 |
$6,210,972 |
$2,258,390
$190,677 |
$3,761,905 |
| 3 |
$6,521,442 |
$2,373,264
$200,208 |
$3,947,970 |
| 4 |
$6,847,632 |
$2,493,954
$210,222 |
$4,143,456 |
| 5 |
$7,189,935 |
$2,620,606
$220,731 |
$4,348,598 |
| 6 |
$7,549,530 |
$2,753,656
$231,771 |
$4,564,103 |
| 7 |
$7,926,810 |
$2,893,250
$243,353 |
$4,790,207 |
| 8 |
$8,323,347 |
$3,039,969
$255,527 |
$5,027,851 |
| 9 |
$8,739,534 |
$3,193,958
$268,304 |
$5,277,272 |
| 10 |
$9,176,550 |
$3,355,654
$281,720 |
$5,539,176 |
| 11 |
$9,635,181 |
$3,525,347
$295,800 |
$5,814,034 |
| 12 |
$10,116,999 |
$3,703,620
$310,592 |
$6,102,787 |
| 13 |
$10,622,790 |
$3,890,763
$326,120 |
$6,405,907 |
| 14 |
$11,154,126 |
$4,087,357
$342,432 |
$6,724,337 |
| 15 |
$11,711,793 |
$4,293,694
$359,552 |
$7,058,547 |
| 16 |
$12,297,363 |
$4,510,355
$377,529 |
$7,409,479 |
| 17 |
$12,912,015 |
$4,737,776
$396,399 |
$7,777,840 |
| 18 |
$13,557,714 |
$4,976,685
$416,222 |
$8,164,807 |
| 19 |
$14,235,639 |
$5,227,517
$437,034 |
$8,571,088 |
| 20 |
$14,947,362 |
$5,490,854
$458,884 |
$8,997,624 |
| 21 |
$15,694,848 |
$5,767,424
$481,832 |
$9,445,592 |
| 22 |
$16,479,669 |
$6,057,808
$505,926 |
$9,915,935 |
| 23 |
$17,303,397 |
$6,362,587
$531,214 |
$10,409,596 |
| 24 |
$18,168,783 |
$6,682,780
$557,782 |
$10,928,221 |
| 25 |
$19,077,006 |
$7,018,823
$585,664 |
$11,472,519 |
| 26 |
$20,031,210 |
$7,371,878
$614,958 |
$12,044,374 |
| 27 |
$21,032,574 |
$7,742,383
$645,700 |
$12,644,491 |
| 28 |
$22,084,242 |
$8,131,500
$677,986 |
$13,274,756 |
| 29 |
$23,188,572 |
$8,540,102
$711,889 |
$13,936,581 |
| 30 |
$24,347,922 |
$8,969,062
$747,481 |
$14,631,379 |
|
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