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 those living in South Dakota, the bright side is you won't have to pay any state taxes on your lottery prize.
| South Dakota 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(0%) | $0 | | Net Lumpsum Payment | $114,384,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$0 |
$3,766,147 |
| 2 |
$6,210,972 |
$2,258,390
$0 |
$3,952,582 |
| 3 |
$6,521,442 |
$2,373,264
$0 |
$4,148,178 |
| 4 |
$6,847,632 |
$2,493,954
$0 |
$4,353,678 |
| 5 |
$7,189,935 |
$2,620,606
$0 |
$4,569,329 |
| 6 |
$7,549,530 |
$2,753,656
$0 |
$4,795,874 |
| 7 |
$7,926,810 |
$2,893,250
$0 |
$5,033,560 |
| 8 |
$8,323,347 |
$3,039,969
$0 |
$5,283,378 |
| 9 |
$8,739,534 |
$3,193,958
$0 |
$5,545,576 |
| 10 |
$9,176,550 |
$3,355,654
$0 |
$5,820,896 |
| 11 |
$9,635,181 |
$3,525,347
$0 |
$6,109,834 |
| 12 |
$10,116,999 |
$3,703,620
$0 |
$6,413,379 |
| 13 |
$10,622,790 |
$3,890,763
$0 |
$6,732,027 |
| 14 |
$11,154,126 |
$4,087,357
$0 |
$7,066,769 |
| 15 |
$11,711,793 |
$4,293,694
$0 |
$7,418,099 |
| 16 |
$12,297,363 |
$4,510,355
$0 |
$7,787,008 |
| 17 |
$12,912,015 |
$4,737,776
$0 |
$8,174,239 |
| 18 |
$13,557,714 |
$4,976,685
$0 |
$8,581,029 |
| 19 |
$14,235,639 |
$5,227,517
$0 |
$9,008,122 |
| 20 |
$14,947,362 |
$5,490,854
$0 |
$9,456,508 |
| 21 |
$15,694,848 |
$5,767,424
$0 |
$9,927,424 |
| 22 |
$16,479,669 |
$6,057,808
$0 |
$10,421,861 |
| 23 |
$17,303,397 |
$6,362,587
$0 |
$10,940,810 |
| 24 |
$18,168,783 |
$6,682,780
$0 |
$11,486,003 |
| 25 |
$19,077,006 |
$7,018,823
$0 |
$12,058,183 |
| 26 |
$20,031,210 |
$7,371,878
$0 |
$12,659,332 |
| 27 |
$21,032,574 |
$7,742,383
$0 |
$13,290,191 |
| 28 |
$22,084,242 |
$8,131,500
$0 |
$13,952,742 |
| 29 |
$23,188,572 |
$8,540,102
$0 |
$14,648,470 |
| 30 |
$24,347,922 |
$8,969,062
$0 |
$15,378,860 |
|
|
