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 Vermont residents, the state will deduct 6% from your lottery earnings.
| Vermont 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(6%) | $10,890,000 | | Net Lumpsum Payment | $103,494,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$354,903 |
$3,411,244 |
| 2 |
$6,210,972 |
$2,258,390
$372,658 |
$3,579,924 |
| 3 |
$6,521,442 |
$2,373,264
$391,287 |
$3,756,891 |
| 4 |
$6,847,632 |
$2,493,954
$410,858 |
$3,942,820 |
| 5 |
$7,189,935 |
$2,620,606
$431,396 |
$4,137,933 |
| 6 |
$7,549,530 |
$2,753,656
$452,972 |
$4,342,902 |
| 7 |
$7,926,810 |
$2,893,250
$475,609 |
$4,557,951 |
| 8 |
$8,323,347 |
$3,039,969
$499,401 |
$4,783,977 |
| 9 |
$8,739,534 |
$3,193,958
$524,372 |
$5,021,204 |
| 10 |
$9,176,550 |
$3,355,654
$550,593 |
$5,270,303 |
| 11 |
$9,635,181 |
$3,525,347
$578,111 |
$5,531,723 |
| 12 |
$10,116,999 |
$3,703,620
$607,020 |
$5,806,359 |
| 13 |
$10,622,790 |
$3,890,763
$637,367 |
$6,094,660 |
| 14 |
$11,154,126 |
$4,087,357
$669,248 |
$6,397,521 |
| 15 |
$11,711,793 |
$4,293,694
$702,708 |
$6,715,391 |
| 16 |
$12,297,363 |
$4,510,355
$737,842 |
$7,049,166 |
| 17 |
$12,912,015 |
$4,737,776
$774,721 |
$7,399,518 |
| 18 |
$13,557,714 |
$4,976,685
$813,463 |
$7,767,566 |
| 19 |
$14,235,639 |
$5,227,517
$854,138 |
$8,153,984 |
| 20 |
$14,947,362 |
$5,490,854
$896,842 |
$8,559,666 |
| 21 |
$15,694,848 |
$5,767,424
$941,691 |
$8,985,733 |
| 22 |
$16,479,669 |
$6,057,808
$988,780 |
$9,433,081 |
| 23 |
$17,303,397 |
$6,362,587
$1,038,204 |
$9,902,606 |
| 24 |
$18,168,783 |
$6,682,780
$1,090,127 |
$10,395,876 |
| 25 |
$19,077,006 |
$7,018,823
$1,144,620 |
$10,913,563 |
| 26 |
$20,031,210 |
$7,371,878
$1,201,873 |
$11,457,459 |
| 27 |
$21,032,574 |
$7,742,383
$1,261,954 |
$12,028,237 |
| 28 |
$22,084,242 |
$8,131,500
$1,325,055 |
$12,627,687 |
| 29 |
$23,188,572 |
$8,540,102
$1,391,314 |
$13,257,156 |
| 30 |
$24,347,922 |
$8,969,062
$1,460,875 |
$13,917,985 |
|
|
