The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota MEGA Millions Jackpot/Cash Option for Tue May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(7.25%) | $14,202,750 | | Net Lumpsum Payment | $109,253,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$459,394 |
$3,572,252 |
| 2 |
$6,653,484 |
$2,422,119
$482,378 |
$3,748,987 |
| 3 |
$6,986,074 |
$2,545,178
$506,490 |
$3,934,406 |
| 4 |
$7,335,504 |
$2,674,467
$531,824 |
$4,129,213 |
| 5 |
$7,702,195 |
$2,810,143
$558,409 |
$4,333,643 |
| 6 |
$8,087,410 |
$2,952,672
$586,337 |
$4,548,401 |
| 7 |
$8,491,570 |
$3,102,211
$615,639 |
$4,773,720 |
| 8 |
$8,916,359 |
$3,259,383
$646,436 |
$5,010,540 |
| 9 |
$9,362,198 |
$3,424,344
$678,759 |
$5,259,095 |
| 10 |
$9,830,350 |
$3,597,560
$712,700 |
$5,520,090 |
| 11 |
$10,321,657 |
$3,779,343
$748,320 |
$5,793,994 |
| 12 |
$10,837,803 |
$3,970,317
$785,741 |
$6,081,745 |
| 13 |
$11,379,630 |
$4,170,793
$825,023 |
$6,383,814 |
| 14 |
$11,948,822 |
$4,381,395
$866,290 |
$6,701,137 |
| 15 |
$12,546,221 |
$4,602,432
$909,601 |
$7,034,188 |
| 16 |
$13,173,511 |
$4,834,529
$955,080 |
$7,383,902 |
| 17 |
$13,831,955 |
$5,078,154
$1,002,817 |
$7,750,984 |
| 18 |
$14,523,658 |
$5,334,084
$1,052,965 |
$8,136,609 |
| 19 |
$15,249,883 |
$5,602,787
$1,105,617 |
$8,541,479 |
| 20 |
$16,012,314 |
$5,884,887
$1,160,893 |
$8,966,534 |
| 21 |
$16,813,056 |
$6,181,161
$1,218,947 |
$9,412,948 |
| 22 |
$17,653,793 |
$6,492,234
$1,279,900 |
$9,881,659 |
| 23 |
$18,536,209 |
$6,818,728
$1,343,875 |
$10,373,606 |
| 24 |
$19,463,251 |
$7,161,733
$1,411,086 |
$10,890,432 |
| 25 |
$20,436,182 |
$7,521,718
$1,481,623 |
$11,432,841 |
| 26 |
$21,458,370 |
$7,899,927
$1,555,732 |
$12,002,711 |
| 27 |
$22,531,078 |
$8,296,829
$1,633,503 |
$12,600,746 |
| 28 |
$23,657,674 |
$8,713,670
$1,715,181 |
$13,228,823 |
| 29 |
$24,840,684 |
$9,151,383
$1,800,950 |
$13,888,351 |
| 30 |
$26,082,634 |
$9,610,905
$1,890,991 |
$14,580,738 |
|
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