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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
Idaho MEGA Millions Jackpot/Cash Option for Tue May 21, 2024 |
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Draw Date | Tue May 21, 2024 | Projected Jackpot | $421,000,000 | Cash Value | $195,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $195,900,000 | Federal Tax(24%) | $47,016,000 | Additional Federal Tax | $25,427,330 | State Tax(5.8%) | $11,362,200 | Net Lumpsum Payment | $112,094,470 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $367,515 |
$3,664,131 |
2 |
$6,653,484 |
$2,422,119 $385,902 |
$3,845,463 |
3 |
$6,986,074 |
$2,545,178 $405,192 |
$4,035,704 |
4 |
$7,335,504 |
$2,674,467 $425,459 |
$4,235,578 |
5 |
$7,702,195 |
$2,810,143 $446,727 |
$4,445,325 |
6 |
$8,087,410 |
$2,952,672 $469,070 |
$4,665,668 |
7 |
$8,491,570 |
$3,102,211 $492,511 |
$4,896,848 |
8 |
$8,916,359 |
$3,259,383 $517,149 |
$5,139,827 |
9 |
$9,362,198 |
$3,424,344 $543,007 |
$5,394,847 |
10 |
$9,830,350 |
$3,597,560 $570,160 |
$5,662,630 |
11 |
$10,321,657 |
$3,779,343 $598,656 |
$5,943,658 |
12 |
$10,837,803 |
$3,970,317 $628,593 |
$6,238,893 |
13 |
$11,379,630 |
$4,170,793 $660,019 |
$6,548,818 |
14 |
$11,948,822 |
$4,381,395 $693,032 |
$6,874,395 |
15 |
$12,546,221 |
$4,602,432 $727,681 |
$7,216,108 |
16 |
$13,173,511 |
$4,834,529 $764,064 |
$7,574,918 |
17 |
$13,831,955 |
$5,078,154 $802,253 |
$7,951,548 |
18 |
$14,523,658 |
$5,334,084 $842,372 |
$8,347,202 |
19 |
$15,249,883 |
$5,602,787 $884,493 |
$8,762,603 |
20 |
$16,012,314 |
$5,884,887 $928,714 |
$9,198,713 |
21 |
$16,813,056 |
$6,181,161 $975,157 |
$9,656,738 |
22 |
$17,653,793 |
$6,492,234 $1,023,920 |
$10,137,639 |
23 |
$18,536,209 |
$6,818,728 $1,075,100 |
$10,642,381 |
24 |
$19,463,251 |
$7,161,733 $1,128,869 |
$11,172,649 |
25 |
$20,436,182 |
$7,521,718 $1,185,299 |
$11,729,165 |
26 |
$21,458,370 |
$7,899,927 $1,244,585 |
$12,313,858 |
27 |
$22,531,078 |
$8,296,829 $1,306,803 |
$12,927,446 |
28 |
$23,657,674 |
$8,713,670 $1,372,145 |
$13,571,859 |
29 |
$24,840,684 |
$9,151,383 $1,440,760 |
$14,248,541 |
30 |
$26,082,634 |
$9,610,905 $1,512,793 |
$14,958,936 |
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