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 Illinois residents, the state will deduct 4.95% from your lottery earnings.
Illinois 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(4.95%) | $9,697,050 | Net Lumpsum Payment | $113,759,620 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $313,655 |
$3,717,991 |
2 |
$6,653,484 |
$2,422,119 $329,347 |
$3,902,018 |
3 |
$6,986,074 |
$2,545,178 $345,811 |
$4,095,085 |
4 |
$7,335,504 |
$2,674,467 $363,107 |
$4,297,930 |
5 |
$7,702,195 |
$2,810,143 $381,259 |
$4,510,793 |
6 |
$8,087,410 |
$2,952,672 $400,327 |
$4,734,411 |
7 |
$8,491,570 |
$3,102,211 $420,333 |
$4,969,026 |
8 |
$8,916,359 |
$3,259,383 $441,360 |
$5,215,616 |
9 |
$9,362,198 |
$3,424,344 $463,429 |
$5,474,425 |
10 |
$9,830,350 |
$3,597,560 $486,602 |
$5,746,188 |
11 |
$10,321,657 |
$3,779,343 $510,922 |
$6,031,392 |
12 |
$10,837,803 |
$3,970,317 $536,471 |
$6,331,015 |
13 |
$11,379,630 |
$4,170,793 $563,292 |
$6,645,545 |
14 |
$11,948,822 |
$4,381,395 $591,467 |
$6,975,960 |
15 |
$12,546,221 |
$4,602,432 $621,038 |
$7,322,751 |
16 |
$13,173,511 |
$4,834,529 $652,089 |
$7,686,893 |
17 |
$13,831,955 |
$5,078,154 $684,682 |
$8,069,119 |
18 |
$14,523,658 |
$5,334,084 $718,921 |
$8,470,653 |
19 |
$15,249,883 |
$5,602,787 $754,869 |
$8,892,227 |
20 |
$16,012,314 |
$5,884,887 $792,610 |
$9,334,817 |
21 |
$16,813,056 |
$6,181,161 $832,246 |
$9,799,649 |
22 |
$17,653,793 |
$6,492,234 $873,863 |
$10,287,696 |
23 |
$18,536,209 |
$6,818,728 $917,542 |
$10,799,939 |
24 |
$19,463,251 |
$7,161,733 $963,431 |
$11,338,087 |
25 |
$20,436,182 |
$7,521,718 $1,011,591 |
$11,902,873 |
26 |
$21,458,370 |
$7,899,927 $1,062,189 |
$12,496,254 |
27 |
$22,531,078 |
$8,296,829 $1,115,288 |
$13,118,961 |
28 |
$23,657,674 |
$8,713,670 $1,171,055 |
$13,772,949 |
29 |
$24,840,684 |
$9,151,383 $1,229,614 |
$14,459,687 |
30 |
$26,082,634 |
$9,610,905 $1,291,090 |
$15,180,639 |
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