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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
Ohio 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(3.99%) | $7,816,410 | Net Lumpsum Payment | $115,640,260 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $252,825 |
$3,778,821 |
2 |
$6,653,484 |
$2,422,119 $265,474 |
$3,965,891 |
3 |
$6,986,074 |
$2,545,178 $278,744 |
$4,162,152 |
4 |
$7,335,504 |
$2,674,467 $292,687 |
$4,368,350 |
5 |
$7,702,195 |
$2,810,143 $307,318 |
$4,584,734 |
6 |
$8,087,410 |
$2,952,672 $322,688 |
$4,812,050 |
7 |
$8,491,570 |
$3,102,211 $338,814 |
$5,050,545 |
8 |
$8,916,359 |
$3,259,383 $355,763 |
$5,301,213 |
9 |
$9,362,198 |
$3,424,344 $373,552 |
$5,564,302 |
10 |
$9,830,350 |
$3,597,560 $392,231 |
$5,840,559 |
11 |
$10,321,657 |
$3,779,343 $411,834 |
$6,130,480 |
12 |
$10,837,803 |
$3,970,317 $432,428 |
$6,435,058 |
13 |
$11,379,630 |
$4,170,793 $454,047 |
$6,754,790 |
14 |
$11,948,822 |
$4,381,395 $476,758 |
$7,090,669 |
15 |
$12,546,221 |
$4,602,432 $500,594 |
$7,443,195 |
16 |
$13,173,511 |
$4,834,529 $525,623 |
$7,813,359 |
17 |
$13,831,955 |
$5,078,154 $551,895 |
$8,201,906 |
18 |
$14,523,658 |
$5,334,084 $579,494 |
$8,610,080 |
19 |
$15,249,883 |
$5,602,787 $608,470 |
$9,038,626 |
20 |
$16,012,314 |
$5,884,887 $638,891 |
$9,488,536 |
21 |
$16,813,056 |
$6,181,161 $670,841 |
$9,961,054 |
22 |
$17,653,793 |
$6,492,234 $704,386 |
$10,457,173 |
23 |
$18,536,209 |
$6,818,728 $739,595 |
$10,977,886 |
24 |
$19,463,251 |
$7,161,733 $776,584 |
$11,524,934 |
25 |
$20,436,182 |
$7,521,718 $815,404 |
$12,099,060 |
26 |
$21,458,370 |
$7,899,927 $856,189 |
$12,702,254 |
27 |
$22,531,078 |
$8,296,829 $898,990 |
$13,335,259 |
28 |
$23,657,674 |
$8,713,670 $943,941 |
$14,000,063 |
29 |
$24,840,684 |
$9,151,383 $991,143 |
$14,698,158 |
30 |
$26,082,634 |
$9,610,905 $1,040,697 |
$15,431,032 |
|
|