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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
Pennsylvania 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(3.07%) | $6,014,130 | Net Lumpsum Payment | $117,442,540 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $194,530 |
$3,837,116 |
2 |
$6,653,484 |
$2,422,119 $204,262 |
$4,027,103 |
3 |
$6,986,074 |
$2,545,178 $214,472 |
$4,226,424 |
4 |
$7,335,504 |
$2,674,467 $225,200 |
$4,435,837 |
5 |
$7,702,195 |
$2,810,143 $236,457 |
$4,655,595 |
6 |
$8,087,410 |
$2,952,672 $248,283 |
$4,886,455 |
7 |
$8,491,570 |
$3,102,211 $260,691 |
$5,128,668 |
8 |
$8,916,359 |
$3,259,383 $273,732 |
$5,383,244 |
9 |
$9,362,198 |
$3,424,344 $287,419 |
$5,650,435 |
10 |
$9,830,350 |
$3,597,560 $301,792 |
$5,930,998 |
11 |
$10,321,657 |
$3,779,343 $316,875 |
$6,225,439 |
12 |
$10,837,803 |
$3,970,317 $332,721 |
$6,534,765 |
13 |
$11,379,630 |
$4,170,793 $349,355 |
$6,859,482 |
14 |
$11,948,822 |
$4,381,395 $366,829 |
$7,200,598 |
15 |
$12,546,221 |
$4,602,432 $385,169 |
$7,558,620 |
16 |
$13,173,511 |
$4,834,529 $404,427 |
$7,934,555 |
17 |
$13,831,955 |
$5,078,154 $424,641 |
$8,329,160 |
18 |
$14,523,658 |
$5,334,084 $445,876 |
$8,743,698 |
19 |
$15,249,883 |
$5,602,787 $468,171 |
$9,178,925 |
20 |
$16,012,314 |
$5,884,887 $491,578 |
$9,635,849 |
21 |
$16,813,056 |
$6,181,161 $516,161 |
$10,115,734 |
22 |
$17,653,793 |
$6,492,234 $541,971 |
$10,619,588 |
23 |
$18,536,209 |
$6,818,728 $569,062 |
$11,148,419 |
24 |
$19,463,251 |
$7,161,733 $597,522 |
$11,703,996 |
25 |
$20,436,182 |
$7,521,718 $627,391 |
$12,287,073 |
26 |
$21,458,370 |
$7,899,927 $658,772 |
$12,899,671 |
27 |
$22,531,078 |
$8,296,829 $691,704 |
$13,542,545 |
28 |
$23,657,674 |
$8,713,670 $726,291 |
$14,217,713 |
29 |
$24,840,684 |
$9,151,383 $762,609 |
$14,926,692 |
30 |
$26,082,634 |
$9,610,905 $800,737 |
$15,670,992 |
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