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 |
|---|
| 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(5.8%) | $11,362,200 | | Net Lumpsum Payment | $112,094,470 |
| Annuity Payment in 30 Installations |
|---|
| 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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