Jackpot Analysis Minnesota Mega Millions

Jackpot Analysis for Minnesota Mega Millions
The jackpot for the MEGA Millions draw on Tue May 28, 2024, is projected to be $489 Million, with an option for a cash payout of $226.4 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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.

Minnesota MEGA Millions Jackpot/Cash Option for Tue May 28, 2024
Draw DateTue May 28, 2024
Projected Jackpot$489,000,000
Cash Value$226,400,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$226,400,000
Federal Tax(24%)$54,336,000
Additional Federal Tax$29,392,330
State Tax(7.25%)$16,414,000
Net Lumpsum Payment$126,257,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $7,359,939 $2,683,508
$533,596
$4,142,835
2 $7,728,156 $2,819,748
$560,291
$4,348,117
3 $8,114,466 $2,962,683
$588,299
$4,563,484
4 $8,520,336 $3,112,855
$617,724
$4,789,757
5 $8,946,255 $3,270,445
$648,603
$5,027,207
6 $9,393,690 $3,435,996
$681,043
$5,276,651
7 $9,863,130 $3,609,688
$715,077
$5,538,365
8 $10,356,531 $3,792,247
$750,848
$5,813,436
9 $10,874,382 $3,983,852
$788,393
$6,102,137
10 $11,418,150 $4,185,046
$827,816
$6,405,288
11 $11,988,813 $4,396,191
$869,189
$6,723,433
12 $12,588,327 $4,618,011
$912,654
$7,057,662
13 $13,217,670 $4,850,868
$958,281
$7,408,521
14 $13,878,798 $5,095,486
$1,006,213
$7,777,099
15 $14,572,689 $5,352,225
$1,056,520
$8,163,944
16 $15,301,299 $5,621,811
$1,109,344
$8,570,144
17 $16,066,095 $5,904,786
$1,164,792
$8,996,517
18 $16,869,522 $6,202,054
$1,223,040
$9,444,428
19 $17,713,047 $6,514,158
$1,284,196
$9,914,693
20 $18,598,626 $6,841,822
$1,348,400
$10,408,404
21 $19,528,704 $7,185,951
$1,415,831
$10,926,922
22 $20,505,237 $7,547,268
$1,486,630
$11,471,339
23 $21,530,181 $7,926,497
$1,560,938
$12,042,746
24 $22,606,959 $8,324,905
$1,639,005
$12,643,049
25 $23,737,038 $8,743,034
$1,720,935
$13,273,069
26 $24,924,330 $9,182,332
$1,807,014
$13,934,984
27 $26,170,302 $9,643,342
$1,897,347
$14,629,613
28 $27,478,866 $10,127,511
$1,992,218
$15,359,137
29 $28,852,956 $10,635,924
$2,091,839
$16,125,193
30 $30,295,506 $11,169,668
$2,196,424
$16,929,414