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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan 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(4.25%) | $8,325,750 | | Net Lumpsum Payment | $115,130,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$269,300 |
$3,762,346 |
| 2 |
$6,653,484 |
$2,422,119
$282,773 |
$3,948,592 |
| 3 |
$6,986,074 |
$2,545,178
$296,908 |
$4,143,988 |
| 4 |
$7,335,504 |
$2,674,467
$311,759 |
$4,349,278 |
| 5 |
$7,702,195 |
$2,810,143
$327,343 |
$4,564,709 |
| 6 |
$8,087,410 |
$2,952,672
$343,715 |
$4,791,023 |
| 7 |
$8,491,570 |
$3,102,211
$360,892 |
$5,028,467 |
| 8 |
$8,916,359 |
$3,259,383
$378,945 |
$5,278,031 |
| 9 |
$9,362,198 |
$3,424,344
$397,893 |
$5,539,961 |
| 10 |
$9,830,350 |
$3,597,560
$417,790 |
$5,815,000 |
| 11 |
$10,321,657 |
$3,779,343
$438,670 |
$6,103,644 |
| 12 |
$10,837,803 |
$3,970,317
$460,607 |
$6,406,879 |
| 13 |
$11,379,630 |
$4,170,793
$483,634 |
$6,725,203 |
| 14 |
$11,948,822 |
$4,381,395
$507,825 |
$7,059,602 |
| 15 |
$12,546,221 |
$4,602,432
$533,214 |
$7,410,575 |
| 16 |
$13,173,511 |
$4,834,529
$559,874 |
$7,779,108 |
| 17 |
$13,831,955 |
$5,078,154
$587,858 |
$8,165,943 |
| 18 |
$14,523,658 |
$5,334,084
$617,255 |
$8,572,319 |
| 19 |
$15,249,883 |
$5,602,787
$648,120 |
$8,998,976 |
| 20 |
$16,012,314 |
$5,884,887
$680,523 |
$9,446,904 |
| 21 |
$16,813,056 |
$6,181,161
$714,555 |
$9,917,340 |
| 22 |
$17,653,793 |
$6,492,234
$750,286 |
$10,411,273 |
| 23 |
$18,536,209 |
$6,818,728
$787,789 |
$10,929,692 |
| 24 |
$19,463,251 |
$7,161,733
$827,188 |
$11,474,330 |
| 25 |
$20,436,182 |
$7,521,718
$868,538 |
$12,045,926 |
| 26 |
$21,458,370 |
$7,899,927
$911,981 |
$12,646,462 |
| 27 |
$22,531,078 |
$8,296,829
$957,571 |
$13,276,678 |
| 28 |
$23,657,674 |
$8,713,670
$1,005,451 |
$13,938,553 |
| 29 |
$24,840,684 |
$9,151,383
$1,055,729 |
$14,633,572 |
| 30 |
$26,082,634 |
$9,610,905
$1,108,512 |
$15,363,217 |
|
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