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 Vermont residents, the state will deduct 6% from your lottery earnings.
| Vermont 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(6%) | $11,754,000 | | Net Lumpsum Payment | $111,702,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$380,188 |
$3,651,458 |
| 2 |
$6,653,484 |
$2,422,119
$399,209 |
$3,832,156 |
| 3 |
$6,986,074 |
$2,545,178
$419,164 |
$4,021,732 |
| 4 |
$7,335,504 |
$2,674,467
$440,130 |
$4,220,907 |
| 5 |
$7,702,195 |
$2,810,143
$462,132 |
$4,429,920 |
| 6 |
$8,087,410 |
$2,952,672
$485,245 |
$4,649,493 |
| 7 |
$8,491,570 |
$3,102,211
$509,494 |
$4,879,865 |
| 8 |
$8,916,359 |
$3,259,383
$534,982 |
$5,121,994 |
| 9 |
$9,362,198 |
$3,424,344
$561,732 |
$5,376,122 |
| 10 |
$9,830,350 |
$3,597,560
$589,821 |
$5,642,969 |
| 11 |
$10,321,657 |
$3,779,343
$619,299 |
$5,923,015 |
| 12 |
$10,837,803 |
$3,970,317
$650,268 |
$6,217,218 |
| 13 |
$11,379,630 |
$4,170,793
$682,778 |
$6,526,059 |
| 14 |
$11,948,822 |
$4,381,395
$716,929 |
$6,850,498 |
| 15 |
$12,546,221 |
$4,602,432
$752,773 |
$7,191,016 |
| 16 |
$13,173,511 |
$4,834,529
$790,411 |
$7,548,571 |
| 17 |
$13,831,955 |
$5,078,154
$829,917 |
$7,923,884 |
| 18 |
$14,523,658 |
$5,334,084
$871,419 |
$8,318,155 |
| 19 |
$15,249,883 |
$5,602,787
$914,993 |
$8,732,103 |
| 20 |
$16,012,314 |
$5,884,887
$960,739 |
$9,166,688 |
| 21 |
$16,813,056 |
$6,181,161
$1,008,783 |
$9,623,112 |
| 22 |
$17,653,793 |
$6,492,234
$1,059,228 |
$10,102,331 |
| 23 |
$18,536,209 |
$6,818,728
$1,112,173 |
$10,605,308 |
| 24 |
$19,463,251 |
$7,161,733
$1,167,795 |
$11,133,723 |
| 25 |
$20,436,182 |
$7,521,718
$1,226,171 |
$11,688,293 |
| 26 |
$21,458,370 |
$7,899,927
$1,287,502 |
$12,270,941 |
| 27 |
$22,531,078 |
$8,296,829
$1,351,865 |
$12,882,384 |
| 28 |
$23,657,674 |
$8,713,670
$1,419,460 |
$13,524,544 |
| 29 |
$24,840,684 |
$9,151,383
$1,490,441 |
$14,198,860 |
| 30 |
$26,082,634 |
$9,610,905
$1,564,958 |
$14,906,771 |
|
|
