The jackpot for the MEGA Millions draw on Fri May 10, 2024, is projected to be $331 Million, with an option for a cash payout of $153.1 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia MEGA Millions Jackpot/Cash Option for Fri May 10, 2024 |
|---|
| Draw Date | Fri May 10, 2024 | | Projected Jackpot | $331,000,000 | | Cash Value | $153,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $153,100,000 | | Federal Tax(24%) | $36,744,000 | | Additional Federal Tax | $19,863,330 | | State Tax(5.75%) | $8,803,250 | | Net Lumpsum Payment | $87,689,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$286,458 |
$2,891,797 |
| 2 |
$5,231,124 |
$1,895,846
$300,790 |
$3,034,488 |
| 3 |
$5,492,614 |
$1,992,598
$315,825 |
$3,184,191 |
| 4 |
$5,767,344 |
$2,094,248
$331,622 |
$3,341,474 |
| 5 |
$6,055,645 |
$2,200,919
$348,200 |
$3,506,526 |
| 6 |
$6,358,510 |
$2,312,979
$365,614 |
$3,679,917 |
| 7 |
$6,676,270 |
$2,430,550
$383,886 |
$3,861,834 |
| 8 |
$7,010,249 |
$2,554,123
$403,089 |
$4,053,037 |
| 9 |
$7,360,778 |
$2,683,818
$423,245 |
$4,253,715 |
| 10 |
$7,728,850 |
$2,820,005
$444,409 |
$4,464,436 |
| 11 |
$8,115,127 |
$2,962,927
$466,620 |
$4,685,580 |
| 12 |
$8,520,933 |
$3,113,076
$489,954 |
$4,917,903 |
| 13 |
$8,946,930 |
$3,270,694
$514,448 |
$5,161,788 |
| 14 |
$9,394,442 |
$3,436,274
$540,180 |
$5,417,988 |
| 15 |
$9,864,131 |
$3,610,059
$567,188 |
$5,686,884 |
| 16 |
$10,357,321 |
$3,792,539
$595,546 |
$5,969,236 |
| 17 |
$10,875,005 |
$3,984,082
$625,313 |
$6,265,610 |
| 18 |
$11,418,838 |
$4,185,300
$656,583 |
$6,576,955 |
| 19 |
$11,989,813 |
$4,396,561
$689,414 |
$6,903,838 |
| 20 |
$12,589,254 |
$4,618,354
$723,882 |
$7,247,018 |
| 21 |
$13,218,816 |
$4,851,292
$760,082 |
$7,607,442 |
| 22 |
$13,879,823 |
$5,095,865
$798,090 |
$7,985,868 |
| 23 |
$14,573,599 |
$5,352,562
$837,982 |
$8,383,055 |
| 24 |
$15,302,461 |
$5,622,241
$879,892 |
$8,800,328 |
| 25 |
$16,067,402 |
$5,905,269
$923,876 |
$9,238,257 |
| 26 |
$16,871,070 |
$6,202,626
$970,087 |
$9,698,357 |
| 27 |
$17,714,458 |
$6,514,680
$1,018,581 |
$10,181,197 |
| 28 |
$18,600,214 |
$6,842,410
$1,069,512 |
$10,688,292 |
| 29 |
$19,530,324 |
$7,186,550
$1,122,994 |
$11,220,780 |
| 30 |
$20,506,774 |
$7,547,837
$1,179,140 |
$11,779,797 |
|
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