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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $8,879,800 | | Net Lumpsum Payment | $87,612,870 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$288,949 |
$2,889,306 |
| 2 |
$5,231,124 |
$1,895,846
$303,405 |
$3,031,873 |
| 3 |
$5,492,614 |
$1,992,598
$318,572 |
$3,181,444 |
| 4 |
$5,767,344 |
$2,094,248
$334,506 |
$3,338,590 |
| 5 |
$6,055,645 |
$2,200,919
$351,227 |
$3,503,499 |
| 6 |
$6,358,510 |
$2,312,979
$368,794 |
$3,676,737 |
| 7 |
$6,676,270 |
$2,430,550
$387,224 |
$3,858,496 |
| 8 |
$7,010,249 |
$2,554,123
$406,594 |
$4,049,532 |
| 9 |
$7,360,778 |
$2,683,818
$426,925 |
$4,250,035 |
| 10 |
$7,728,850 |
$2,820,005
$448,273 |
$4,460,572 |
| 11 |
$8,115,127 |
$2,962,927
$470,677 |
$4,681,523 |
| 12 |
$8,520,933 |
$3,113,076
$494,214 |
$4,913,643 |
| 13 |
$8,946,930 |
$3,270,694
$518,922 |
$5,157,314 |
| 14 |
$9,394,442 |
$3,436,274
$544,878 |
$5,413,290 |
| 15 |
$9,864,131 |
$3,610,059
$572,120 |
$5,681,952 |
| 16 |
$10,357,321 |
$3,792,539
$600,725 |
$5,964,057 |
| 17 |
$10,875,005 |
$3,984,082
$630,750 |
$6,260,173 |
| 18 |
$11,418,838 |
$4,185,300
$662,293 |
$6,571,245 |
| 19 |
$11,989,813 |
$4,396,561
$695,409 |
$6,897,843 |
| 20 |
$12,589,254 |
$4,618,354
$730,177 |
$7,240,723 |
| 21 |
$13,218,816 |
$4,851,292
$766,691 |
$7,600,833 |
| 22 |
$13,879,823 |
$5,095,865
$805,030 |
$7,978,928 |
| 23 |
$14,573,599 |
$5,352,562
$845,269 |
$8,375,768 |
| 24 |
$15,302,461 |
$5,622,241
$887,543 |
$8,792,677 |
| 25 |
$16,067,402 |
$5,905,269
$931,909 |
$9,230,224 |
| 26 |
$16,871,070 |
$6,202,626
$978,522 |
$9,689,922 |
| 27 |
$17,714,458 |
$6,514,680
$1,027,439 |
$10,172,339 |
| 28 |
$18,600,214 |
$6,842,410
$1,078,812 |
$10,678,992 |
| 29 |
$19,530,324 |
$7,186,550
$1,132,759 |
$11,211,015 |
| 30 |
$20,506,774 |
$7,547,837
$1,189,393 |
$11,769,544 |
|
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