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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
| Indiana 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(3.15%) | $4,822,650 | | Net Lumpsum Payment | $91,670,020 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$156,929 |
$3,021,326 |
| 2 |
$5,231,124 |
$1,895,846
$164,780 |
$3,170,498 |
| 3 |
$5,492,614 |
$1,992,598
$173,017 |
$3,326,999 |
| 4 |
$5,767,344 |
$2,094,248
$181,671 |
$3,491,425 |
| 5 |
$6,055,645 |
$2,200,919
$190,753 |
$3,663,973 |
| 6 |
$6,358,510 |
$2,312,979
$200,293 |
$3,845,238 |
| 7 |
$6,676,270 |
$2,430,550
$210,303 |
$4,035,417 |
| 8 |
$7,010,249 |
$2,554,123
$220,823 |
$4,235,303 |
| 9 |
$7,360,778 |
$2,683,818
$231,865 |
$4,445,095 |
| 10 |
$7,728,850 |
$2,820,005
$243,459 |
$4,665,386 |
| 11 |
$8,115,127 |
$2,962,927
$255,627 |
$4,896,573 |
| 12 |
$8,520,933 |
$3,113,076
$268,409 |
$5,139,448 |
| 13 |
$8,946,930 |
$3,270,694
$281,828 |
$5,394,408 |
| 14 |
$9,394,442 |
$3,436,274
$295,925 |
$5,662,243 |
| 15 |
$9,864,131 |
$3,610,059
$310,720 |
$5,943,352 |
| 16 |
$10,357,321 |
$3,792,539
$326,256 |
$6,238,526 |
| 17 |
$10,875,005 |
$3,984,082
$342,563 |
$6,548,360 |
| 18 |
$11,418,838 |
$4,185,300
$359,693 |
$6,873,845 |
| 19 |
$11,989,813 |
$4,396,561
$377,679 |
$7,215,573 |
| 20 |
$12,589,254 |
$4,618,354
$396,562 |
$7,574,338 |
| 21 |
$13,218,816 |
$4,851,292
$416,393 |
$7,951,131 |
| 22 |
$13,879,823 |
$5,095,865
$437,214 |
$8,346,744 |
| 23 |
$14,573,599 |
$5,352,562
$459,068 |
$8,761,969 |
| 24 |
$15,302,461 |
$5,622,241
$482,028 |
$9,198,192 |
| 25 |
$16,067,402 |
$5,905,269
$506,123 |
$9,656,010 |
| 26 |
$16,871,070 |
$6,202,626
$531,439 |
$10,137,005 |
| 27 |
$17,714,458 |
$6,514,680
$558,005 |
$10,641,773 |
| 28 |
$18,600,214 |
$6,842,410
$585,907 |
$11,171,897 |
| 29 |
$19,530,324 |
$7,186,550
$615,205 |
$11,728,569 |
| 30 |
$20,506,774 |
$7,547,837
$645,963 |
$12,312,974 |
|
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