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 Maine residents, the state will deduct 5% from your lottery earnings.
| Maine 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%) | $7,655,000 | | Net Lumpsum Payment | $88,837,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$249,094 |
$2,929,161 |
| 2 |
$5,231,124 |
$1,895,846
$261,556 |
$3,073,722 |
| 3 |
$5,492,614 |
$1,992,598
$274,631 |
$3,225,385 |
| 4 |
$5,767,344 |
$2,094,248
$288,367 |
$3,384,729 |
| 5 |
$6,055,645 |
$2,200,919
$302,782 |
$3,551,944 |
| 6 |
$6,358,510 |
$2,312,979
$317,926 |
$3,727,605 |
| 7 |
$6,676,270 |
$2,430,550
$333,814 |
$3,911,906 |
| 8 |
$7,010,249 |
$2,554,123
$350,512 |
$4,105,614 |
| 9 |
$7,360,778 |
$2,683,818
$368,039 |
$4,308,921 |
| 10 |
$7,728,850 |
$2,820,005
$386,443 |
$4,522,402 |
| 11 |
$8,115,127 |
$2,962,927
$405,756 |
$4,746,444 |
| 12 |
$8,520,933 |
$3,113,076
$426,047 |
$4,981,810 |
| 13 |
$8,946,930 |
$3,270,694
$447,347 |
$5,228,889 |
| 14 |
$9,394,442 |
$3,436,274
$469,722 |
$5,488,446 |
| 15 |
$9,864,131 |
$3,610,059
$493,207 |
$5,760,865 |
| 16 |
$10,357,321 |
$3,792,539
$517,866 |
$6,046,916 |
| 17 |
$10,875,005 |
$3,984,082
$543,750 |
$6,347,173 |
| 18 |
$11,418,838 |
$4,185,300
$570,942 |
$6,662,596 |
| 19 |
$11,989,813 |
$4,396,561
$599,491 |
$6,993,761 |
| 20 |
$12,589,254 |
$4,618,354
$629,463 |
$7,341,437 |
| 21 |
$13,218,816 |
$4,851,292
$660,941 |
$7,706,583 |
| 22 |
$13,879,823 |
$5,095,865
$693,991 |
$8,089,967 |
| 23 |
$14,573,599 |
$5,352,562
$728,680 |
$8,492,357 |
| 24 |
$15,302,461 |
$5,622,241
$765,123 |
$8,915,097 |
| 25 |
$16,067,402 |
$5,905,269
$803,370 |
$9,358,763 |
| 26 |
$16,871,070 |
$6,202,626
$843,554 |
$9,824,890 |
| 27 |
$17,714,458 |
$6,514,680
$885,723 |
$10,314,055 |
| 28 |
$18,600,214 |
$6,842,410
$930,011 |
$10,827,793 |
| 29 |
$19,530,324 |
$7,186,550
$976,516 |
$11,367,258 |
| 30 |
$20,506,774 |
$7,547,837
$1,025,339 |
$11,933,598 |
|
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