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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $4,700,170 | | Net Lumpsum Payment | $91,792,500 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$152,944 |
$3,025,311 |
| 2 |
$5,231,124 |
$1,895,846
$160,596 |
$3,174,682 |
| 3 |
$5,492,614 |
$1,992,598
$168,623 |
$3,331,393 |
| 4 |
$5,767,344 |
$2,094,248
$177,057 |
$3,496,039 |
| 5 |
$6,055,645 |
$2,200,919
$185,908 |
$3,668,818 |
| 6 |
$6,358,510 |
$2,312,979
$195,206 |
$3,850,325 |
| 7 |
$6,676,270 |
$2,430,550
$204,961 |
$4,040,759 |
| 8 |
$7,010,249 |
$2,554,123
$215,215 |
$4,240,911 |
| 9 |
$7,360,778 |
$2,683,818
$225,976 |
$4,450,984 |
| 10 |
$7,728,850 |
$2,820,005
$237,276 |
$4,671,569 |
| 11 |
$8,115,127 |
$2,962,927
$249,134 |
$4,903,066 |
| 12 |
$8,520,933 |
$3,113,076
$261,593 |
$5,146,264 |
| 13 |
$8,946,930 |
$3,270,694
$274,671 |
$5,401,565 |
| 14 |
$9,394,442 |
$3,436,274
$288,409 |
$5,669,759 |
| 15 |
$9,864,131 |
$3,610,059
$302,829 |
$5,951,243 |
| 16 |
$10,357,321 |
$3,792,539
$317,970 |
$6,246,812 |
| 17 |
$10,875,005 |
$3,984,082
$333,863 |
$6,557,060 |
| 18 |
$11,418,838 |
$4,185,300
$350,558 |
$6,882,980 |
| 19 |
$11,989,813 |
$4,396,561
$368,087 |
$7,225,165 |
| 20 |
$12,589,254 |
$4,618,354
$386,490 |
$7,584,410 |
| 21 |
$13,218,816 |
$4,851,292
$405,818 |
$7,961,706 |
| 22 |
$13,879,823 |
$5,095,865
$426,111 |
$8,357,847 |
| 23 |
$14,573,599 |
$5,352,562
$447,409 |
$8,773,628 |
| 24 |
$15,302,461 |
$5,622,241
$469,786 |
$9,210,434 |
| 25 |
$16,067,402 |
$5,905,269
$493,269 |
$9,668,864 |
| 26 |
$16,871,070 |
$6,202,626
$517,942 |
$10,150,502 |
| 27 |
$17,714,458 |
$6,514,680
$543,834 |
$10,655,944 |
| 28 |
$18,600,214 |
$6,842,410
$571,027 |
$11,186,777 |
| 29 |
$19,530,324 |
$7,186,550
$599,581 |
$11,744,193 |
| 30 |
$20,506,774 |
$7,547,837
$629,558 |
$12,329,379 |
|
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