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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $6,124,000 | | Net Lumpsum Payment | $90,368,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$199,275 |
$2,978,980 |
| 2 |
$5,231,124 |
$1,895,846
$209,245 |
$3,126,033 |
| 3 |
$5,492,614 |
$1,992,598
$219,705 |
$3,280,311 |
| 4 |
$5,767,344 |
$2,094,248
$230,694 |
$3,442,402 |
| 5 |
$6,055,645 |
$2,200,919
$242,226 |
$3,612,500 |
| 6 |
$6,358,510 |
$2,312,979
$254,340 |
$3,791,191 |
| 7 |
$6,676,270 |
$2,430,550
$267,051 |
$3,978,669 |
| 8 |
$7,010,249 |
$2,554,123
$280,410 |
$4,175,716 |
| 9 |
$7,360,778 |
$2,683,818
$294,431 |
$4,382,529 |
| 10 |
$7,728,850 |
$2,820,005
$309,154 |
$4,599,691 |
| 11 |
$8,115,127 |
$2,962,927
$324,605 |
$4,827,595 |
| 12 |
$8,520,933 |
$3,113,076
$340,837 |
$5,067,020 |
| 13 |
$8,946,930 |
$3,270,694
$357,877 |
$5,318,359 |
| 14 |
$9,394,442 |
$3,436,274
$375,778 |
$5,582,390 |
| 15 |
$9,864,131 |
$3,610,059
$394,565 |
$5,859,507 |
| 16 |
$10,357,321 |
$3,792,539
$414,293 |
$6,150,489 |
| 17 |
$10,875,005 |
$3,984,082
$435,000 |
$6,455,923 |
| 18 |
$11,418,838 |
$4,185,300
$456,754 |
$6,776,784 |
| 19 |
$11,989,813 |
$4,396,561
$479,593 |
$7,113,659 |
| 20 |
$12,589,254 |
$4,618,354
$503,570 |
$7,467,330 |
| 21 |
$13,218,816 |
$4,851,292
$528,753 |
$7,838,771 |
| 22 |
$13,879,823 |
$5,095,865
$555,193 |
$8,228,765 |
| 23 |
$14,573,599 |
$5,352,562
$582,944 |
$8,638,093 |
| 24 |
$15,302,461 |
$5,622,241
$612,098 |
$9,068,122 |
| 25 |
$16,067,402 |
$5,905,269
$642,696 |
$9,519,437 |
| 26 |
$16,871,070 |
$6,202,626
$674,843 |
$9,993,601 |
| 27 |
$17,714,458 |
$6,514,680
$708,578 |
$10,491,200 |
| 28 |
$18,600,214 |
$6,842,410
$744,009 |
$11,013,795 |
| 29 |
$19,530,324 |
$7,186,550
$781,213 |
$11,562,561 |
| 30 |
$20,506,774 |
$7,547,837
$820,271 |
$12,138,666 |
|
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