The jackpot for the MEGA Millions draw on Fri Jun 28, 2024, is projected to be $116 Million, with an option for a cash payout of $55.4 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 those living in California, the bright side is you won't have to pay any state taxes on your lottery prize.
| California MEGA Millions Jackpot/Cash Option for Fri Jun 28, 2024 |
|---|
| Draw Date | Fri Jun 28, 2024 | | Projected Jackpot | $116,000,000 | | Cash Value | $55,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $55,400,000 | | Federal Tax(24%) | $13,296,000 | | Additional Federal Tax | $7,162,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $34,941,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,745,916 |
$606,319
$0 |
$1,139,597 |
| 2 |
$1,833,264 |
$638,638
$0 |
$1,194,626 |
| 3 |
$1,924,904 |
$672,545
$0 |
$1,252,359 |
| 4 |
$2,021,184 |
$708,168
$0 |
$1,313,016 |
| 5 |
$2,122,220 |
$745,552
$0 |
$1,376,668 |
| 6 |
$2,228,360 |
$784,824
$0 |
$1,443,536 |
| 7 |
$2,339,720 |
$826,027
$0 |
$1,513,693 |
| 8 |
$2,456,764 |
$869,333
$0 |
$1,587,431 |
| 9 |
$2,579,608 |
$914,785
$0 |
$1,664,823 |
| 10 |
$2,708,600 |
$962,512
$0 |
$1,746,088 |
| 11 |
$2,843,972 |
$1,012,600
$0 |
$1,831,372 |
| 12 |
$2,986,188 |
$1,065,220
$0 |
$1,920,968 |
| 13 |
$3,135,480 |
$1,120,458
$0 |
$2,015,022 |
| 14 |
$3,292,312 |
$1,178,486
$0 |
$2,113,826 |
| 15 |
$3,456,916 |
$1,239,389
$0 |
$2,217,527 |
| 16 |
$3,629,756 |
$1,303,340
$0 |
$2,326,416 |
| 17 |
$3,811,180 |
$1,370,467
$0 |
$2,440,713 |
| 18 |
$4,001,768 |
$1,440,985
$0 |
$2,560,783 |
| 19 |
$4,201,868 |
$1,515,022
$0 |
$2,686,846 |
| 20 |
$4,411,944 |
$1,592,750
$0 |
$2,819,194 |
| 21 |
$4,632,576 |
$1,674,384
$0 |
$2,958,192 |
| 22 |
$4,864,228 |
$1,760,095
$0 |
$3,104,133 |
| 23 |
$5,107,364 |
$1,850,055
$0 |
$3,257,309 |
| 24 |
$5,362,796 |
$1,944,565
$0 |
$3,418,231 |
| 25 |
$5,630,872 |
$2,043,753
$0 |
$3,587,119 |
| 26 |
$5,912,520 |
$2,147,963
$0 |
$3,764,557 |
| 27 |
$6,208,088 |
$2,257,323
$0 |
$3,950,765 |
| 28 |
$6,518,504 |
$2,372,177
$0 |
$4,146,327 |
| 29 |
$6,844,464 |
$2,492,782
$0 |
$4,351,682 |
| 30 |
$7,186,664 |
$2,619,396
$0 |
$4,567,268 |
|
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