The jackpot for the MEGA Millions draw on Tue Dec 17, 2024, is projected to be $740 Million, with an option for a cash payout of $342.9 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 Delaware, the bright side is you won't have to pay any state taxes on your lottery prize.
Delaware MEGA Millions Jackpot/Cash Option for Tue Dec 17, 2024 |
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Draw Date | Tue Dec 17, 2024 | Projected Jackpot | $740,000,000 | Cash Value | $342,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $342,900,000 | Federal Tax(24%) | $82,296,000 | Additional Federal Tax | $44,537,330 | State Tax(0%) | $0 | Net Lumpsum Payment | $216,066,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$11,137,740 |
$4,081,294 $0 |
$7,056,446 |
2 |
$11,694,960 |
$4,287,466 $0 |
$7,407,494 |
3 |
$12,279,560 |
$4,503,768 $0 |
$7,775,792 |
4 |
$12,893,760 |
$4,731,022 $0 |
$8,162,738 |
5 |
$13,538,300 |
$4,969,501 $0 |
$8,568,799 |
6 |
$14,215,400 |
$5,220,028 $0 |
$8,995,372 |
7 |
$14,925,800 |
$5,482,876 $0 |
$9,442,924 |
8 |
$15,672,460 |
$5,759,141 $0 |
$9,913,319 |
9 |
$16,456,120 |
$6,049,095 $0 |
$10,407,025 |
10 |
$17,279,000 |
$6,353,560 $0 |
$10,925,440 |
11 |
$18,142,580 |
$6,673,085 $0 |
$11,469,495 |
12 |
$19,049,820 |
$7,008,764 $0 |
$12,041,056 |
13 |
$20,002,200 |
$7,361,144 $0 |
$12,641,056 |
14 |
$21,002,680 |
$7,731,322 $0 |
$13,271,358 |
15 |
$22,052,740 |
$8,119,844 $0 |
$13,932,896 |
16 |
$23,155,340 |
$8,527,806 $0 |
$14,627,534 |
17 |
$24,312,700 |
$8,956,029 $0 |
$15,356,671 |
18 |
$25,528,520 |
$9,405,883 $0 |
$16,122,637 |
19 |
$26,805,020 |
$9,878,188 $0 |
$16,926,832 |
20 |
$28,145,160 |
$10,374,040 $0 |
$17,771,120 |
21 |
$29,552,640 |
$10,894,807 $0 |
$18,657,833 |
22 |
$31,030,420 |
$11,441,586 $0 |
$19,588,834 |
23 |
$32,581,460 |
$12,015,471 $0 |
$20,565,989 |
24 |
$34,210,940 |
$12,618,378 $0 |
$21,592,562 |
25 |
$35,921,080 |
$13,251,130 $0 |
$22,669,950 |
26 |
$37,717,800 |
$13,915,916 $0 |
$23,801,884 |
27 |
$39,603,320 |
$14,613,559 $0 |
$24,989,761 |
28 |
$41,583,560 |
$15,346,248 $0 |
$26,237,312 |
29 |
$43,662,960 |
$16,115,626 $0 |
$27,547,334 |
30 |
$45,845,960 |
$16,923,336 $0 |
$28,922,624 |
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