The jackpot for the MEGA Millions draw on Tue Sep 10, 2024, is projected to be $800 Million, with an option for a cash payout of $401.8 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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan MEGA Millions Jackpot/Cash Option for Tue Sep 10, 2024 |
|---|
| Draw Date | Tue Sep 10, 2024 | | Projected Jackpot | $800,000,000 | | Cash Value | $401,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $401,800,000 | | Federal Tax(24%) | $96,432,000 | | Additional Federal Tax | $52,194,330 | | State Tax(4.25%) | $17,076,500 | | Net Lumpsum Payment | $236,097,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$12,040,800 |
$4,415,426
$511,734 |
$7,113,640 |
| 2 |
$12,643,200 |
$4,638,314
$537,336 |
$7,467,550 |
| 3 |
$13,275,200 |
$4,872,154
$564,196 |
$7,838,850 |
| 4 |
$13,939,200 |
$5,117,834
$592,416 |
$8,228,950 |
| 5 |
$14,636,000 |
$5,375,650
$622,030 |
$8,638,320 |
| 6 |
$15,368,000 |
$5,646,490
$653,140 |
$9,068,370 |
| 7 |
$16,136,000 |
$5,930,650
$685,780 |
$9,519,570 |
| 8 |
$16,943,200 |
$6,229,314
$720,086 |
$9,993,800 |
| 9 |
$17,790,400 |
$6,542,778
$756,092 |
$10,491,530 |
| 10 |
$18,680,000 |
$6,871,930
$793,900 |
$11,014,170 |
| 11 |
$19,613,600 |
$7,217,362
$833,578 |
$11,562,660 |
| 12 |
$20,594,400 |
$7,580,258
$875,262 |
$12,138,880 |
| 13 |
$21,624,000 |
$7,961,210
$919,020 |
$12,743,770 |
| 14 |
$22,705,600 |
$8,361,402
$964,988 |
$13,379,210 |
| 15 |
$23,840,800 |
$8,781,426
$1,013,234 |
$14,046,140 |
| 16 |
$25,032,800 |
$9,222,466
$1,063,894 |
$14,746,440 |
| 17 |
$26,284,000 |
$9,685,410
$1,117,070 |
$15,481,520 |
| 18 |
$27,598,400 |
$10,171,738
$1,172,932 |
$16,253,730 |
| 19 |
$28,978,400 |
$10,682,338
$1,231,582 |
$17,064,480 |
| 20 |
$30,427,200 |
$11,218,394
$1,293,156 |
$17,915,650 |
| 21 |
$31,948,800 |
$11,781,386
$1,357,824 |
$18,809,590 |
| 22 |
$33,546,400 |
$12,372,498
$1,425,722 |
$19,748,180 |
| 23 |
$35,223,200 |
$12,992,914
$1,496,986 |
$20,733,300 |
| 24 |
$36,984,800 |
$13,644,706
$1,571,854 |
$21,768,240 |
| 25 |
$38,833,600 |
$14,328,762
$1,650,428 |
$22,854,410 |
| 26 |
$40,776,000 |
$15,047,450
$1,732,980 |
$23,995,570 |
| 27 |
$42,814,400 |
$15,801,658
$1,819,612 |
$25,193,130 |
| 28 |
$44,955,200 |
$16,593,754
$1,910,596 |
$26,450,850 |
| 29 |
$47,203,200 |
$17,425,514
$2,006,136 |
$27,771,550 |
| 30 |
$49,563,200 |
$18,298,714
$2,106,436 |
$29,158,050 |
|
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