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 Virginia residents, the state will deduct 4% from your lottery earnings.
Virginia MEGA Millions Jackpot/Cash Option for Tue Sep 10, 2024 |
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Draw Date | Tue Sep 10, 2024 | Projected Jackpot | $800,000,000 | Cash Value | $401,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $401,800,000 | Federal Tax(24%) | $96,432,000 | Additional Federal Tax | $52,194,330 | State Tax(4%) | $16,072,000 | Net Lumpsum Payment | $237,101,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$12,040,800 |
$4,415,426 $481,632 |
$7,143,742 |
2 |
$12,643,200 |
$4,638,314 $505,728 |
$7,499,158 |
3 |
$13,275,200 |
$4,872,154 $531,008 |
$7,872,038 |
4 |
$13,939,200 |
$5,117,834 $557,568 |
$8,263,798 |
5 |
$14,636,000 |
$5,375,650 $585,440 |
$8,674,910 |
6 |
$15,368,000 |
$5,646,490 $614,720 |
$9,106,790 |
7 |
$16,136,000 |
$5,930,650 $645,440 |
$9,559,910 |
8 |
$16,943,200 |
$6,229,314 $677,728 |
$10,036,158 |
9 |
$17,790,400 |
$6,542,778 $711,616 |
$10,536,006 |
10 |
$18,680,000 |
$6,871,930 $747,200 |
$11,060,870 |
11 |
$19,613,600 |
$7,217,362 $784,544 |
$11,611,694 |
12 |
$20,594,400 |
$7,580,258 $823,776 |
$12,190,366 |
13 |
$21,624,000 |
$7,961,210 $864,960 |
$12,797,830 |
14 |
$22,705,600 |
$8,361,402 $908,224 |
$13,435,974 |
15 |
$23,840,800 |
$8,781,426 $953,632 |
$14,105,742 |
16 |
$25,032,800 |
$9,222,466 $1,001,312 |
$14,809,022 |
17 |
$26,284,000 |
$9,685,410 $1,051,360 |
$15,547,230 |
18 |
$27,598,400 |
$10,171,738 $1,103,936 |
$16,322,726 |
19 |
$28,978,400 |
$10,682,338 $1,159,136 |
$17,136,926 |
20 |
$30,427,200 |
$11,218,394 $1,217,088 |
$17,991,718 |
21 |
$31,948,800 |
$11,781,386 $1,277,952 |
$18,889,462 |
22 |
$33,546,400 |
$12,372,498 $1,341,856 |
$19,832,046 |
23 |
$35,223,200 |
$12,992,914 $1,408,928 |
$20,821,358 |
24 |
$36,984,800 |
$13,644,706 $1,479,392 |
$21,860,702 |
25 |
$38,833,600 |
$14,328,762 $1,553,344 |
$22,951,494 |
26 |
$40,776,000 |
$15,047,450 $1,631,040 |
$24,097,510 |
27 |
$42,814,400 |
$15,801,658 $1,712,576 |
$25,300,166 |
28 |
$44,955,200 |
$16,593,754 $1,798,208 |
$26,563,238 |
29 |
$47,203,200 |
$17,425,514 $1,888,128 |
$27,889,558 |
30 |
$49,563,200 |
$18,298,714 $1,982,528 |
$29,281,958 |
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