The jackpot for the MEGA Millions draw on Fri Dec 27, 2024, is projected to be $1.15 Billion, with an option for a cash payout of $516.1 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 Wisconsin residents, the state will deduct 7.65% from your lottery earnings.
| Wisconsin MEGA Millions Jackpot/Cash Option for Fri Dec 27, 2024 |
|---|
| Draw Date | Fri Dec 27, 2024 | | Projected Jackpot | $1,150,000,000 | | Cash Value | $516,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $516,100,000 | | Federal Tax(24%) | $123,864,000 | | Additional Federal Tax | $67,053,330 | | State Tax(7.65%) | $39,481,650 | | Net Lumpsum Payment | $285,701,020 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$1,324,112 |
$9,620,007 |
| 2 |
$18,174,600 |
$6,684,932
$1,390,357 |
$10,099,311 |
| 3 |
$19,083,100 |
$7,021,077
$1,459,857 |
$10,602,166 |
| 4 |
$20,037,600 |
$7,374,242
$1,532,876 |
$11,130,482 |
| 5 |
$21,039,250 |
$7,744,853
$1,609,503 |
$11,684,894 |
| 6 |
$22,091,500 |
$8,134,185
$1,690,000 |
$12,267,315 |
| 7 |
$23,195,500 |
$8,542,665
$1,774,456 |
$12,878,379 |
| 8 |
$24,355,850 |
$8,971,995
$1,863,223 |
$13,520,632 |
| 9 |
$25,573,700 |
$9,422,599
$1,956,388 |
$14,194,713 |
| 10 |
$26,852,500 |
$9,895,755
$2,054,216 |
$14,902,529 |
| 11 |
$28,194,550 |
$10,392,314
$2,156,883 |
$15,645,353 |
| 12 |
$29,604,450 |
$10,913,977
$2,264,740 |
$16,425,733 |
| 13 |
$31,084,500 |
$11,461,595
$2,377,964 |
$17,244,941 |
| 14 |
$32,639,300 |
$12,036,871
$2,496,906 |
$18,105,523 |
| 15 |
$34,271,150 |
$12,640,656
$2,621,743 |
$19,008,751 |
| 16 |
$35,984,650 |
$13,274,651
$2,752,826 |
$19,957,173 |
| 17 |
$37,783,250 |
$13,940,133
$2,890,419 |
$20,952,698 |
| 18 |
$39,672,700 |
$14,639,229
$3,034,962 |
$21,998,509 |
| 19 |
$41,656,450 |
$15,373,217
$3,186,718 |
$23,096,515 |
| 20 |
$43,739,100 |
$16,143,797
$3,346,041 |
$24,249,262 |
| 21 |
$45,926,400 |
$16,953,098
$3,513,370 |
$25,459,932 |
| 22 |
$48,222,950 |
$17,802,822
$3,689,056 |
$26,731,072 |
| 23 |
$50,633,350 |
$18,694,670
$3,873,451 |
$28,065,229 |
| 24 |
$53,165,650 |
$19,631,621
$4,067,172 |
$29,466,857 |
| 25 |
$55,823,300 |
$20,614,951
$4,270,482 |
$30,937,867 |
| 26 |
$58,615,500 |
$21,648,065
$4,484,086 |
$32,483,349 |
| 27 |
$61,545,700 |
$22,732,239
$4,708,246 |
$34,105,215 |
| 28 |
$64,623,100 |
$23,870,877
$4,943,667 |
$35,808,556 |
| 29 |
$67,854,600 |
$25,066,532
$5,190,877 |
$37,597,191 |
| 30 |
$71,247,100 |
$26,321,757
$5,450,403 |
$39,474,940 |
|
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