The jackpot for the MEGA Millions draw on Tue Jul 2, 2024, is projected to be $137 Million, with an option for a cash payout of $64.5 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia MEGA Millions Jackpot/Cash Option for Tue Jul 2, 2024 |
|---|
| Draw Date | Tue Jul 2, 2024 | | Projected Jackpot | $137,000,000 | | Cash Value | $64,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $64,500,000 | | Federal Tax(24%) | $15,480,000 | | Additional Federal Tax | $8,345,330 | | State Tax(5.75%) | $3,708,750 | | Net Lumpsum Payment | $36,965,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,061,987 |
$723,266
$118,564 |
$1,220,157 |
| 2 |
$2,165,148 |
$761,435
$124,496 |
$1,279,217 |
| 3 |
$2,273,378 |
$801,480
$130,719 |
$1,341,179 |
| 4 |
$2,387,088 |
$843,553
$137,258 |
$1,406,277 |
| 5 |
$2,506,415 |
$887,704
$144,119 |
$1,474,592 |
| 6 |
$2,631,770 |
$934,085
$151,327 |
$1,546,358 |
| 7 |
$2,763,290 |
$982,748
$158,889 |
$1,621,653 |
| 8 |
$2,901,523 |
$1,033,894
$166,838 |
$1,700,791 |
| 9 |
$3,046,606 |
$1,087,575
$175,180 |
$1,783,851 |
| 10 |
$3,198,950 |
$1,143,942
$183,940 |
$1,871,068 |
| 11 |
$3,358,829 |
$1,203,097
$193,133 |
$1,962,599 |
| 12 |
$3,526,791 |
$1,265,243
$202,790 |
$2,058,758 |
| 13 |
$3,703,110 |
$1,330,481
$212,929 |
$2,159,700 |
| 14 |
$3,888,334 |
$1,399,014
$223,579 |
$2,265,741 |
| 15 |
$4,082,737 |
$1,470,943
$234,757 |
$2,377,037 |
| 16 |
$4,286,867 |
$1,546,471
$246,495 |
$2,493,901 |
| 17 |
$4,501,135 |
$1,625,750
$258,815 |
$2,616,570 |
| 18 |
$4,726,226 |
$1,709,034
$271,758 |
$2,745,434 |
| 19 |
$4,962,551 |
$1,796,474
$285,347 |
$2,880,730 |
| 20 |
$5,210,658 |
$1,888,274
$299,613 |
$3,022,771 |
| 21 |
$5,471,232 |
$1,984,686
$314,596 |
$3,171,950 |
| 22 |
$5,744,821 |
$2,085,914
$330,327 |
$3,328,580 |
| 23 |
$6,031,973 |
$2,192,160
$346,838 |
$3,492,975 |
| 24 |
$6,333,647 |
$2,303,780
$364,185 |
$3,665,682 |
| 25 |
$6,650,254 |
$2,420,924
$382,390 |
$3,846,940 |
| 26 |
$6,982,890 |
$2,544,000
$401,516 |
$4,037,374 |
| 27 |
$7,331,966 |
$2,673,158
$421,588 |
$4,237,220 |
| 28 |
$7,698,578 |
$2,808,804
$442,668 |
$4,447,106 |
| 29 |
$8,083,548 |
$2,951,243
$464,804 |
$4,667,501 |
| 30 |
$8,487,698 |
$3,100,779
$488,043 |
$4,898,876 |
|
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