The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
Idaho MEGA Millions Jackpot/Cash Option for Fri Nov 1, 2024 |
---|
Draw Date | Fri Nov 1, 2024 | Projected Jackpot | $281,000,000 | Cash Value | $129,800,000 |
Lumpsum Option Taxes and Payment |
---|
Cash Gross Payment | $129,800,000 | Federal Tax(24%) | $31,152,000 | Additional Federal Tax | $16,834,330 | State Tax(5.8%) | $7,528,400 | Net Lumpsum Payment | $74,285,270 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$4,229,331 |
$1,525,183 $245,301 |
$2,458,847 |
2 |
$4,440,924 |
$1,603,472 $257,574 |
$2,579,878 |
3 |
$4,662,914 |
$1,685,609 $270,449 |
$2,706,856 |
4 |
$4,896,144 |
$1,771,904 $283,976 |
$2,840,264 |
5 |
$5,140,895 |
$1,862,462 $298,172 |
$2,980,261 |
6 |
$5,398,010 |
$1,957,594 $313,085 |
$3,127,331 |
7 |
$5,667,770 |
$2,057,405 $328,731 |
$3,281,634 |
8 |
$5,951,299 |
$2,162,311 $345,175 |
$3,443,813 |
9 |
$6,248,878 |
$2,272,415 $362,435 |
$3,614,028 |
10 |
$6,561,350 |
$2,388,030 $380,558 |
$3,792,762 |
11 |
$6,889,277 |
$2,509,363 $399,578 |
$3,980,336 |
12 |
$7,233,783 |
$2,636,830 $419,559 |
$4,177,394 |
13 |
$7,595,430 |
$2,770,639 $440,535 |
$4,384,256 |
14 |
$7,975,342 |
$2,911,207 $462,570 |
$4,601,565 |
15 |
$8,374,081 |
$3,058,740 $485,697 |
$4,829,644 |
16 |
$8,792,771 |
$3,213,656 $509,981 |
$5,069,134 |
17 |
$9,232,255 |
$3,376,265 $535,471 |
$5,320,519 |
18 |
$9,693,938 |
$3,547,087 $562,248 |
$5,584,603 |
19 |
$10,178,663 |
$3,726,436 $590,362 |
$5,861,865 |
20 |
$10,687,554 |
$3,914,725 $619,878 |
$6,152,951 |
21 |
$11,222,016 |
$4,112,476 $650,877 |
$6,458,663 |
22 |
$11,783,173 |
$4,320,104 $683,424 |
$6,779,645 |
23 |
$12,372,149 |
$4,538,026 $717,585 |
$7,116,538 |
24 |
$12,990,911 |
$4,766,967 $753,473 |
$7,470,471 |
25 |
$13,640,302 |
$5,007,242 $791,138 |
$7,841,922 |
26 |
$14,322,570 |
$5,259,681 $830,709 |
$8,232,180 |
27 |
$15,038,558 |
$5,524,597 $872,236 |
$8,641,725 |
28 |
$15,790,514 |
$5,802,821 $915,850 |
$9,071,843 |
29 |
$16,580,124 |
$6,094,976 $961,647 |
$9,523,501 |
30 |
$17,409,074 |
$6,401,688 $1,009,726 |
$9,997,660 |
|
|