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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $3,741,000 | | Net Lumpsum Payment | $36,933,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,061,987 |
$723,266
$119,595 |
$1,219,126 |
| 2 |
$2,165,148 |
$761,435
$125,579 |
$1,278,134 |
| 3 |
$2,273,378 |
$801,480
$131,856 |
$1,340,042 |
| 4 |
$2,387,088 |
$843,553
$138,451 |
$1,405,084 |
| 5 |
$2,506,415 |
$887,704
$145,372 |
$1,473,339 |
| 6 |
$2,631,770 |
$934,085
$152,643 |
$1,545,042 |
| 7 |
$2,763,290 |
$982,748
$160,271 |
$1,620,271 |
| 8 |
$2,901,523 |
$1,033,894
$168,288 |
$1,699,341 |
| 9 |
$3,046,606 |
$1,087,575
$176,703 |
$1,782,328 |
| 10 |
$3,198,950 |
$1,143,942
$185,539 |
$1,869,469 |
| 11 |
$3,358,829 |
$1,203,097
$194,812 |
$1,960,920 |
| 12 |
$3,526,791 |
$1,265,243
$204,554 |
$2,056,994 |
| 13 |
$3,703,110 |
$1,330,481
$214,780 |
$2,157,849 |
| 14 |
$3,888,334 |
$1,399,014
$225,523 |
$2,263,797 |
| 15 |
$4,082,737 |
$1,470,943
$236,799 |
$2,374,995 |
| 16 |
$4,286,867 |
$1,546,471
$248,638 |
$2,491,758 |
| 17 |
$4,501,135 |
$1,625,750
$261,066 |
$2,614,319 |
| 18 |
$4,726,226 |
$1,709,034
$274,121 |
$2,743,071 |
| 19 |
$4,962,551 |
$1,796,474
$287,828 |
$2,878,249 |
| 20 |
$5,210,658 |
$1,888,274
$302,218 |
$3,020,166 |
| 21 |
$5,471,232 |
$1,984,686
$317,331 |
$3,169,215 |
| 22 |
$5,744,821 |
$2,085,914
$333,200 |
$3,325,707 |
| 23 |
$6,031,973 |
$2,192,160
$349,854 |
$3,489,959 |
| 24 |
$6,333,647 |
$2,303,780
$367,352 |
$3,662,515 |
| 25 |
$6,650,254 |
$2,420,924
$385,715 |
$3,843,615 |
| 26 |
$6,982,890 |
$2,544,000
$405,008 |
$4,033,882 |
| 27 |
$7,331,966 |
$2,673,158
$425,254 |
$4,233,554 |
| 28 |
$7,698,578 |
$2,808,804
$446,518 |
$4,443,256 |
| 29 |
$8,083,548 |
$2,951,243
$468,846 |
$4,663,459 |
| 30 |
$8,487,698 |
$3,100,779
$492,286 |
$4,894,633 |
|
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