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 Illinois residents, the state will deduct 4.95% from your lottery earnings.
| Illinois 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(4.95%) | $6,425,100 | | Net Lumpsum Payment | $75,388,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$209,352 |
$2,494,796 |
| 2 |
$4,440,924 |
$1,603,472
$219,826 |
$2,617,626 |
| 3 |
$4,662,914 |
$1,685,609
$230,814 |
$2,746,491 |
| 4 |
$4,896,144 |
$1,771,904
$242,359 |
$2,881,881 |
| 5 |
$5,140,895 |
$1,862,462
$254,474 |
$3,023,959 |
| 6 |
$5,398,010 |
$1,957,594
$267,201 |
$3,173,215 |
| 7 |
$5,667,770 |
$2,057,405
$280,555 |
$3,329,810 |
| 8 |
$5,951,299 |
$2,162,311
$294,589 |
$3,494,399 |
| 9 |
$6,248,878 |
$2,272,415
$309,319 |
$3,667,144 |
| 10 |
$6,561,350 |
$2,388,030
$324,787 |
$3,848,533 |
| 11 |
$6,889,277 |
$2,509,363
$341,019 |
$4,038,895 |
| 12 |
$7,233,783 |
$2,636,830
$358,072 |
$4,238,881 |
| 13 |
$7,595,430 |
$2,770,639
$375,974 |
$4,448,817 |
| 14 |
$7,975,342 |
$2,911,207
$394,779 |
$4,669,356 |
| 15 |
$8,374,081 |
$3,058,740
$414,517 |
$4,900,824 |
| 16 |
$8,792,771 |
$3,213,656
$435,242 |
$5,143,873 |
| 17 |
$9,232,255 |
$3,376,265
$456,997 |
$5,398,993 |
| 18 |
$9,693,938 |
$3,547,087
$479,850 |
$5,667,001 |
| 19 |
$10,178,663 |
$3,726,436
$503,844 |
$5,948,383 |
| 20 |
$10,687,554 |
$3,914,725
$529,034 |
$6,243,795 |
| 21 |
$11,222,016 |
$4,112,476
$555,490 |
$6,554,050 |
| 22 |
$11,783,173 |
$4,320,104
$583,267 |
$6,879,802 |
| 23 |
$12,372,149 |
$4,538,026
$612,421 |
$7,221,702 |
| 24 |
$12,990,911 |
$4,766,967
$643,050 |
$7,580,894 |
| 25 |
$13,640,302 |
$5,007,242
$675,195 |
$7,957,865 |
| 26 |
$14,322,570 |
$5,259,681
$708,967 |
$8,353,922 |
| 27 |
$15,038,558 |
$5,524,597
$744,409 |
$8,769,552 |
| 28 |
$15,790,514 |
$5,802,821
$781,630 |
$9,206,063 |
| 29 |
$16,580,124 |
$6,094,976
$820,716 |
$9,664,432 |
| 30 |
$17,409,074 |
$6,401,688
$861,749 |
$10,145,637 |
|
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