The jackpot for the MEGA Millions draw on Tue Nov 5, 2024, is projected to be $303 Million, with an option for a cash payout of $141.8 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 Tue Nov 5, 2024 |
|---|
| Draw Date | Tue Nov 5, 2024 | | Projected Jackpot | $303,000,000 | | Cash Value | $141,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $141,800,000 | | Federal Tax(24%) | $34,032,000 | | Additional Federal Tax | $18,394,330 | | State Tax(4.95%) | $7,019,100 | | Net Lumpsum Payment | $82,354,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,560,453 |
$1,647,698
$225,742 |
$2,687,013 |
| 2 |
$4,788,612 |
$1,732,117
$237,036 |
$2,819,459 |
| 3 |
$5,027,982 |
$1,820,684
$248,885 |
$2,958,413 |
| 4 |
$5,279,472 |
$1,913,735
$261,334 |
$3,104,403 |
| 5 |
$5,543,385 |
$2,011,383
$274,398 |
$3,257,604 |
| 6 |
$5,820,630 |
$2,113,963
$288,121 |
$3,418,546 |
| 7 |
$6,111,510 |
$2,221,589
$302,520 |
$3,587,401 |
| 8 |
$6,417,237 |
$2,334,708
$317,653 |
$3,764,876 |
| 9 |
$6,738,114 |
$2,453,433
$333,537 |
$3,951,144 |
| 10 |
$7,075,050 |
$2,578,099
$350,215 |
$4,146,736 |
| 11 |
$7,428,651 |
$2,708,931
$367,718 |
$4,352,002 |
| 12 |
$7,800,129 |
$2,846,378
$386,106 |
$4,567,645 |
| 13 |
$8,190,090 |
$2,990,664
$405,409 |
$4,794,017 |
| 14 |
$8,599,746 |
$3,142,236
$425,687 |
$5,031,823 |
| 15 |
$9,029,703 |
$3,301,320
$446,970 |
$5,281,413 |
| 16 |
$9,481,173 |
$3,468,364
$469,318 |
$5,543,491 |
| 17 |
$9,955,065 |
$3,643,704
$492,776 |
$5,818,585 |
| 18 |
$10,452,894 |
$3,827,901
$517,418 |
$6,107,575 |
| 19 |
$10,975,569 |
$4,021,291
$543,291 |
$6,410,987 |
| 20 |
$11,524,302 |
$4,224,322
$570,453 |
$6,729,527 |
| 21 |
$12,100,608 |
$4,437,555
$598,980 |
$7,064,073 |
| 22 |
$12,705,699 |
$4,661,439
$628,932 |
$7,415,328 |
| 23 |
$13,340,787 |
$4,896,422
$660,369 |
$7,783,996 |
| 24 |
$14,007,993 |
$5,143,288
$693,396 |
$8,171,309 |
| 25 |
$14,708,226 |
$5,402,374
$728,057 |
$8,577,795 |
| 26 |
$15,443,910 |
$5,674,577
$764,474 |
$9,004,859 |
| 27 |
$16,215,954 |
$5,960,233
$802,690 |
$9,453,031 |
| 28 |
$17,026,782 |
$6,260,240
$842,826 |
$9,923,716 |
| 29 |
$17,878,212 |
$6,575,269
$884,971 |
$10,417,972 |
| 30 |
$18,772,062 |
$6,905,993
$929,217 |
$10,936,852 |
|
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