The jackpot for the MEGA Millions draw on Tue Nov 26, 2024, is projected to be $489 Million, with an option for a cash payout of $225.3 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 26, 2024 |
|---|
| Draw Date | Tue Nov 26, 2024 | | Projected Jackpot | $489,000,000 | | Cash Value | $225,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $225,300,000 | | Federal Tax(24%) | $54,072,000 | | Additional Federal Tax | $29,249,330 | | State Tax(4.95%) | $11,152,350 | | Net Lumpsum Payment | $130,826,320 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,359,939 |
$2,683,508
$364,317 |
$4,312,114 |
| 2 |
$7,728,156 |
$2,819,748
$382,544 |
$4,525,864 |
| 3 |
$8,114,466 |
$2,962,683
$401,666 |
$4,750,117 |
| 4 |
$8,520,336 |
$3,112,855
$421,757 |
$4,985,724 |
| 5 |
$8,946,255 |
$3,270,445
$442,840 |
$5,232,970 |
| 6 |
$9,393,690 |
$3,435,996
$464,988 |
$5,492,706 |
| 7 |
$9,863,130 |
$3,609,688
$488,225 |
$5,765,217 |
| 8 |
$10,356,531 |
$3,792,247
$512,648 |
$6,051,636 |
| 9 |
$10,874,382 |
$3,983,852
$538,282 |
$6,352,248 |
| 10 |
$11,418,150 |
$4,185,046
$565,198 |
$6,667,906 |
| 11 |
$11,988,813 |
$4,396,191
$593,446 |
$6,999,176 |
| 12 |
$12,588,327 |
$4,618,011
$623,122 |
$7,347,194 |
| 13 |
$13,217,670 |
$4,850,868
$654,275 |
$7,712,527 |
| 14 |
$13,878,798 |
$5,095,486
$687,001 |
$8,096,311 |
| 15 |
$14,572,689 |
$5,352,225
$721,348 |
$8,499,116 |
| 16 |
$15,301,299 |
$5,621,811
$757,414 |
$8,922,074 |
| 17 |
$16,066,095 |
$5,904,786
$795,272 |
$9,366,037 |
| 18 |
$16,869,522 |
$6,202,054
$835,041 |
$9,832,427 |
| 19 |
$17,713,047 |
$6,514,158
$876,796 |
$10,322,093 |
| 20 |
$18,598,626 |
$6,841,822
$920,632 |
$10,836,172 |
| 21 |
$19,528,704 |
$7,185,951
$966,671 |
$11,376,082 |
| 22 |
$20,505,237 |
$7,547,268
$1,015,009 |
$11,942,960 |
| 23 |
$21,530,181 |
$7,926,497
$1,065,744 |
$12,537,940 |
| 24 |
$22,606,959 |
$8,324,905
$1,119,044 |
$13,163,010 |
| 25 |
$23,737,038 |
$8,743,034
$1,174,983 |
$13,819,021 |
| 26 |
$24,924,330 |
$9,182,332
$1,233,754 |
$14,508,244 |
| 27 |
$26,170,302 |
$9,643,342
$1,295,430 |
$15,231,530 |
| 28 |
$27,478,866 |
$10,127,511
$1,360,204 |
$15,991,151 |
| 29 |
$28,852,956 |
$10,635,924
$1,428,221 |
$16,788,811 |
| 30 |
$30,295,506 |
$11,169,668
$1,499,628 |
$17,626,210 |
|
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