The jackpot for the MEGA Millions draw on Tue Dec 24, 2024, is projected to be $944 Million, with an option for a cash payout of $429.4 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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
| Indiana MEGA Millions Jackpot/Cash Option for Tue Dec 24, 2024 |
|---|
| Draw Date | Tue Dec 24, 2024 | | Projected Jackpot | $944,000,000 | | Cash Value | $429,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $429,400,000 | | Federal Tax(24%) | $103,056,000 | | Additional Federal Tax | $55,782,330 | | State Tax(3.15%) | $13,526,100 | | Net Lumpsum Payment | $257,035,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,208,144 |
$5,217,344
$447,557 |
$8,543,243 |
| 2 |
$14,918,976 |
$5,480,352
$469,948 |
$8,968,676 |
| 3 |
$15,664,736 |
$5,756,283
$493,439 |
$9,415,014 |
| 4 |
$16,448,256 |
$6,046,185
$518,120 |
$9,883,951 |
| 5 |
$17,270,480 |
$6,350,408
$544,020 |
$10,376,052 |
| 6 |
$18,134,240 |
$6,669,999
$571,229 |
$10,893,012 |
| 7 |
$19,040,480 |
$7,005,308
$599,775 |
$11,435,397 |
| 8 |
$19,992,976 |
$7,357,732
$629,779 |
$12,005,465 |
| 9 |
$20,992,672 |
$7,727,619
$661,269 |
$12,603,784 |
| 10 |
$22,042,400 |
$8,116,018
$694,336 |
$13,232,046 |
| 11 |
$23,144,048 |
$8,523,628
$729,038 |
$13,891,382 |
| 12 |
$24,301,392 |
$8,951,845
$765,494 |
$14,584,053 |
| 13 |
$25,516,320 |
$9,401,369
$803,764 |
$15,311,187 |
| 14 |
$26,792,608 |
$9,873,595
$843,967 |
$16,075,046 |
| 15 |
$28,132,144 |
$10,369,224
$886,163 |
$16,876,757 |
| 16 |
$29,538,704 |
$10,889,651
$930,469 |
$17,718,584 |
| 17 |
$31,015,120 |
$11,435,925
$976,976 |
$18,602,219 |
| 18 |
$32,566,112 |
$12,009,792
$1,025,833 |
$19,530,487 |
| 19 |
$34,194,512 |
$12,612,300
$1,077,127 |
$20,505,085 |
| 20 |
$35,904,096 |
$13,244,846
$1,130,979 |
$21,528,271 |
| 21 |
$37,699,584 |
$13,909,176
$1,187,537 |
$22,602,871 |
| 22 |
$39,584,752 |
$14,606,689
$1,246,920 |
$23,731,143 |
| 23 |
$41,563,376 |
$15,338,780
$1,309,246 |
$24,915,350 |
| 24 |
$43,642,064 |
$16,107,894
$1,374,725 |
$26,159,445 |
| 25 |
$45,823,648 |
$16,915,080
$1,443,445 |
$27,465,123 |
| 26 |
$48,115,680 |
$17,763,132
$1,515,644 |
$28,836,904 |
| 27 |
$50,520,992 |
$18,653,097
$1,591,411 |
$30,276,484 |
| 28 |
$53,047,136 |
$19,587,771
$1,670,985 |
$31,788,380 |
| 29 |
$55,699,776 |
$20,569,248
$1,754,543 |
$33,375,985 |
| 30 |
$58,484,576 |
$21,599,624
$1,842,264 |
$35,042,688 |
|
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