The jackpot for the MEGA Millions draw on Fri Oct 18, 2024, is projected to be $185 Million, with an option for a cash payout of $88.4 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 Fri Oct 18, 2024 |
|---|
| Draw Date | Fri Oct 18, 2024 | | Projected Jackpot | $185,000,000 | | Cash Value | $88,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $88,400,000 | | Federal Tax(24%) | $21,216,000 | | Additional Federal Tax | $11,452,330 | | State Tax(3.15%) | $2,784,600 | | Net Lumpsum Payment | $52,947,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,784,435 |
$990,571
$87,710 |
$1,706,154 |
| 2 |
$2,923,740 |
$1,042,114
$92,098 |
$1,789,528 |
| 3 |
$3,069,890 |
$1,096,190
$96,702 |
$1,876,998 |
| 4 |
$3,223,440 |
$1,153,003
$101,538 |
$1,968,899 |
| 5 |
$3,384,575 |
$1,212,623
$106,614 |
$2,065,338 |
| 6 |
$3,553,850 |
$1,275,255
$111,946 |
$2,166,649 |
| 7 |
$3,731,450 |
$1,340,967
$117,541 |
$2,272,942 |
| 8 |
$3,918,115 |
$1,410,033
$123,421 |
$2,384,661 |
| 9 |
$4,114,030 |
$1,482,521
$129,592 |
$2,501,917 |
| 10 |
$4,319,750 |
$1,558,638
$136,072 |
$2,625,040 |
| 11 |
$4,535,645 |
$1,638,519
$142,873 |
$2,754,253 |
| 12 |
$4,762,455 |
$1,722,439
$150,017 |
$2,889,999 |
| 13 |
$5,000,550 |
$1,810,534
$157,517 |
$3,032,499 |
| 14 |
$5,250,670 |
$1,903,078
$165,396 |
$3,182,196 |
| 15 |
$5,513,185 |
$2,000,209
$173,665 |
$3,339,311 |
| 16 |
$5,788,835 |
$2,102,199
$182,348 |
$3,504,288 |
| 17 |
$6,078,175 |
$2,209,255
$191,463 |
$3,677,457 |
| 18 |
$6,382,130 |
$2,321,718
$201,037 |
$3,859,375 |
| 19 |
$6,701,255 |
$2,439,795
$211,090 |
$4,050,370 |
| 20 |
$7,036,290 |
$2,563,758
$221,643 |
$4,250,889 |
| 21 |
$7,388,160 |
$2,693,950
$232,727 |
$4,461,483 |
| 22 |
$7,757,605 |
$2,830,644
$244,365 |
$4,682,596 |
| 23 |
$8,145,365 |
$2,974,115
$256,579 |
$4,914,671 |
| 24 |
$8,552,735 |
$3,124,842
$269,411 |
$5,158,482 |
| 25 |
$8,980,270 |
$3,283,030
$282,879 |
$5,414,361 |
| 26 |
$9,429,450 |
$3,449,227
$297,028 |
$5,683,195 |
| 27 |
$9,900,830 |
$3,623,637
$311,876 |
$5,965,317 |
| 28 |
$10,395,890 |
$3,806,810
$327,471 |
$6,261,609 |
| 29 |
$10,915,740 |
$3,999,154
$343,846 |
$6,572,740 |
| 30 |
$11,461,490 |
$4,201,082
$361,037 |
$6,899,371 |
|
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