The jackpot for the MEGA Millions draw on Fri Dec 27, 2024, is projected to be $1.15 Billion, with an option for a cash payout of $516.1 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 Dec 27, 2024 |
|---|
| Draw Date | Fri Dec 27, 2024 | | Projected Jackpot | $1,150,000,000 | | Cash Value | $516,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $516,100,000 | | Federal Tax(24%) | $123,864,000 | | Additional Federal Tax | $67,053,330 | | State Tax(3.15%) | $16,257,150 | | Net Lumpsum Payment | $308,925,520 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$545,222 |
$10,398,897 |
| 2 |
$18,174,600 |
$6,684,932
$572,500 |
$10,917,168 |
| 3 |
$19,083,100 |
$7,021,077
$601,118 |
$11,460,905 |
| 4 |
$20,037,600 |
$7,374,242
$631,184 |
$12,032,174 |
| 5 |
$21,039,250 |
$7,744,853
$662,736 |
$12,631,661 |
| 6 |
$22,091,500 |
$8,134,185
$695,882 |
$13,261,433 |
| 7 |
$23,195,500 |
$8,542,665
$730,658 |
$13,922,177 |
| 8 |
$24,355,850 |
$8,971,995
$767,209 |
$14,616,646 |
| 9 |
$25,573,700 |
$9,422,599
$805,572 |
$15,345,529 |
| 10 |
$26,852,500 |
$9,895,755
$845,854 |
$16,110,891 |
| 11 |
$28,194,550 |
$10,392,314
$888,128 |
$16,914,108 |
| 12 |
$29,604,450 |
$10,913,977
$932,540 |
$17,757,933 |
| 13 |
$31,084,500 |
$11,461,595
$979,162 |
$18,643,743 |
| 14 |
$32,639,300 |
$12,036,871
$1,028,138 |
$19,574,291 |
| 15 |
$34,271,150 |
$12,640,656
$1,079,541 |
$20,550,953 |
| 16 |
$35,984,650 |
$13,274,651
$1,133,516 |
$21,576,483 |
| 17 |
$37,783,250 |
$13,940,133
$1,190,172 |
$22,652,945 |
| 18 |
$39,672,700 |
$14,639,229
$1,249,690 |
$23,783,781 |
| 19 |
$41,656,450 |
$15,373,217
$1,312,178 |
$24,971,055 |
| 20 |
$43,739,100 |
$16,143,797
$1,377,782 |
$26,217,521 |
| 21 |
$45,926,400 |
$16,953,098
$1,446,682 |
$27,526,620 |
| 22 |
$48,222,950 |
$17,802,822
$1,519,023 |
$28,901,105 |
| 23 |
$50,633,350 |
$18,694,670
$1,594,951 |
$30,343,729 |
| 24 |
$53,165,650 |
$19,631,621
$1,674,718 |
$31,859,311 |
| 25 |
$55,823,300 |
$20,614,951
$1,758,434 |
$33,449,915 |
| 26 |
$58,615,500 |
$21,648,065
$1,846,388 |
$35,121,047 |
| 27 |
$61,545,700 |
$22,732,239
$1,938,690 |
$36,874,771 |
| 28 |
$64,623,100 |
$23,870,877
$2,035,628 |
$38,716,595 |
| 29 |
$67,854,600 |
$25,066,532
$2,137,420 |
$40,650,648 |
| 30 |
$71,247,100 |
$26,321,757
$2,244,284 |
$42,681,059 |
|
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