The jackpot for the MEGA Millions draw on Tue Dec 31, 2024, is projected to be $20 Million, with an option for a cash payout of $9 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 Louisiana residents, the state will deduct 4.75% from your lottery earnings.
| Louisiana MEGA Millions Jackpot/Cash Option for Tue Dec 31, 2024 |
|---|
| Draw Date | Tue Dec 31, 2024 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,000,000 | | Federal Tax(24%) | $2,160,000 | | Additional Federal Tax | $1,130,330 | | State Tax(4.75%) | $427,500 | | Net Lumpsum Payment | $5,282,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$14,298 |
$215,014 |
| 2 |
$316,080 |
$77,280
$15,014 |
$223,786 |
| 3 |
$331,880 |
$83,126
$15,764 |
$232,990 |
| 4 |
$348,480 |
$89,268
$16,553 |
$242,659 |
| 5 |
$365,900 |
$95,713
$17,380 |
$252,807 |
| 6 |
$384,200 |
$102,484
$18,250 |
$263,466 |
| 7 |
$403,400 |
$109,588
$19,162 |
$274,650 |
| 8 |
$423,580 |
$117,055
$20,120 |
$286,405 |
| 9 |
$444,760 |
$124,892
$21,126 |
$298,742 |
| 10 |
$467,000 |
$133,120
$22,183 |
$311,697 |
| 11 |
$490,340 |
$141,756
$23,291 |
$325,293 |
| 12 |
$514,860 |
$150,829
$24,456 |
$339,575 |
| 13 |
$540,600 |
$160,352
$25,679 |
$354,569 |
| 14 |
$567,640 |
$170,357
$26,963 |
$370,320 |
| 15 |
$596,020 |
$180,858
$28,311 |
$386,851 |
| 16 |
$625,820 |
$191,884
$29,726 |
$404,210 |
| 17 |
$657,100 |
$203,457
$31,212 |
$422,431 |
| 18 |
$689,960 |
$215,616
$32,773 |
$441,571 |
| 19 |
$724,460 |
$228,381
$34,412 |
$461,667 |
| 20 |
$760,680 |
$241,782
$36,132 |
$482,766 |
| 21 |
$798,720 |
$255,857
$37,939 |
$504,924 |
| 22 |
$838,660 |
$270,635
$39,836 |
$528,189 |
| 23 |
$880,580 |
$286,145
$41,828 |
$552,607 |
| 24 |
$924,620 |
$302,440
$43,919 |
$578,261 |
| 25 |
$970,840 |
$319,541
$46,115 |
$605,184 |
| 26 |
$1,019,400 |
$337,508
$48,422 |
$633,470 |
| 27 |
$1,070,360 |
$356,364
$50,842 |
$663,154 |
| 28 |
$1,123,880 |
$376,166
$53,384 |
$694,330 |
| 29 |
$1,180,080 |
$396,960
$56,054 |
$727,066 |
| 30 |
$1,239,080 |
$418,790
$58,856 |
$761,434 |
|
|
