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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan 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(4.25%) | $18,249,500 | | Net Lumpsum Payment | $252,312,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,208,144 |
$5,217,344
$603,846 |
$8,386,954 |
| 2 |
$14,918,976 |
$5,480,352
$634,056 |
$8,804,568 |
| 3 |
$15,664,736 |
$5,756,283
$665,751 |
$9,242,702 |
| 4 |
$16,448,256 |
$6,046,185
$699,051 |
$9,703,020 |
| 5 |
$17,270,480 |
$6,350,408
$733,995 |
$10,186,077 |
| 6 |
$18,134,240 |
$6,669,999
$770,705 |
$10,693,536 |
| 7 |
$19,040,480 |
$7,005,308
$809,220 |
$11,225,952 |
| 8 |
$19,992,976 |
$7,357,732
$849,701 |
$11,785,543 |
| 9 |
$20,992,672 |
$7,727,619
$892,189 |
$12,372,864 |
| 10 |
$22,042,400 |
$8,116,018
$936,802 |
$12,989,580 |
| 11 |
$23,144,048 |
$8,523,628
$983,622 |
$13,636,798 |
| 12 |
$24,301,392 |
$8,951,845
$1,032,809 |
$14,316,738 |
| 13 |
$25,516,320 |
$9,401,369
$1,084,444 |
$15,030,507 |
| 14 |
$26,792,608 |
$9,873,595
$1,138,686 |
$15,780,327 |
| 15 |
$28,132,144 |
$10,369,224
$1,195,616 |
$16,567,304 |
| 16 |
$29,538,704 |
$10,889,651
$1,255,395 |
$17,393,658 |
| 17 |
$31,015,120 |
$11,435,925
$1,318,143 |
$18,261,052 |
| 18 |
$32,566,112 |
$12,009,792
$1,384,060 |
$19,172,260 |
| 19 |
$34,194,512 |
$12,612,300
$1,453,267 |
$20,128,945 |
| 20 |
$35,904,096 |
$13,244,846
$1,525,924 |
$21,133,326 |
| 21 |
$37,699,584 |
$13,909,176
$1,602,232 |
$22,188,176 |
| 22 |
$39,584,752 |
$14,606,689
$1,682,352 |
$23,295,711 |
| 23 |
$41,563,376 |
$15,338,780
$1,766,443 |
$24,458,153 |
| 24 |
$43,642,064 |
$16,107,894
$1,854,788 |
$25,679,382 |
| 25 |
$45,823,648 |
$16,915,080
$1,947,505 |
$26,961,063 |
| 26 |
$48,115,680 |
$17,763,132
$2,044,916 |
$28,307,632 |
| 27 |
$50,520,992 |
$18,653,097
$2,147,142 |
$29,720,753 |
| 28 |
$53,047,136 |
$19,587,771
$2,254,503 |
$31,204,862 |
| 29 |
$55,699,776 |
$20,569,248
$2,367,240 |
$32,763,288 |
| 30 |
$58,484,576 |
$21,599,624
$2,485,594 |
$34,399,358 |
|
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