The jackpot for the MEGA Millions draw on Fri Nov 22, 2024, is projected to be $453 Million, with an option for a cash payout of $209.6 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 Fri Nov 22, 2024 |
|---|
| Draw Date | Fri Nov 22, 2024 | | Projected Jackpot | $453,000,000 | | Cash Value | $209,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $209,600,000 | | Federal Tax(24%) | $50,304,000 | | Additional Federal Tax | $27,208,330 | | State Tax(4.25%) | $8,908,000 | | Net Lumpsum Payment | $123,179,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,818,103 |
$2,483,028
$289,769 |
$4,045,306 |
| 2 |
$7,159,212 |
$2,609,239
$304,267 |
$4,245,706 |
| 3 |
$7,517,082 |
$2,741,651
$319,476 |
$4,455,955 |
| 4 |
$7,893,072 |
$2,880,767
$335,456 |
$4,676,849 |
| 5 |
$8,287,635 |
$3,026,755
$352,224 |
$4,908,656 |
| 6 |
$8,702,130 |
$3,180,118
$369,841 |
$5,152,171 |
| 7 |
$9,137,010 |
$3,341,024
$388,323 |
$5,407,663 |
| 8 |
$9,594,087 |
$3,510,143
$407,749 |
$5,676,195 |
| 9 |
$10,073,814 |
$3,687,642
$428,137 |
$5,958,035 |
| 10 |
$10,577,550 |
$3,874,024
$449,546 |
$6,253,980 |
| 11 |
$11,106,201 |
$4,069,625
$472,014 |
$6,564,562 |
| 12 |
$11,661,579 |
$4,275,115
$495,617 |
$6,890,847 |
| 13 |
$12,244,590 |
$4,490,829
$520,395 |
$7,233,366 |
| 14 |
$12,857,046 |
$4,717,437
$546,424 |
$7,593,185 |
| 15 |
$13,499,853 |
$4,955,276
$573,744 |
$7,970,833 |
| 16 |
$14,174,823 |
$5,205,015
$602,430 |
$8,367,378 |
| 17 |
$14,883,315 |
$5,467,157
$632,541 |
$8,783,617 |
| 18 |
$15,627,594 |
$5,742,540
$664,173 |
$9,220,881 |
| 19 |
$16,409,019 |
$6,031,667
$697,383 |
$9,679,969 |
| 20 |
$17,229,402 |
$6,335,209
$732,250 |
$10,161,943 |
| 21 |
$18,091,008 |
$6,654,003
$768,868 |
$10,668,137 |
| 22 |
$18,995,649 |
$6,988,721
$807,315 |
$11,199,613 |
| 23 |
$19,945,137 |
$7,340,031
$847,668 |
$11,757,438 |
| 24 |
$20,942,643 |
$7,709,108
$890,062 |
$12,343,473 |
| 25 |
$21,989,526 |
$8,096,455
$934,555 |
$12,958,516 |
| 26 |
$23,089,410 |
$8,503,412
$981,300 |
$13,604,698 |
| 27 |
$24,243,654 |
$8,930,482
$1,030,355 |
$14,282,817 |
| 28 |
$25,455,882 |
$9,379,007
$1,081,875 |
$14,995,000 |
| 29 |
$26,728,812 |
$9,849,991
$1,135,975 |
$15,742,846 |
| 30 |
$28,065,162 |
$10,344,440
$1,192,769 |
$16,527,953 |
|
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