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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan 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(4.25%) | $21,934,250 | | Net Lumpsum Payment | $303,248,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$735,618 |
$10,208,501 |
| 2 |
$18,174,600 |
$6,684,932
$772,421 |
$10,717,247 |
| 3 |
$19,083,100 |
$7,021,077
$811,032 |
$11,250,991 |
| 4 |
$20,037,600 |
$7,374,242
$851,598 |
$11,811,760 |
| 5 |
$21,039,250 |
$7,744,853
$894,168 |
$12,400,229 |
| 6 |
$22,091,500 |
$8,134,185
$938,889 |
$13,018,426 |
| 7 |
$23,195,500 |
$8,542,665
$985,809 |
$13,667,026 |
| 8 |
$24,355,850 |
$8,971,995
$1,035,124 |
$14,348,731 |
| 9 |
$25,573,700 |
$9,422,599
$1,086,882 |
$15,064,219 |
| 10 |
$26,852,500 |
$9,895,755
$1,141,231 |
$15,815,514 |
| 11 |
$28,194,550 |
$10,392,314
$1,198,268 |
$16,603,968 |
| 12 |
$29,604,450 |
$10,913,977
$1,258,189 |
$17,432,284 |
| 13 |
$31,084,500 |
$11,461,595
$1,321,091 |
$18,301,814 |
| 14 |
$32,639,300 |
$12,036,871
$1,387,170 |
$19,215,259 |
| 15 |
$34,271,150 |
$12,640,656
$1,456,524 |
$20,173,970 |
| 16 |
$35,984,650 |
$13,274,651
$1,529,348 |
$21,180,651 |
| 17 |
$37,783,250 |
$13,940,133
$1,605,788 |
$22,237,329 |
| 18 |
$39,672,700 |
$14,639,229
$1,686,090 |
$23,347,381 |
| 19 |
$41,656,450 |
$15,373,217
$1,770,399 |
$24,512,834 |
| 20 |
$43,739,100 |
$16,143,797
$1,858,912 |
$25,736,391 |
| 21 |
$45,926,400 |
$16,953,098
$1,951,872 |
$27,021,430 |
| 22 |
$48,222,950 |
$17,802,822
$2,049,475 |
$28,370,653 |
| 23 |
$50,633,350 |
$18,694,670
$2,151,917 |
$29,786,763 |
| 24 |
$53,165,650 |
$19,631,621
$2,259,540 |
$31,274,489 |
| 25 |
$55,823,300 |
$20,614,951
$2,372,490 |
$32,835,859 |
| 26 |
$58,615,500 |
$21,648,065
$2,491,159 |
$34,476,276 |
| 27 |
$61,545,700 |
$22,732,239
$2,615,692 |
$36,197,769 |
| 28 |
$64,623,100 |
$23,870,877
$2,746,482 |
$38,005,741 |
| 29 |
$67,854,600 |
$25,066,532
$2,883,821 |
$39,904,247 |
| 30 |
$71,247,100 |
$26,321,757
$3,028,002 |
$41,897,341 |
|
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