The jackpot for the MEGA Millions draw on Tue Jul 2, 2024, is projected to be $137 Million, with an option for a cash payout of $64.5 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 those living in Texas, the bright side is you won't have to pay any state taxes on your lottery prize.
| Texas MEGA Millions Jackpot/Cash Option for Tue Jul 2, 2024 |
|---|
| Draw Date | Tue Jul 2, 2024 | | Projected Jackpot | $137,000,000 | | Cash Value | $64,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $64,500,000 | | Federal Tax(24%) | $15,480,000 | | Additional Federal Tax | $8,345,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $40,674,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,061,987 |
$723,266
$0 |
$1,338,721 |
| 2 |
$2,165,148 |
$761,435
$0 |
$1,403,713 |
| 3 |
$2,273,378 |
$801,480
$0 |
$1,471,898 |
| 4 |
$2,387,088 |
$843,553
$0 |
$1,543,535 |
| 5 |
$2,506,415 |
$887,704
$0 |
$1,618,711 |
| 6 |
$2,631,770 |
$934,085
$0 |
$1,697,685 |
| 7 |
$2,763,290 |
$982,748
$0 |
$1,780,542 |
| 8 |
$2,901,523 |
$1,033,894
$0 |
$1,867,629 |
| 9 |
$3,046,606 |
$1,087,575
$0 |
$1,959,031 |
| 10 |
$3,198,950 |
$1,143,942
$0 |
$2,055,008 |
| 11 |
$3,358,829 |
$1,203,097
$0 |
$2,155,732 |
| 12 |
$3,526,791 |
$1,265,243
$0 |
$2,261,548 |
| 13 |
$3,703,110 |
$1,330,481
$0 |
$2,372,629 |
| 14 |
$3,888,334 |
$1,399,014
$0 |
$2,489,320 |
| 15 |
$4,082,737 |
$1,470,943
$0 |
$2,611,794 |
| 16 |
$4,286,867 |
$1,546,471
$0 |
$2,740,396 |
| 17 |
$4,501,135 |
$1,625,750
$0 |
$2,875,385 |
| 18 |
$4,726,226 |
$1,709,034
$0 |
$3,017,192 |
| 19 |
$4,962,551 |
$1,796,474
$0 |
$3,166,077 |
| 20 |
$5,210,658 |
$1,888,274
$0 |
$3,322,384 |
| 21 |
$5,471,232 |
$1,984,686
$0 |
$3,486,546 |
| 22 |
$5,744,821 |
$2,085,914
$0 |
$3,658,907 |
| 23 |
$6,031,973 |
$2,192,160
$0 |
$3,839,813 |
| 24 |
$6,333,647 |
$2,303,780
$0 |
$4,029,867 |
| 25 |
$6,650,254 |
$2,420,924
$0 |
$4,229,330 |
| 26 |
$6,982,890 |
$2,544,000
$0 |
$4,438,890 |
| 27 |
$7,331,966 |
$2,673,158
$0 |
$4,658,808 |
| 28 |
$7,698,578 |
$2,808,804
$0 |
$4,889,774 |
| 29 |
$8,083,548 |
$2,951,243
$0 |
$5,132,305 |
| 30 |
$8,487,698 |
$3,100,779
$0 |
$5,386,919 |
|
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