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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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%) | $8,384,000 | | Net Lumpsum Payment | $123,703,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,818,103 |
$2,483,028
$272,724 |
$4,062,351 |
| 2 |
$7,159,212 |
$2,609,239
$286,368 |
$4,263,605 |
| 3 |
$7,517,082 |
$2,741,651
$300,683 |
$4,474,748 |
| 4 |
$7,893,072 |
$2,880,767
$315,723 |
$4,696,582 |
| 5 |
$8,287,635 |
$3,026,755
$331,505 |
$4,929,375 |
| 6 |
$8,702,130 |
$3,180,118
$348,085 |
$5,173,927 |
| 7 |
$9,137,010 |
$3,341,024
$365,480 |
$5,430,506 |
| 8 |
$9,594,087 |
$3,510,143
$383,763 |
$5,700,181 |
| 9 |
$10,073,814 |
$3,687,642
$402,953 |
$5,983,219 |
| 10 |
$10,577,550 |
$3,874,024
$423,102 |
$6,280,424 |
| 11 |
$11,106,201 |
$4,069,625
$444,248 |
$6,592,328 |
| 12 |
$11,661,579 |
$4,275,115
$466,463 |
$6,920,001 |
| 13 |
$12,244,590 |
$4,490,829
$489,784 |
$7,263,977 |
| 14 |
$12,857,046 |
$4,717,437
$514,282 |
$7,625,327 |
| 15 |
$13,499,853 |
$4,955,276
$539,994 |
$8,004,583 |
| 16 |
$14,174,823 |
$5,205,015
$566,993 |
$8,402,815 |
| 17 |
$14,883,315 |
$5,467,157
$595,333 |
$8,820,825 |
| 18 |
$15,627,594 |
$5,742,540
$625,104 |
$9,259,950 |
| 19 |
$16,409,019 |
$6,031,667
$656,361 |
$9,720,991 |
| 20 |
$17,229,402 |
$6,335,209
$689,176 |
$10,205,017 |
| 21 |
$18,091,008 |
$6,654,003
$723,640 |
$10,713,365 |
| 22 |
$18,995,649 |
$6,988,721
$759,826 |
$11,247,102 |
| 23 |
$19,945,137 |
$7,340,031
$797,805 |
$11,807,301 |
| 24 |
$20,942,643 |
$7,709,108
$837,706 |
$12,395,829 |
| 25 |
$21,989,526 |
$8,096,455
$879,581 |
$13,013,490 |
| 26 |
$23,089,410 |
$8,503,412
$923,576 |
$13,662,422 |
| 27 |
$24,243,654 |
$8,930,482
$969,746 |
$14,343,426 |
| 28 |
$25,455,882 |
$9,379,007
$1,018,235 |
$15,058,640 |
| 29 |
$26,728,812 |
$9,849,991
$1,069,152 |
$15,809,669 |
| 30 |
$28,065,162 |
$10,344,440
$1,122,606 |
$16,598,116 |
|
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