The jackpot for the MEGA Millions draw on Fri Oct 18, 2024, is projected to be $185 Million, with an option for a cash payout of $88.4 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 those living in Washington, the bright side is you won't have to pay any state taxes on your lottery prize.
Washington MEGA Millions Jackpot/Cash Option for Fri Oct 18, 2024 |
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Draw Date | Fri Oct 18, 2024 | Projected Jackpot | $185,000,000 | Cash Value | $88,400,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $88,400,000 | Federal Tax(24%) | $21,216,000 | Additional Federal Tax | $11,452,330 | State Tax(0%) | $0 | Net Lumpsum Payment | $55,731,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$2,784,435 |
$990,571 $0 |
$1,793,864 |
2 |
$2,923,740 |
$1,042,114 $0 |
$1,881,626 |
3 |
$3,069,890 |
$1,096,190 $0 |
$1,973,700 |
4 |
$3,223,440 |
$1,153,003 $0 |
$2,070,437 |
5 |
$3,384,575 |
$1,212,623 $0 |
$2,171,952 |
6 |
$3,553,850 |
$1,275,255 $0 |
$2,278,595 |
7 |
$3,731,450 |
$1,340,967 $0 |
$2,390,483 |
8 |
$3,918,115 |
$1,410,033 $0 |
$2,508,082 |
9 |
$4,114,030 |
$1,482,521 $0 |
$2,631,509 |
10 |
$4,319,750 |
$1,558,638 $0 |
$2,761,112 |
11 |
$4,535,645 |
$1,638,519 $0 |
$2,897,126 |
12 |
$4,762,455 |
$1,722,439 $0 |
$3,040,016 |
13 |
$5,000,550 |
$1,810,534 $0 |
$3,190,016 |
14 |
$5,250,670 |
$1,903,078 $0 |
$3,347,592 |
15 |
$5,513,185 |
$2,000,209 $0 |
$3,512,976 |
16 |
$5,788,835 |
$2,102,199 $0 |
$3,686,636 |
17 |
$6,078,175 |
$2,209,255 $0 |
$3,868,920 |
18 |
$6,382,130 |
$2,321,718 $0 |
$4,060,412 |
19 |
$6,701,255 |
$2,439,795 $0 |
$4,261,460 |
20 |
$7,036,290 |
$2,563,758 $0 |
$4,472,532 |
21 |
$7,388,160 |
$2,693,950 $0 |
$4,694,210 |
22 |
$7,757,605 |
$2,830,644 $0 |
$4,926,961 |
23 |
$8,145,365 |
$2,974,115 $0 |
$5,171,250 |
24 |
$8,552,735 |
$3,124,842 $0 |
$5,427,893 |
25 |
$8,980,270 |
$3,283,030 $0 |
$5,697,240 |
26 |
$9,429,450 |
$3,449,227 $0 |
$5,980,223 |
27 |
$9,900,830 |
$3,623,637 $0 |
$6,277,193 |
28 |
$10,395,890 |
$3,806,810 $0 |
$6,589,080 |
29 |
$10,915,740 |
$3,999,154 $0 |
$6,916,586 |
30 |
$11,461,490 |
$4,201,082 $0 |
$7,260,408 |
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