The jackpot for the MEGA Millions draw on Tue Jun 18, 2024, is projected to be $61 Million, with an option for a cash payout of $29.3 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 California, the bright side is you won't have to pay any state taxes on your lottery prize.
California MEGA Millions Jackpot/Cash Option for Tue Jun 18, 2024 |
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Draw Date | Tue Jun 18, 2024 | Projected Jackpot | $61,000,000 | Cash Value | $29,300,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $29,300,000 | Federal Tax(24%) | $7,032,000 | Additional Federal Tax | $3,769,330 | State Tax(0%) | $0 | Net Lumpsum Payment | $18,498,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$918,111 |
$300,031 $0 |
$618,080 |
2 |
$964,044 |
$317,027 $0 |
$647,017 |
3 |
$1,012,234 |
$334,857 $0 |
$677,377 |
4 |
$1,062,864 |
$353,590 $0 |
$709,274 |
5 |
$1,115,995 |
$373,249 $0 |
$742,746 |
6 |
$1,171,810 |
$393,900 $0 |
$777,910 |
7 |
$1,230,370 |
$415,567 $0 |
$814,803 |
8 |
$1,291,919 |
$438,340 $0 |
$853,579 |
9 |
$1,356,518 |
$462,242 $0 |
$894,276 |
10 |
$1,424,350 |
$487,340 $0 |
$937,010 |
11 |
$1,495,537 |
$513,679 $0 |
$981,858 |
12 |
$1,570,323 |
$541,350 $0 |
$1,028,973 |
13 |
$1,648,830 |
$570,397 $0 |
$1,078,433 |
14 |
$1,731,302 |
$600,912 $0 |
$1,130,390 |
15 |
$1,817,861 |
$632,939 $0 |
$1,184,922 |
16 |
$1,908,751 |
$666,568 $0 |
$1,242,183 |
17 |
$2,004,155 |
$701,868 $0 |
$1,302,287 |
18 |
$2,104,378 |
$738,950 $0 |
$1,365,428 |
19 |
$2,209,603 |
$777,883 $0 |
$1,431,720 |
20 |
$2,320,074 |
$818,758 $0 |
$1,501,316 |
21 |
$2,436,096 |
$861,686 $0 |
$1,574,410 |
22 |
$2,557,913 |
$906,758 $0 |
$1,651,155 |
23 |
$2,685,769 |
$954,065 $0 |
$1,731,704 |
24 |
$2,820,091 |
$1,003,764 $0 |
$1,816,327 |
25 |
$2,961,062 |
$1,055,923 $0 |
$1,905,139 |
26 |
$3,109,170 |
$1,110,723 $0 |
$1,998,447 |
27 |
$3,264,598 |
$1,168,232 $0 |
$2,096,366 |
28 |
$3,427,834 |
$1,228,629 $0 |
$2,199,205 |
29 |
$3,599,244 |
$1,292,051 $0 |
$2,307,193 |
30 |
$3,779,194 |
$1,358,632 $0 |
$2,420,562 |
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