The jackpot for the MEGA Millions draw on Tue Jun 4, 2024, is projected to be $560 Million, with an option for a cash payout of $258.4 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia MEGA Millions Jackpot/Cash Option for Tue Jun 4, 2024 |
|---|
| Draw Date | Tue Jun 4, 2024 | | Projected Jackpot | $560,000,000 | | Cash Value | $258,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $258,400,000 | | Federal Tax(24%) | $62,016,000 | | Additional Federal Tax | $33,552,330 | | State Tax(5.75%) | $14,858,000 | | Net Lumpsum Payment | $147,973,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,428,560 |
$3,078,898
$484,642 |
$4,865,020 |
| 2 |
$8,850,240 |
$3,234,919
$508,889 |
$5,106,432 |
| 3 |
$9,292,640 |
$3,398,607
$534,327 |
$5,359,706 |
| 4 |
$9,757,440 |
$3,570,583
$561,053 |
$5,625,804 |
| 5 |
$10,245,200 |
$3,751,054
$589,099 |
$5,905,047 |
| 6 |
$10,757,600 |
$3,940,642
$618,562 |
$6,198,396 |
| 7 |
$11,295,200 |
$4,139,554
$649,474 |
$6,506,172 |
| 8 |
$11,860,240 |
$4,348,619
$681,964 |
$6,829,657 |
| 9 |
$12,453,280 |
$4,568,044
$716,064 |
$7,169,172 |
| 10 |
$13,076,000 |
$4,798,450
$751,870 |
$7,525,680 |
| 11 |
$13,729,520 |
$5,040,253
$789,447 |
$7,899,820 |
| 12 |
$14,416,080 |
$5,294,280
$828,925 |
$8,292,875 |
| 13 |
$15,136,800 |
$5,560,946
$870,366 |
$8,705,488 |
| 14 |
$15,893,920 |
$5,841,081
$913,900 |
$9,138,939 |
| 15 |
$16,688,560 |
$6,135,098
$959,592 |
$9,593,870 |
| 16 |
$17,522,960 |
$6,443,826
$1,007,570 |
$10,071,564 |
| 17 |
$18,398,800 |
$6,767,886
$1,057,931 |
$10,572,983 |
| 18 |
$19,318,880 |
$7,108,316
$1,110,836 |
$11,099,728 |
| 19 |
$20,284,880 |
$7,465,736
$1,166,381 |
$11,652,763 |
| 20 |
$21,299,040 |
$7,840,975
$1,224,695 |
$12,233,370 |
| 21 |
$22,364,160 |
$8,235,070
$1,285,939 |
$12,843,151 |
| 22 |
$23,482,480 |
$8,648,848
$1,350,243 |
$13,483,389 |
| 23 |
$24,656,240 |
$9,083,139
$1,417,734 |
$14,155,367 |
| 24 |
$25,889,360 |
$9,539,394
$1,488,638 |
$14,861,328 |
| 25 |
$27,183,520 |
$10,018,233
$1,563,052 |
$15,602,235 |
| 26 |
$28,543,200 |
$10,521,314
$1,641,234 |
$16,380,652 |
| 27 |
$29,970,080 |
$11,049,260
$1,723,280 |
$17,197,540 |
| 28 |
$31,468,640 |
$11,603,727
$1,809,447 |
$18,055,466 |
| 29 |
$33,042,240 |
$12,185,959
$1,899,929 |
$18,956,352 |
| 30 |
$34,694,240 |
$12,797,199
$1,994,919 |
$19,902,122 |
|
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