The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Montana residents, the state will deduct 6.75% from your lottery earnings.
| Montana MEGA Millions Jackpot/Cash Option for Tue May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(6.75%) | $13,223,250 | | Net Lumpsum Payment | $110,233,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$427,712 |
$3,603,934 |
| 2 |
$6,653,484 |
$2,422,119
$449,110 |
$3,782,255 |
| 3 |
$6,986,074 |
$2,545,178
$471,560 |
$3,969,336 |
| 4 |
$7,335,504 |
$2,674,467
$495,147 |
$4,165,890 |
| 5 |
$7,702,195 |
$2,810,143
$519,898 |
$4,372,154 |
| 6 |
$8,087,410 |
$2,952,672
$545,900 |
$4,588,838 |
| 7 |
$8,491,570 |
$3,102,211
$573,181 |
$4,816,178 |
| 8 |
$8,916,359 |
$3,259,383
$601,854 |
$5,055,122 |
| 9 |
$9,362,198 |
$3,424,344
$631,948 |
$5,305,906 |
| 10 |
$9,830,350 |
$3,597,560
$663,549 |
$5,569,241 |
| 11 |
$10,321,657 |
$3,779,343
$696,712 |
$5,845,602 |
| 12 |
$10,837,803 |
$3,970,317
$731,552 |
$6,135,934 |
| 13 |
$11,379,630 |
$4,170,793
$768,125 |
$6,440,712 |
| 14 |
$11,948,822 |
$4,381,395
$806,545 |
$6,760,882 |
| 15 |
$12,546,221 |
$4,602,432
$846,870 |
$7,096,919 |
| 16 |
$13,173,511 |
$4,834,529
$889,212 |
$7,449,770 |
| 17 |
$13,831,955 |
$5,078,154
$933,657 |
$7,820,144 |
| 18 |
$14,523,658 |
$5,334,084
$980,347 |
$8,209,227 |
| 19 |
$15,249,883 |
$5,602,787
$1,029,367 |
$8,617,729 |
| 20 |
$16,012,314 |
$5,884,887
$1,080,831 |
$9,046,596 |
| 21 |
$16,813,056 |
$6,181,161
$1,134,881 |
$9,497,014 |
| 22 |
$17,653,793 |
$6,492,234
$1,191,631 |
$9,969,928 |
| 23 |
$18,536,209 |
$6,818,728
$1,251,194 |
$10,466,287 |
| 24 |
$19,463,251 |
$7,161,733
$1,313,769 |
$10,987,749 |
| 25 |
$20,436,182 |
$7,521,718
$1,379,442 |
$11,535,022 |
| 26 |
$21,458,370 |
$7,899,927
$1,448,440 |
$12,110,003 |
| 27 |
$22,531,078 |
$8,296,829
$1,520,848 |
$12,713,401 |
| 28 |
$23,657,674 |
$8,713,670
$1,596,893 |
$13,347,111 |
| 29 |
$24,840,684 |
$9,151,383
$1,676,746 |
$14,012,555 |
| 30 |
$26,082,634 |
$9,610,905
$1,760,578 |
$14,711,151 |
|
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