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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $7,816,410 | | Net Lumpsum Payment | $115,640,260 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$252,825 |
$3,778,821 |
| 2 |
$6,653,484 |
$2,422,119
$265,474 |
$3,965,891 |
| 3 |
$6,986,074 |
$2,545,178
$278,744 |
$4,162,152 |
| 4 |
$7,335,504 |
$2,674,467
$292,687 |
$4,368,350 |
| 5 |
$7,702,195 |
$2,810,143
$307,318 |
$4,584,734 |
| 6 |
$8,087,410 |
$2,952,672
$322,688 |
$4,812,050 |
| 7 |
$8,491,570 |
$3,102,211
$338,814 |
$5,050,545 |
| 8 |
$8,916,359 |
$3,259,383
$355,763 |
$5,301,213 |
| 9 |
$9,362,198 |
$3,424,344
$373,552 |
$5,564,302 |
| 10 |
$9,830,350 |
$3,597,560
$392,231 |
$5,840,559 |
| 11 |
$10,321,657 |
$3,779,343
$411,834 |
$6,130,480 |
| 12 |
$10,837,803 |
$3,970,317
$432,428 |
$6,435,058 |
| 13 |
$11,379,630 |
$4,170,793
$454,047 |
$6,754,790 |
| 14 |
$11,948,822 |
$4,381,395
$476,758 |
$7,090,669 |
| 15 |
$12,546,221 |
$4,602,432
$500,594 |
$7,443,195 |
| 16 |
$13,173,511 |
$4,834,529
$525,623 |
$7,813,359 |
| 17 |
$13,831,955 |
$5,078,154
$551,895 |
$8,201,906 |
| 18 |
$14,523,658 |
$5,334,084
$579,494 |
$8,610,080 |
| 19 |
$15,249,883 |
$5,602,787
$608,470 |
$9,038,626 |
| 20 |
$16,012,314 |
$5,884,887
$638,891 |
$9,488,536 |
| 21 |
$16,813,056 |
$6,181,161
$670,841 |
$9,961,054 |
| 22 |
$17,653,793 |
$6,492,234
$704,386 |
$10,457,173 |
| 23 |
$18,536,209 |
$6,818,728
$739,595 |
$10,977,886 |
| 24 |
$19,463,251 |
$7,161,733
$776,584 |
$11,524,934 |
| 25 |
$20,436,182 |
$7,521,718
$815,404 |
$12,099,060 |
| 26 |
$21,458,370 |
$7,899,927
$856,189 |
$12,702,254 |
| 27 |
$22,531,078 |
$8,296,829
$898,990 |
$13,335,259 |
| 28 |
$23,657,674 |
$8,713,670
$943,941 |
$14,000,063 |
| 29 |
$24,840,684 |
$9,151,383
$991,143 |
$14,698,158 |
| 30 |
$26,082,634 |
$9,610,905
$1,040,697 |
$15,431,032 |
|
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