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 Wisconsin residents, the state will deduct 7.65% from your lottery earnings.
| Wisconsin 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(7.65%) | $14,986,350 | | Net Lumpsum Payment | $108,470,320 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$484,740 |
$3,546,906 |
| 2 |
$6,653,484 |
$2,422,119
$508,992 |
$3,722,373 |
| 3 |
$6,986,074 |
$2,545,178
$534,435 |
$3,906,461 |
| 4 |
$7,335,504 |
$2,674,467
$561,166 |
$4,099,871 |
| 5 |
$7,702,195 |
$2,810,143
$589,218 |
$4,302,834 |
| 6 |
$8,087,410 |
$2,952,672
$618,687 |
$4,516,051 |
| 7 |
$8,491,570 |
$3,102,211
$649,605 |
$4,739,754 |
| 8 |
$8,916,359 |
$3,259,383
$682,101 |
$4,974,875 |
| 9 |
$9,362,198 |
$3,424,344
$716,208 |
$5,221,646 |
| 10 |
$9,830,350 |
$3,597,560
$752,022 |
$5,480,768 |
| 11 |
$10,321,657 |
$3,779,343
$789,607 |
$5,752,707 |
| 12 |
$10,837,803 |
$3,970,317
$829,092 |
$6,038,394 |
| 13 |
$11,379,630 |
$4,170,793
$870,542 |
$6,338,295 |
| 14 |
$11,948,822 |
$4,381,395
$914,085 |
$6,653,342 |
| 15 |
$12,546,221 |
$4,602,432
$959,786 |
$6,984,003 |
| 16 |
$13,173,511 |
$4,834,529
$1,007,774 |
$7,331,208 |
| 17 |
$13,831,955 |
$5,078,154
$1,058,145 |
$7,695,656 |
| 18 |
$14,523,658 |
$5,334,084
$1,111,060 |
$8,078,514 |
| 19 |
$15,249,883 |
$5,602,787
$1,166,616 |
$8,480,480 |
| 20 |
$16,012,314 |
$5,884,887
$1,224,942 |
$8,902,485 |
| 21 |
$16,813,056 |
$6,181,161
$1,286,199 |
$9,345,696 |
| 22 |
$17,653,793 |
$6,492,234
$1,350,515 |
$9,811,044 |
| 23 |
$18,536,209 |
$6,818,728
$1,418,020 |
$10,299,461 |
| 24 |
$19,463,251 |
$7,161,733
$1,488,939 |
$10,812,579 |
| 25 |
$20,436,182 |
$7,521,718
$1,563,368 |
$11,351,096 |
| 26 |
$21,458,370 |
$7,899,927
$1,641,565 |
$11,916,878 |
| 27 |
$22,531,078 |
$8,296,829
$1,723,627 |
$12,510,622 |
| 28 |
$23,657,674 |
$8,713,670
$1,809,812 |
$13,134,192 |
| 29 |
$24,840,684 |
$9,151,383
$1,900,312 |
$13,788,989 |
| 30 |
$26,082,634 |
$9,610,905
$1,995,322 |
$14,476,407 |
|
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