The jackpot for the MEGA Millions draw on Fri Oct 11, 2024, is projected to be $150 Million, with an option for a cash payout of $71.5 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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan MEGA Millions Jackpot/Cash Option for Fri Oct 11, 2024 |
|---|
| Draw Date | Fri Oct 11, 2024 | | Projected Jackpot | $150,000,000 | | Cash Value | $71,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $71,500,000 | | Federal Tax(24%) | $17,160,000 | | Additional Federal Tax | $9,255,330 | | State Tax(4.25%) | $3,038,750 | | Net Lumpsum Payment | $42,045,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,257,650 |
$795,661
$95,950 |
$1,366,039 |
| 2 |
$2,370,600 |
$837,452
$100,751 |
$1,432,397 |
| 3 |
$2,489,100 |
$881,297
$105,787 |
$1,502,016 |
| 4 |
$2,613,600 |
$927,362
$111,078 |
$1,575,160 |
| 5 |
$2,744,250 |
$975,703
$116,631 |
$1,651,916 |
| 6 |
$2,881,500 |
$1,026,485
$122,464 |
$1,732,551 |
| 7 |
$3,025,500 |
$1,079,765
$128,584 |
$1,817,151 |
| 8 |
$3,176,850 |
$1,135,765
$135,016 |
$1,906,069 |
| 9 |
$3,335,700 |
$1,194,539
$141,767 |
$1,999,394 |
| 10 |
$3,502,500 |
$1,256,255
$148,856 |
$2,097,389 |
| 11 |
$3,677,550 |
$1,321,024
$156,296 |
$2,200,230 |
| 12 |
$3,861,450 |
$1,389,067
$164,112 |
$2,308,271 |
| 13 |
$4,054,500 |
$1,460,495
$172,316 |
$2,421,689 |
| 14 |
$4,257,300 |
$1,535,531
$180,935 |
$2,540,834 |
| 15 |
$4,470,150 |
$1,614,286
$189,981 |
$2,665,883 |
| 16 |
$4,693,650 |
$1,696,981
$199,480 |
$2,797,189 |
| 17 |
$4,928,250 |
$1,783,783
$209,451 |
$2,935,016 |
| 18 |
$5,174,700 |
$1,874,969
$219,925 |
$3,079,806 |
| 19 |
$5,433,450 |
$1,970,707
$230,922 |
$3,231,821 |
| 20 |
$5,705,100 |
$2,071,217
$242,467 |
$3,391,416 |
| 21 |
$5,990,400 |
$2,176,778
$254,592 |
$3,559,030 |
| 22 |
$6,289,950 |
$2,287,612
$267,323 |
$3,735,015 |
| 23 |
$6,604,350 |
$2,403,940
$280,685 |
$3,919,725 |
| 24 |
$6,934,650 |
$2,526,151
$294,723 |
$4,113,776 |
| 25 |
$7,281,300 |
$2,654,411
$309,455 |
$4,317,434 |
| 26 |
$7,645,500 |
$2,789,165
$324,934 |
$4,531,401 |
| 27 |
$8,027,700 |
$2,930,579
$341,177 |
$4,755,944 |
| 28 |
$8,429,100 |
$3,079,097
$358,237 |
$4,991,766 |
| 29 |
$8,850,600 |
$3,235,052
$376,151 |
$5,239,397 |
| 30 |
$9,293,100 |
$3,398,777
$394,957 |
$5,499,366 |
|
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