The jackpot for the MEGA Millions draw on Tue Dec 10, 2024, is projected to be $619 Million, with an option for a cash payout of $297.7 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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota MEGA Millions Jackpot/Cash Option for Tue Dec 10, 2024 |
|---|
| Draw Date | Tue Dec 10, 2024 | | Projected Jackpot | $619,000,000 | | Cash Value | $297,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $297,700,000 | | Federal Tax(24%) | $71,448,000 | | Additional Federal Tax | $38,661,330 | | State Tax(7.25%) | $21,583,250 | | Net Lumpsum Payment | $166,007,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$9,316,569 |
$3,407,461
$675,451 |
$5,233,657 |
| 2 |
$9,782,676 |
$3,579,921
$709,244 |
$5,493,511 |
| 3 |
$10,271,686 |
$3,760,854
$744,697 |
$5,766,135 |
| 4 |
$10,785,456 |
$3,950,949
$781,946 |
$6,052,561 |
| 5 |
$11,324,605 |
$4,150,434
$821,034 |
$6,353,137 |
| 6 |
$11,890,990 |
$4,359,997
$862,097 |
$6,668,896 |
| 7 |
$12,485,230 |
$4,579,865
$905,179 |
$7,000,186 |
| 8 |
$13,109,801 |
$4,810,957
$950,461 |
$7,348,383 |
| 9 |
$13,765,322 |
$5,053,500
$997,986 |
$7,713,836 |
| 10 |
$14,453,650 |
$5,308,181
$1,047,890 |
$8,097,579 |
| 11 |
$15,176,023 |
$5,575,459
$1,100,262 |
$8,500,302 |
| 12 |
$15,934,917 |
$5,856,250
$1,155,281 |
$8,923,386 |
| 13 |
$16,731,570 |
$6,151,011
$1,213,039 |
$9,367,520 |
| 14 |
$17,568,458 |
$6,460,660
$1,273,713 |
$9,834,085 |
| 15 |
$18,446,819 |
$6,785,653
$1,337,394 |
$10,323,772 |
| 16 |
$19,369,129 |
$7,126,908
$1,404,262 |
$10,837,959 |
| 17 |
$20,337,245 |
$7,485,111
$1,474,450 |
$11,377,684 |
| 18 |
$21,354,262 |
$7,861,407
$1,548,184 |
$11,944,671 |
| 19 |
$22,422,037 |
$8,256,484
$1,625,598 |
$12,539,955 |
| 20 |
$23,543,046 |
$8,671,257
$1,706,871 |
$13,164,918 |
| 21 |
$24,720,384 |
$9,106,872
$1,792,228 |
$13,821,284 |
| 22 |
$25,956,527 |
$9,564,245
$1,881,848 |
$14,510,434 |
| 23 |
$27,253,951 |
$10,044,292
$1,975,911 |
$15,233,748 |
| 24 |
$28,616,989 |
$10,548,616
$2,074,732 |
$15,993,641 |
| 25 |
$30,047,498 |
$11,077,905
$2,178,444 |
$16,791,149 |
| 26 |
$31,550,430 |
$11,633,989
$2,287,406 |
$17,629,035 |
| 27 |
$33,127,642 |
$12,217,558
$2,401,754 |
$18,508,330 |
| 28 |
$34,784,086 |
$12,830,442
$2,521,846 |
$19,431,798 |
| 29 |
$36,523,476 |
$13,474,017
$2,647,952 |
$20,401,507 |
| 30 |
$38,349,526 |
$14,149,655
$2,780,341 |
$21,419,530 |
|
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