The jackpot for the MEGA Millions draw on Tue Sep 10, 2024, is projected to be $800 Million, with an option for a cash payout of $401.8 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 Sep 10, 2024 |
|---|
| Draw Date | Tue Sep 10, 2024 | | Projected Jackpot | $800,000,000 | | Cash Value | $401,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $401,800,000 | | Federal Tax(24%) | $96,432,000 | | Additional Federal Tax | $52,194,330 | | State Tax(7.25%) | $29,130,500 | | Net Lumpsum Payment | $224,043,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$12,040,800 |
$4,415,426
$872,958 |
$6,752,416 |
| 2 |
$12,643,200 |
$4,638,314
$916,632 |
$7,088,254 |
| 3 |
$13,275,200 |
$4,872,154
$962,452 |
$7,440,594 |
| 4 |
$13,939,200 |
$5,117,834
$1,010,592 |
$7,810,774 |
| 5 |
$14,636,000 |
$5,375,650
$1,061,110 |
$8,199,240 |
| 6 |
$15,368,000 |
$5,646,490
$1,114,180 |
$8,607,330 |
| 7 |
$16,136,000 |
$5,930,650
$1,169,860 |
$9,035,490 |
| 8 |
$16,943,200 |
$6,229,314
$1,228,382 |
$9,485,504 |
| 9 |
$17,790,400 |
$6,542,778
$1,289,804 |
$9,957,818 |
| 10 |
$18,680,000 |
$6,871,930
$1,354,300 |
$10,453,770 |
| 11 |
$19,613,600 |
$7,217,362
$1,421,986 |
$10,974,252 |
| 12 |
$20,594,400 |
$7,580,258
$1,493,094 |
$11,521,048 |
| 13 |
$21,624,000 |
$7,961,210
$1,567,740 |
$12,095,050 |
| 14 |
$22,705,600 |
$8,361,402
$1,646,156 |
$12,698,042 |
| 15 |
$23,840,800 |
$8,781,426
$1,728,458 |
$13,330,916 |
| 16 |
$25,032,800 |
$9,222,466
$1,814,878 |
$13,995,456 |
| 17 |
$26,284,000 |
$9,685,410
$1,905,590 |
$14,693,000 |
| 18 |
$27,598,400 |
$10,171,738
$2,000,884 |
$15,425,778 |
| 19 |
$28,978,400 |
$10,682,338
$2,100,934 |
$16,195,128 |
| 20 |
$30,427,200 |
$11,218,394
$2,205,972 |
$17,002,834 |
| 21 |
$31,948,800 |
$11,781,386
$2,316,288 |
$17,851,126 |
| 22 |
$33,546,400 |
$12,372,498
$2,432,114 |
$18,741,788 |
| 23 |
$35,223,200 |
$12,992,914
$2,553,682 |
$19,676,604 |
| 24 |
$36,984,800 |
$13,644,706
$2,681,398 |
$20,658,696 |
| 25 |
$38,833,600 |
$14,328,762
$2,815,436 |
$21,689,402 |
| 26 |
$40,776,000 |
$15,047,450
$2,956,260 |
$22,772,290 |
| 27 |
$42,814,400 |
$15,801,658
$3,104,044 |
$23,908,698 |
| 28 |
$44,955,200 |
$16,593,754
$3,259,252 |
$25,102,194 |
| 29 |
$47,203,200 |
$17,425,514
$3,422,232 |
$26,355,454 |
| 30 |
$49,563,200 |
$18,298,714
$3,593,332 |
$27,671,154 |
|
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