The jackpot for the MEGA Millions draw on Tue May 12, 2026, is projected to be $232 Million, with an option for a cash payout of $103.8 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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia MEGA Millions Jackpot/Cash Option for Tue May 12, 2026 |
|---|
| Draw Date | Tue May 12, 2026 | | Projected Jackpot | $232,000,000 | | Cash Value | $103,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $103,800,000 | | Federal Tax(24%) | $24,912,000 | | Additional Federal Tax | $13,454,330 | | State Tax(4%) | $4,152,000 | | Net Lumpsum Payment | $61,281,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,491,832 |
$1,252,308
$139,673 |
$2,099,851 |
| 2 |
$3,666,528 |
$1,316,946
$146,661 |
$2,202,921 |
| 3 |
$3,849,808 |
$1,384,759
$153,992 |
$2,311,057 |
| 4 |
$4,042,368 |
$1,456,007
$161,695 |
$2,424,666 |
| 5 |
$4,244,440 |
$1,530,773
$169,778 |
$2,543,889 |
| 6 |
$4,456,720 |
$1,609,317
$178,269 |
$2,669,134 |
| 7 |
$4,679,440 |
$1,691,723
$187,178 |
$2,800,539 |
| 8 |
$4,913,528 |
$1,778,336
$196,541 |
$2,938,651 |
| 9 |
$5,159,216 |
$1,869,240
$206,369 |
$3,083,607 |
| 10 |
$5,417,200 |
$1,964,694
$216,688 |
$3,235,818 |
| 11 |
$5,687,944 |
$2,064,870
$227,518 |
$3,395,556 |
| 12 |
$5,972,376 |
$2,170,110
$238,895 |
$3,563,371 |
| 13 |
$6,270,960 |
$2,280,586
$250,838 |
$3,739,536 |
| 14 |
$6,584,624 |
$2,396,641
$263,385 |
$3,924,598 |
| 15 |
$6,913,832 |
$2,518,448
$276,553 |
$4,118,831 |
| 16 |
$7,259,512 |
$2,646,350
$290,380 |
$4,322,782 |
| 17 |
$7,622,360 |
$2,780,604
$304,894 |
$4,536,862 |
| 18 |
$8,003,536 |
$2,921,639
$320,141 |
$4,761,756 |
| 19 |
$8,403,736 |
$3,069,713
$336,149 |
$4,997,874 |
| 20 |
$8,823,888 |
$3,225,169
$352,956 |
$5,245,763 |
| 21 |
$9,265,152 |
$3,388,437
$370,606 |
$5,506,109 |
| 22 |
$9,728,456 |
$3,559,859
$389,138 |
$5,779,459 |
| 23 |
$10,214,728 |
$3,739,780
$408,589 |
$6,066,359 |
| 24 |
$10,725,592 |
$3,928,799
$429,024 |
$6,367,769 |
| 25 |
$11,261,744 |
$4,127,176
$450,470 |
$6,684,098 |
| 26 |
$11,825,040 |
$4,335,595
$473,002 |
$7,016,443 |
| 27 |
$12,416,176 |
$4,554,316
$496,647 |
$7,365,213 |
| 28 |
$13,037,008 |
$4,784,023
$521,480 |
$7,731,505 |
| 29 |
$13,688,928 |
$5,025,234
$547,557 |
$8,116,137 |
| 30 |
$14,373,328 |
$5,278,462
$574,933 |
$8,519,933 |
|
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