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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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%) | $2,860,000 | | Net Lumpsum Payment | $42,224,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,257,650 |
$795,661
$90,306 |
$1,371,683 |
| 2 |
$2,370,600 |
$837,452
$94,824 |
$1,438,324 |
| 3 |
$2,489,100 |
$881,297
$99,564 |
$1,508,239 |
| 4 |
$2,613,600 |
$927,362
$104,544 |
$1,581,694 |
| 5 |
$2,744,250 |
$975,703
$109,770 |
$1,658,777 |
| 6 |
$2,881,500 |
$1,026,485
$115,260 |
$1,739,755 |
| 7 |
$3,025,500 |
$1,079,765
$121,020 |
$1,824,715 |
| 8 |
$3,176,850 |
$1,135,765
$127,074 |
$1,914,011 |
| 9 |
$3,335,700 |
$1,194,539
$133,428 |
$2,007,733 |
| 10 |
$3,502,500 |
$1,256,255
$140,100 |
$2,106,145 |
| 11 |
$3,677,550 |
$1,321,024
$147,102 |
$2,209,424 |
| 12 |
$3,861,450 |
$1,389,067
$154,458 |
$2,317,925 |
| 13 |
$4,054,500 |
$1,460,495
$162,180 |
$2,431,825 |
| 14 |
$4,257,300 |
$1,535,531
$170,292 |
$2,551,477 |
| 15 |
$4,470,150 |
$1,614,286
$178,806 |
$2,677,058 |
| 16 |
$4,693,650 |
$1,696,981
$187,746 |
$2,808,923 |
| 17 |
$4,928,250 |
$1,783,783
$197,130 |
$2,947,337 |
| 18 |
$5,174,700 |
$1,874,969
$206,988 |
$3,092,743 |
| 19 |
$5,433,450 |
$1,970,707
$217,338 |
$3,245,405 |
| 20 |
$5,705,100 |
$2,071,217
$228,204 |
$3,405,679 |
| 21 |
$5,990,400 |
$2,176,778
$239,616 |
$3,574,006 |
| 22 |
$6,289,950 |
$2,287,612
$251,598 |
$3,750,740 |
| 23 |
$6,604,350 |
$2,403,940
$264,174 |
$3,936,236 |
| 24 |
$6,934,650 |
$2,526,151
$277,386 |
$4,131,113 |
| 25 |
$7,281,300 |
$2,654,411
$291,252 |
$4,335,637 |
| 26 |
$7,645,500 |
$2,789,165
$305,820 |
$4,550,515 |
| 27 |
$8,027,700 |
$2,930,579
$321,108 |
$4,776,013 |
| 28 |
$8,429,100 |
$3,079,097
$337,164 |
$5,012,839 |
| 29 |
$8,850,600 |
$3,235,052
$354,024 |
$5,261,524 |
| 30 |
$9,293,100 |
$3,398,777
$371,724 |
$5,522,599 |
|
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