The jackpot for the MEGA Millions draw on Fri Nov 8, 2024, is projected to be $334 Million, with an option for a cash payout of $155.7 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 those living in Washington, the bright side is you won't have to pay any state taxes on your lottery prize.
Washington MEGA Millions Jackpot/Cash Option for Fri Nov 8, 2024 |
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Draw Date | Fri Nov 8, 2024 | Projected Jackpot | $334,000,000 | Cash Value | $155,700,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $155,700,000 | Federal Tax(24%) | $37,368,000 | Additional Federal Tax | $20,201,330 | State Tax(0%) | $0 | Net Lumpsum Payment | $98,130,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,027,034 |
$1,820,333 $0 |
$3,206,701 |
2 |
$5,278,536 |
$1,913,389 $0 |
$3,365,147 |
3 |
$5,542,396 |
$2,011,017 $0 |
$3,531,379 |
4 |
$5,819,616 |
$2,113,588 $0 |
$3,706,028 |
5 |
$6,110,530 |
$2,221,226 $0 |
$3,889,304 |
6 |
$6,416,140 |
$2,334,302 $0 |
$4,081,838 |
7 |
$6,736,780 |
$2,452,939 $0 |
$4,283,841 |
8 |
$7,073,786 |
$2,577,631 $0 |
$4,496,155 |
9 |
$7,427,492 |
$2,708,502 $0 |
$4,718,990 |
10 |
$7,798,900 |
$2,845,923 $0 |
$4,952,977 |
11 |
$8,188,678 |
$2,990,141 $0 |
$5,198,537 |
12 |
$8,598,162 |
$3,141,650 $0 |
$5,456,512 |
13 |
$9,028,020 |
$3,300,698 $0 |
$5,727,322 |
14 |
$9,479,588 |
$3,467,778 $0 |
$6,011,810 |
15 |
$9,953,534 |
$3,643,138 $0 |
$6,310,396 |
16 |
$10,451,194 |
$3,827,272 $0 |
$6,623,922 |
17 |
$10,973,570 |
$4,020,551 $0 |
$6,953,019 |
18 |
$11,522,332 |
$4,223,593 $0 |
$7,298,739 |
19 |
$12,098,482 |
$4,436,769 $0 |
$7,661,713 |
20 |
$12,703,356 |
$4,660,572 $0 |
$8,042,784 |
21 |
$13,338,624 |
$4,895,621 $0 |
$8,443,003 |
22 |
$14,005,622 |
$5,142,411 $0 |
$8,863,211 |
23 |
$14,705,686 |
$5,401,434 $0 |
$9,304,252 |
24 |
$15,441,154 |
$5,673,557 $0 |
$9,767,597 |
25 |
$16,213,028 |
$5,959,151 $0 |
$10,253,877 |
26 |
$17,023,980 |
$6,259,203 $0 |
$10,764,777 |
27 |
$17,875,012 |
$6,574,085 $0 |
$11,300,927 |
28 |
$18,768,796 |
$6,904,785 $0 |
$11,864,011 |
29 |
$19,707,336 |
$7,252,045 $0 |
$12,455,291 |
30 |
$20,692,636 |
$7,616,606 $0 |
$13,076,030 |
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