The jackpot for the MEGA Millions draw on Fri Jun 28, 2024, is projected to be $116 Million, with an option for a cash payout of $55.4 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia MEGA Millions Jackpot/Cash Option for Fri Jun 28, 2024 |
|---|
| Draw Date | Fri Jun 28, 2024 | | Projected Jackpot | $116,000,000 | | Cash Value | $55,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $55,400,000 | | Federal Tax(24%) | $13,296,000 | | Additional Federal Tax | $7,162,330 | | State Tax(5.75%) | $3,185,500 | | Net Lumpsum Payment | $31,756,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,745,916 |
$606,319
$100,390 |
$1,039,207 |
| 2 |
$1,833,264 |
$638,638
$105,413 |
$1,089,213 |
| 3 |
$1,924,904 |
$672,545
$110,682 |
$1,141,677 |
| 4 |
$2,021,184 |
$708,168
$116,218 |
$1,196,798 |
| 5 |
$2,122,220 |
$745,552
$122,028 |
$1,254,640 |
| 6 |
$2,228,360 |
$784,824
$128,131 |
$1,315,405 |
| 7 |
$2,339,720 |
$826,027
$134,534 |
$1,379,159 |
| 8 |
$2,456,764 |
$869,333
$141,264 |
$1,446,167 |
| 9 |
$2,579,608 |
$914,785
$148,327 |
$1,516,496 |
| 10 |
$2,708,600 |
$962,512
$155,745 |
$1,590,343 |
| 11 |
$2,843,972 |
$1,012,600
$163,528 |
$1,667,844 |
| 12 |
$2,986,188 |
$1,065,220
$171,706 |
$1,749,262 |
| 13 |
$3,135,480 |
$1,120,458
$180,290 |
$1,834,732 |
| 14 |
$3,292,312 |
$1,178,486
$189,308 |
$1,924,518 |
| 15 |
$3,456,916 |
$1,239,389
$198,773 |
$2,018,754 |
| 16 |
$3,629,756 |
$1,303,340
$208,711 |
$2,117,705 |
| 17 |
$3,811,180 |
$1,370,467
$219,143 |
$2,221,570 |
| 18 |
$4,001,768 |
$1,440,985
$230,102 |
$2,330,681 |
| 19 |
$4,201,868 |
$1,515,022
$241,607 |
$2,445,239 |
| 20 |
$4,411,944 |
$1,592,750
$253,687 |
$2,565,507 |
| 21 |
$4,632,576 |
$1,674,384
$266,373 |
$2,691,819 |
| 22 |
$4,864,228 |
$1,760,095
$279,693 |
$2,824,440 |
| 23 |
$5,107,364 |
$1,850,055
$293,673 |
$2,963,636 |
| 24 |
$5,362,796 |
$1,944,565
$308,361 |
$3,109,870 |
| 25 |
$5,630,872 |
$2,043,753
$323,775 |
$3,263,344 |
| 26 |
$5,912,520 |
$2,147,963
$339,970 |
$3,424,587 |
| 27 |
$6,208,088 |
$2,257,323
$356,965 |
$3,593,800 |
| 28 |
$6,518,504 |
$2,372,177
$374,814 |
$3,771,513 |
| 29 |
$6,844,464 |
$2,492,782
$393,557 |
$3,958,125 |
| 30 |
$7,186,664 |
$2,619,396
$413,233 |
$4,154,035 |
|
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