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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $3,213,200 | | Net Lumpsum Payment | $31,728,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,745,916 |
$606,319
$101,263 |
$1,038,334 |
| 2 |
$1,833,264 |
$638,638
$106,329 |
$1,088,297 |
| 3 |
$1,924,904 |
$672,545
$111,644 |
$1,140,715 |
| 4 |
$2,021,184 |
$708,168
$117,229 |
$1,195,787 |
| 5 |
$2,122,220 |
$745,552
$123,089 |
$1,253,579 |
| 6 |
$2,228,360 |
$784,824
$129,245 |
$1,314,291 |
| 7 |
$2,339,720 |
$826,027
$135,704 |
$1,377,989 |
| 8 |
$2,456,764 |
$869,333
$142,492 |
$1,444,939 |
| 9 |
$2,579,608 |
$914,785
$149,617 |
$1,515,206 |
| 10 |
$2,708,600 |
$962,512
$157,099 |
$1,588,989 |
| 11 |
$2,843,972 |
$1,012,600
$164,950 |
$1,666,422 |
| 12 |
$2,986,188 |
$1,065,220
$173,199 |
$1,747,769 |
| 13 |
$3,135,480 |
$1,120,458
$181,858 |
$1,833,164 |
| 14 |
$3,292,312 |
$1,178,486
$190,954 |
$1,922,872 |
| 15 |
$3,456,916 |
$1,239,389
$200,501 |
$2,017,026 |
| 16 |
$3,629,756 |
$1,303,340
$210,526 |
$2,115,890 |
| 17 |
$3,811,180 |
$1,370,467
$221,048 |
$2,219,665 |
| 18 |
$4,001,768 |
$1,440,985
$232,103 |
$2,328,680 |
| 19 |
$4,201,868 |
$1,515,022
$243,708 |
$2,443,138 |
| 20 |
$4,411,944 |
$1,592,750
$255,893 |
$2,563,301 |
| 21 |
$4,632,576 |
$1,674,384
$268,689 |
$2,689,503 |
| 22 |
$4,864,228 |
$1,760,095
$282,125 |
$2,822,008 |
| 23 |
$5,107,364 |
$1,850,055
$296,227 |
$2,961,082 |
| 24 |
$5,362,796 |
$1,944,565
$311,042 |
$3,107,189 |
| 25 |
$5,630,872 |
$2,043,753
$326,591 |
$3,260,528 |
| 26 |
$5,912,520 |
$2,147,963
$342,926 |
$3,421,631 |
| 27 |
$6,208,088 |
$2,257,323
$360,069 |
$3,590,696 |
| 28 |
$6,518,504 |
$2,372,177
$378,073 |
$3,768,254 |
| 29 |
$6,844,464 |
$2,492,782
$396,979 |
$3,954,703 |
| 30 |
$7,186,664 |
$2,619,396
$416,827 |
$4,150,441 |
|
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