The jackpot for the MEGA Millions draw on Tue Oct 1, 2024, is projected to be $93 Million, with an option for a cash payout of $46 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 Illinois residents, the state will deduct 4.95% from your lottery earnings.
| Illinois MEGA Millions Jackpot/Cash Option for Tue Oct 1, 2024 |
|---|
| Draw Date | Tue Oct 1, 2024 | | Projected Jackpot | $93,000,000 | | Cash Value | $46,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $46,000,000 | | Federal Tax(24%) | $11,040,000 | | Additional Federal Tax | $5,940,330 | | State Tax(4.95%) | $2,277,000 | | Net Lumpsum Payment | $26,742,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$69,287 |
$852,221 |
| 2 |
$1,469,772 |
$504,146
$72,754 |
$892,872 |
| 3 |
$1,543,242 |
$531,330
$76,390 |
$935,522 |
| 4 |
$1,620,432 |
$559,890
$80,211 |
$980,331 |
| 5 |
$1,701,435 |
$589,861
$84,221 |
$1,027,353 |
| 6 |
$1,786,530 |
$621,346
$88,433 |
$1,076,751 |
| 7 |
$1,875,810 |
$654,380
$92,853 |
$1,128,577 |
| 8 |
$1,969,647 |
$689,100
$97,498 |
$1,183,049 |
| 9 |
$2,068,134 |
$725,540
$102,373 |
$1,240,221 |
| 10 |
$2,171,550 |
$763,804
$107,492 |
$1,300,254 |
| 11 |
$2,280,081 |
$803,960
$112,864 |
$1,363,257 |
| 12 |
$2,394,099 |
$846,147
$118,508 |
$1,429,444 |
| 13 |
$2,513,790 |
$890,433
$124,433 |
$1,498,924 |
| 14 |
$2,639,526 |
$936,955
$130,657 |
$1,571,914 |
| 15 |
$2,771,493 |
$985,783
$137,189 |
$1,648,521 |
| 16 |
$2,910,063 |
$1,037,054
$144,048 |
$1,728,961 |
| 17 |
$3,055,515 |
$1,090,871
$151,248 |
$1,813,396 |
| 18 |
$3,208,314 |
$1,147,407
$158,812 |
$1,902,095 |
| 19 |
$3,368,739 |
$1,206,764
$166,753 |
$1,995,222 |
| 20 |
$3,537,162 |
$1,269,080
$175,090 |
$2,092,992 |
| 21 |
$3,714,048 |
$1,334,528
$183,845 |
$2,195,675 |
| 22 |
$3,899,769 |
$1,403,245
$193,039 |
$2,303,485 |
| 23 |
$4,094,697 |
$1,475,368
$202,688 |
$2,416,641 |
| 24 |
$4,299,483 |
$1,551,139
$212,824 |
$2,535,520 |
| 25 |
$4,514,406 |
$1,630,661
$223,463 |
$2,660,282 |
| 26 |
$4,740,210 |
$1,714,208
$234,640 |
$2,791,362 |
| 27 |
$4,977,174 |
$1,801,885
$246,370 |
$2,928,919 |
| 28 |
$5,226,042 |
$1,893,966
$258,689 |
$3,073,387 |
| 29 |
$5,487,372 |
$1,990,658
$271,625 |
$3,225,089 |
| 30 |
$5,761,722 |
$2,092,168
$285,205 |
$3,384,349 |
|
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