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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
| Indiana 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(3.15%) | $1,449,000 | | Net Lumpsum Payment | $27,570,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$44,092 |
$877,416 |
| 2 |
$1,469,772 |
$504,146
$46,298 |
$919,328 |
| 3 |
$1,543,242 |
$531,330
$48,612 |
$963,300 |
| 4 |
$1,620,432 |
$559,890
$51,044 |
$1,009,498 |
| 5 |
$1,701,435 |
$589,861
$53,595 |
$1,057,979 |
| 6 |
$1,786,530 |
$621,346
$56,276 |
$1,108,908 |
| 7 |
$1,875,810 |
$654,380
$59,088 |
$1,162,342 |
| 8 |
$1,969,647 |
$689,100
$62,044 |
$1,218,503 |
| 9 |
$2,068,134 |
$725,540
$65,146 |
$1,277,448 |
| 10 |
$2,171,550 |
$763,804
$68,404 |
$1,339,342 |
| 11 |
$2,280,081 |
$803,960
$71,823 |
$1,404,298 |
| 12 |
$2,394,099 |
$846,147
$75,414 |
$1,472,538 |
| 13 |
$2,513,790 |
$890,433
$79,184 |
$1,544,173 |
| 14 |
$2,639,526 |
$936,955
$83,145 |
$1,619,426 |
| 15 |
$2,771,493 |
$985,783
$87,302 |
$1,698,408 |
| 16 |
$2,910,063 |
$1,037,054
$91,667 |
$1,781,342 |
| 17 |
$3,055,515 |
$1,090,871
$96,249 |
$1,868,395 |
| 18 |
$3,208,314 |
$1,147,407
$101,062 |
$1,959,845 |
| 19 |
$3,368,739 |
$1,206,764
$106,115 |
$2,055,860 |
| 20 |
$3,537,162 |
$1,269,080
$111,421 |
$2,156,661 |
| 21 |
$3,714,048 |
$1,334,528
$116,993 |
$2,262,527 |
| 22 |
$3,899,769 |
$1,403,245
$122,843 |
$2,373,681 |
| 23 |
$4,094,697 |
$1,475,368
$128,983 |
$2,490,346 |
| 24 |
$4,299,483 |
$1,551,139
$135,434 |
$2,612,910 |
| 25 |
$4,514,406 |
$1,630,661
$142,204 |
$2,741,541 |
| 26 |
$4,740,210 |
$1,714,208
$149,317 |
$2,876,685 |
| 27 |
$4,977,174 |
$1,801,885
$156,781 |
$3,018,508 |
| 28 |
$5,226,042 |
$1,893,966
$164,620 |
$3,167,456 |
| 29 |
$5,487,372 |
$1,990,658
$172,852 |
$3,323,862 |
| 30 |
$5,761,722 |
$2,092,168
$181,494 |
$3,488,060 |
|
|
