The jackpot for the MEGA Millions draw on Fri Nov 22, 2024, is projected to be $453 Million, with an option for a cash payout of $209.6 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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota MEGA Millions Jackpot/Cash Option for Fri Nov 22, 2024 |
|---|
| Draw Date | Fri Nov 22, 2024 | | Projected Jackpot | $453,000,000 | | Cash Value | $209,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $209,600,000 | | Federal Tax(24%) | $50,304,000 | | Additional Federal Tax | $27,208,330 | | State Tax(7.25%) | $15,196,000 | | Net Lumpsum Payment | $116,891,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,818,103 |
$2,483,028
$494,312 |
$3,840,763 |
| 2 |
$7,159,212 |
$2,609,239
$519,043 |
$4,030,930 |
| 3 |
$7,517,082 |
$2,741,651
$544,988 |
$4,230,443 |
| 4 |
$7,893,072 |
$2,880,767
$572,248 |
$4,440,057 |
| 5 |
$8,287,635 |
$3,026,755
$600,854 |
$4,660,026 |
| 6 |
$8,702,130 |
$3,180,118
$630,904 |
$4,891,108 |
| 7 |
$9,137,010 |
$3,341,024
$662,433 |
$5,133,553 |
| 8 |
$9,594,087 |
$3,510,143
$695,571 |
$5,388,373 |
| 9 |
$10,073,814 |
$3,687,642
$730,352 |
$5,655,820 |
| 10 |
$10,577,550 |
$3,874,024
$766,872 |
$5,936,654 |
| 11 |
$11,106,201 |
$4,069,625
$805,200 |
$6,231,376 |
| 12 |
$11,661,579 |
$4,275,115
$845,464 |
$6,541,000 |
| 13 |
$12,244,590 |
$4,490,829
$887,733 |
$6,866,028 |
| 14 |
$12,857,046 |
$4,717,437
$932,136 |
$7,207,473 |
| 15 |
$13,499,853 |
$4,955,276
$978,739 |
$7,565,838 |
| 16 |
$14,174,823 |
$5,205,015
$1,027,675 |
$7,942,133 |
| 17 |
$14,883,315 |
$5,467,157
$1,079,040 |
$8,337,118 |
| 18 |
$15,627,594 |
$5,742,540
$1,133,001 |
$8,752,053 |
| 19 |
$16,409,019 |
$6,031,667
$1,189,654 |
$9,187,698 |
| 20 |
$17,229,402 |
$6,335,209
$1,249,132 |
$9,645,061 |
| 21 |
$18,091,008 |
$6,654,003
$1,311,598 |
$10,125,407 |
| 22 |
$18,995,649 |
$6,988,721
$1,377,185 |
$10,629,743 |
| 23 |
$19,945,137 |
$7,340,031
$1,446,022 |
$11,159,084 |
| 24 |
$20,942,643 |
$7,709,108
$1,518,342 |
$11,715,193 |
| 25 |
$21,989,526 |
$8,096,455
$1,594,241 |
$12,298,830 |
| 26 |
$23,089,410 |
$8,503,412
$1,673,982 |
$12,912,016 |
| 27 |
$24,243,654 |
$8,930,482
$1,757,665 |
$13,555,507 |
| 28 |
$25,455,882 |
$9,379,007
$1,845,551 |
$14,231,324 |
| 29 |
$26,728,812 |
$9,849,991
$1,937,839 |
$14,940,982 |
| 30 |
$28,065,162 |
$10,344,440
$2,034,724 |
$15,685,998 |
|
|
