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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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%) | $1,840,000 | | Net Lumpsum Payment | $27,179,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$55,990 |
$865,518 |
| 2 |
$1,469,772 |
$504,146
$58,791 |
$906,835 |
| 3 |
$1,543,242 |
$531,330
$61,730 |
$950,182 |
| 4 |
$1,620,432 |
$559,890
$64,817 |
$995,725 |
| 5 |
$1,701,435 |
$589,861
$68,057 |
$1,043,517 |
| 6 |
$1,786,530 |
$621,346
$71,461 |
$1,093,723 |
| 7 |
$1,875,810 |
$654,380
$75,032 |
$1,146,398 |
| 8 |
$1,969,647 |
$689,100
$78,786 |
$1,201,761 |
| 9 |
$2,068,134 |
$725,540
$82,725 |
$1,259,869 |
| 10 |
$2,171,550 |
$763,804
$86,862 |
$1,320,884 |
| 11 |
$2,280,081 |
$803,960
$91,203 |
$1,384,918 |
| 12 |
$2,394,099 |
$846,147
$95,764 |
$1,452,188 |
| 13 |
$2,513,790 |
$890,433
$100,552 |
$1,522,805 |
| 14 |
$2,639,526 |
$936,955
$105,581 |
$1,596,990 |
| 15 |
$2,771,493 |
$985,783
$110,860 |
$1,674,850 |
| 16 |
$2,910,063 |
$1,037,054
$116,403 |
$1,756,606 |
| 17 |
$3,055,515 |
$1,090,871
$122,221 |
$1,842,423 |
| 18 |
$3,208,314 |
$1,147,407
$128,333 |
$1,932,574 |
| 19 |
$3,368,739 |
$1,206,764
$134,750 |
$2,027,225 |
| 20 |
$3,537,162 |
$1,269,080
$141,486 |
$2,126,596 |
| 21 |
$3,714,048 |
$1,334,528
$148,562 |
$2,230,958 |
| 22 |
$3,899,769 |
$1,403,245
$155,991 |
$2,340,533 |
| 23 |
$4,094,697 |
$1,475,368
$163,788 |
$2,455,541 |
| 24 |
$4,299,483 |
$1,551,139
$171,979 |
$2,576,365 |
| 25 |
$4,514,406 |
$1,630,661
$180,576 |
$2,703,169 |
| 26 |
$4,740,210 |
$1,714,208
$189,608 |
$2,836,394 |
| 27 |
$4,977,174 |
$1,801,885
$199,087 |
$2,976,202 |
| 28 |
$5,226,042 |
$1,893,966
$209,042 |
$3,123,034 |
| 29 |
$5,487,372 |
$1,990,658
$219,495 |
$3,277,219 |
| 30 |
$5,761,722 |
$2,092,168
$230,469 |
$3,439,085 |
|
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