The jackpot for the MEGA Millions draw on Fri Nov 15, 2024, is projected to be $387 Million, with an option for a cash payout of $181.4 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 Illinois residents, the state will deduct 4.95% from your lottery earnings.
| Illinois MEGA Millions Jackpot/Cash Option for Fri Nov 15, 2024 |
|---|
| Draw Date | Fri Nov 15, 2024 | | Projected Jackpot | $387,000,000 | | Cash Value | $181,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,400,000 | | Federal Tax(24%) | $43,536,000 | | Additional Federal Tax | $23,542,330 | | State Tax(4.95%) | $8,979,300 | | Net Lumpsum Payment | $105,342,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,824,737 |
$2,115,483
$288,324 |
$3,420,930 |
| 2 |
$6,116,148 |
$2,223,305
$302,749 |
$3,590,094 |
| 3 |
$6,421,878 |
$2,336,425
$317,883 |
$3,767,570 |
| 4 |
$6,743,088 |
$2,455,273
$333,783 |
$3,954,032 |
| 5 |
$7,080,165 |
$2,579,991
$350,468 |
$4,149,706 |
| 6 |
$7,434,270 |
$2,711,010
$367,996 |
$4,355,264 |
| 7 |
$7,805,790 |
$2,848,473
$386,387 |
$4,570,930 |
| 8 |
$8,196,273 |
$2,992,951
$405,716 |
$4,797,606 |
| 9 |
$8,606,106 |
$3,144,590
$426,002 |
$5,035,514 |
| 10 |
$9,036,450 |
$3,303,817
$447,304 |
$5,285,329 |
| 11 |
$9,488,079 |
$3,470,920
$469,660 |
$5,547,499 |
| 12 |
$9,962,541 |
$3,646,471
$493,146 |
$5,822,924 |
| 13 |
$10,460,610 |
$3,830,756
$517,800 |
$6,112,054 |
| 14 |
$10,983,834 |
$4,024,349
$543,700 |
$6,415,785 |
| 15 |
$11,532,987 |
$4,227,536
$570,883 |
$6,734,568 |
| 16 |
$12,109,617 |
$4,440,889
$599,426 |
$7,069,302 |
| 17 |
$12,714,885 |
$4,664,838
$629,387 |
$7,420,660 |
| 18 |
$13,350,726 |
$4,900,099
$660,861 |
$7,789,766 |
| 19 |
$14,018,301 |
$5,147,102
$693,906 |
$8,177,293 |
| 20 |
$14,719,158 |
$5,406,419
$728,598 |
$8,584,141 |
| 21 |
$15,455,232 |
$5,678,766
$765,034 |
$9,011,432 |
| 22 |
$16,228,071 |
$5,964,717
$803,290 |
$9,460,064 |
| 23 |
$17,039,223 |
$6,264,843
$843,442 |
$9,930,938 |
| 24 |
$17,891,397 |
$6,580,147
$885,624 |
$10,425,626 |
| 25 |
$18,785,754 |
$6,911,059
$929,895 |
$10,944,800 |
| 26 |
$19,725,390 |
$7,258,725
$976,407 |
$11,490,258 |
| 27 |
$20,711,466 |
$7,623,573
$1,025,218 |
$12,062,675 |
| 28 |
$21,747,078 |
$8,006,749
$1,076,480 |
$12,663,849 |
| 29 |
$22,834,548 |
$8,409,113
$1,130,310 |
$13,295,125 |
| 30 |
$23,976,198 |
$8,831,524
$1,186,822 |
$13,957,852 |
|
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