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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan 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(4.25%) | $7,709,500 | | Net Lumpsum Payment | $106,612,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,824,737 |
$2,115,483
$247,551 |
$3,461,703 |
| 2 |
$6,116,148 |
$2,223,305
$259,936 |
$3,632,907 |
| 3 |
$6,421,878 |
$2,336,425
$272,930 |
$3,812,523 |
| 4 |
$6,743,088 |
$2,455,273
$286,581 |
$4,001,234 |
| 5 |
$7,080,165 |
$2,579,991
$300,907 |
$4,199,267 |
| 6 |
$7,434,270 |
$2,711,010
$315,956 |
$4,407,304 |
| 7 |
$7,805,790 |
$2,848,473
$331,746 |
$4,625,571 |
| 8 |
$8,196,273 |
$2,992,951
$348,342 |
$4,854,980 |
| 9 |
$8,606,106 |
$3,144,590
$365,760 |
$5,095,756 |
| 10 |
$9,036,450 |
$3,303,817
$384,049 |
$5,348,584 |
| 11 |
$9,488,079 |
$3,470,920
$403,243 |
$5,613,916 |
| 12 |
$9,962,541 |
$3,646,471
$423,408 |
$5,892,662 |
| 13 |
$10,460,610 |
$3,830,756
$444,576 |
$6,185,278 |
| 14 |
$10,983,834 |
$4,024,349
$466,813 |
$6,492,672 |
| 15 |
$11,532,987 |
$4,227,536
$490,152 |
$6,815,299 |
| 16 |
$12,109,617 |
$4,440,889
$514,659 |
$7,154,069 |
| 17 |
$12,714,885 |
$4,664,838
$540,383 |
$7,509,664 |
| 18 |
$13,350,726 |
$4,900,099
$567,406 |
$7,883,221 |
| 19 |
$14,018,301 |
$5,147,102
$595,778 |
$8,275,421 |
| 20 |
$14,719,158 |
$5,406,419
$625,564 |
$8,687,175 |
| 21 |
$15,455,232 |
$5,678,766
$656,847 |
$9,119,619 |
| 22 |
$16,228,071 |
$5,964,717
$689,693 |
$9,573,661 |
| 23 |
$17,039,223 |
$6,264,843
$724,167 |
$10,050,213 |
| 24 |
$17,891,397 |
$6,580,147
$760,384 |
$10,550,866 |
| 25 |
$18,785,754 |
$6,911,059
$798,395 |
$11,076,300 |
| 26 |
$19,725,390 |
$7,258,725
$838,329 |
$11,628,336 |
| 27 |
$20,711,466 |
$7,623,573
$880,237 |
$12,207,656 |
| 28 |
$21,747,078 |
$8,006,749
$924,251 |
$12,816,078 |
| 29 |
$22,834,548 |
$8,409,113
$970,468 |
$13,454,967 |
| 30 |
$23,976,198 |
$8,831,524
$1,018,988 |
$14,125,686 |
|
|
