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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $13,151,500 | | Net Lumpsum Payment | $101,170,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,824,737 |
$2,115,483
$422,293 |
$3,286,961 |
| 2 |
$6,116,148 |
$2,223,305
$443,421 |
$3,449,422 |
| 3 |
$6,421,878 |
$2,336,425
$465,586 |
$3,619,867 |
| 4 |
$6,743,088 |
$2,455,273
$488,874 |
$3,798,941 |
| 5 |
$7,080,165 |
$2,579,991
$513,312 |
$3,986,862 |
| 6 |
$7,434,270 |
$2,711,010
$538,985 |
$4,184,275 |
| 7 |
$7,805,790 |
$2,848,473
$565,920 |
$4,391,397 |
| 8 |
$8,196,273 |
$2,992,951
$594,230 |
$4,609,092 |
| 9 |
$8,606,106 |
$3,144,590
$623,943 |
$4,837,573 |
| 10 |
$9,036,450 |
$3,303,817
$655,143 |
$5,077,490 |
| 11 |
$9,488,079 |
$3,470,920
$687,886 |
$5,329,273 |
| 12 |
$9,962,541 |
$3,646,471
$722,284 |
$5,593,786 |
| 13 |
$10,460,610 |
$3,830,756
$758,394 |
$5,871,460 |
| 14 |
$10,983,834 |
$4,024,349
$796,328 |
$6,163,157 |
| 15 |
$11,532,987 |
$4,227,536
$836,142 |
$6,469,309 |
| 16 |
$12,109,617 |
$4,440,889
$877,947 |
$6,790,781 |
| 17 |
$12,714,885 |
$4,664,838
$921,829 |
$7,128,218 |
| 18 |
$13,350,726 |
$4,900,099
$967,928 |
$7,482,699 |
| 19 |
$14,018,301 |
$5,147,102
$1,016,327 |
$7,854,872 |
| 20 |
$14,719,158 |
$5,406,419
$1,067,139 |
$8,245,600 |
| 21 |
$15,455,232 |
$5,678,766
$1,120,504 |
$8,655,962 |
| 22 |
$16,228,071 |
$5,964,717
$1,176,535 |
$9,086,819 |
| 23 |
$17,039,223 |
$6,264,843
$1,235,344 |
$9,539,036 |
| 24 |
$17,891,397 |
$6,580,147
$1,297,126 |
$10,014,124 |
| 25 |
$18,785,754 |
$6,911,059
$1,361,967 |
$10,512,728 |
| 26 |
$19,725,390 |
$7,258,725
$1,430,091 |
$11,036,574 |
| 27 |
$20,711,466 |
$7,623,573
$1,501,581 |
$11,586,312 |
| 28 |
$21,747,078 |
$8,006,749
$1,576,663 |
$12,163,666 |
| 29 |
$22,834,548 |
$8,409,113
$1,655,505 |
$12,769,930 |
| 30 |
$23,976,198 |
$8,831,524
$1,738,274 |
$13,406,400 |
|
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