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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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%) | $7,256,000 | | Net Lumpsum Payment | $107,065,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,824,737 |
$2,115,483
$232,989 |
$3,476,265 |
| 2 |
$6,116,148 |
$2,223,305
$244,646 |
$3,648,197 |
| 3 |
$6,421,878 |
$2,336,425
$256,875 |
$3,828,578 |
| 4 |
$6,743,088 |
$2,455,273
$269,724 |
$4,018,091 |
| 5 |
$7,080,165 |
$2,579,991
$283,207 |
$4,216,967 |
| 6 |
$7,434,270 |
$2,711,010
$297,371 |
$4,425,889 |
| 7 |
$7,805,790 |
$2,848,473
$312,232 |
$4,645,085 |
| 8 |
$8,196,273 |
$2,992,951
$327,851 |
$4,875,471 |
| 9 |
$8,606,106 |
$3,144,590
$344,244 |
$5,117,272 |
| 10 |
$9,036,450 |
$3,303,817
$361,458 |
$5,371,175 |
| 11 |
$9,488,079 |
$3,470,920
$379,523 |
$5,637,636 |
| 12 |
$9,962,541 |
$3,646,471
$398,502 |
$5,917,568 |
| 13 |
$10,460,610 |
$3,830,756
$418,424 |
$6,211,430 |
| 14 |
$10,983,834 |
$4,024,349
$439,353 |
$6,520,132 |
| 15 |
$11,532,987 |
$4,227,536
$461,319 |
$6,844,132 |
| 16 |
$12,109,617 |
$4,440,889
$484,385 |
$7,184,343 |
| 17 |
$12,714,885 |
$4,664,838
$508,595 |
$7,541,452 |
| 18 |
$13,350,726 |
$4,900,099
$534,029 |
$7,916,598 |
| 19 |
$14,018,301 |
$5,147,102
$560,732 |
$8,310,467 |
| 20 |
$14,719,158 |
$5,406,419
$588,766 |
$8,723,973 |
| 21 |
$15,455,232 |
$5,678,766
$618,209 |
$9,158,257 |
| 22 |
$16,228,071 |
$5,964,717
$649,123 |
$9,614,231 |
| 23 |
$17,039,223 |
$6,264,843
$681,569 |
$10,092,811 |
| 24 |
$17,891,397 |
$6,580,147
$715,656 |
$10,595,594 |
| 25 |
$18,785,754 |
$6,911,059
$751,430 |
$11,123,265 |
| 26 |
$19,725,390 |
$7,258,725
$789,016 |
$11,677,649 |
| 27 |
$20,711,466 |
$7,623,573
$828,459 |
$12,259,434 |
| 28 |
$21,747,078 |
$8,006,749
$869,883 |
$12,870,446 |
| 29 |
$22,834,548 |
$8,409,113
$913,382 |
$13,512,053 |
| 30 |
$23,976,198 |
$8,831,524
$959,048 |
$14,185,626 |
|
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