The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia MEGA Millions Jackpot/Cash Option for Tue May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(5.75%) | $11,264,250 | | Net Lumpsum Payment | $112,192,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$364,347 |
$3,667,299 |
| 2 |
$6,653,484 |
$2,422,119
$382,575 |
$3,848,790 |
| 3 |
$6,986,074 |
$2,545,178
$401,699 |
$4,039,197 |
| 4 |
$7,335,504 |
$2,674,467
$421,791 |
$4,239,246 |
| 5 |
$7,702,195 |
$2,810,143
$442,876 |
$4,449,176 |
| 6 |
$8,087,410 |
$2,952,672
$465,026 |
$4,669,712 |
| 7 |
$8,491,570 |
$3,102,211
$488,265 |
$4,901,094 |
| 8 |
$8,916,359 |
$3,259,383
$512,691 |
$5,144,285 |
| 9 |
$9,362,198 |
$3,424,344
$538,326 |
$5,399,528 |
| 10 |
$9,830,350 |
$3,597,560
$565,245 |
$5,667,545 |
| 11 |
$10,321,657 |
$3,779,343
$593,495 |
$5,948,819 |
| 12 |
$10,837,803 |
$3,970,317
$623,174 |
$6,244,312 |
| 13 |
$11,379,630 |
$4,170,793
$654,329 |
$6,554,508 |
| 14 |
$11,948,822 |
$4,381,395
$687,057 |
$6,880,370 |
| 15 |
$12,546,221 |
$4,602,432
$721,408 |
$7,222,381 |
| 16 |
$13,173,511 |
$4,834,529
$757,477 |
$7,581,505 |
| 17 |
$13,831,955 |
$5,078,154
$795,337 |
$7,958,464 |
| 18 |
$14,523,658 |
$5,334,084
$835,110 |
$8,354,464 |
| 19 |
$15,249,883 |
$5,602,787
$876,868 |
$8,770,228 |
| 20 |
$16,012,314 |
$5,884,887
$920,708 |
$9,206,719 |
| 21 |
$16,813,056 |
$6,181,161
$966,751 |
$9,665,144 |
| 22 |
$17,653,793 |
$6,492,234
$1,015,093 |
$10,146,466 |
| 23 |
$18,536,209 |
$6,818,728
$1,065,832 |
$10,651,649 |
| 24 |
$19,463,251 |
$7,161,733
$1,119,137 |
$11,182,381 |
| 25 |
$20,436,182 |
$7,521,718
$1,175,080 |
$11,739,384 |
| 26 |
$21,458,370 |
$7,899,927
$1,233,856 |
$12,324,587 |
| 27 |
$22,531,078 |
$8,296,829
$1,295,537 |
$12,938,712 |
| 28 |
$23,657,674 |
$8,713,670
$1,360,316 |
$13,583,688 |
| 29 |
$24,840,684 |
$9,151,383
$1,428,339 |
$14,260,962 |
| 30 |
$26,082,634 |
$9,610,905
$1,499,751 |
$14,971,978 |
|
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