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 Illinois residents, the state will deduct 4.95% from your lottery earnings.
| Illinois 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(4.95%) | $9,697,050 | | Net Lumpsum Payment | $113,759,620 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$313,655 |
$3,717,991 |
| 2 |
$6,653,484 |
$2,422,119
$329,347 |
$3,902,018 |
| 3 |
$6,986,074 |
$2,545,178
$345,811 |
$4,095,085 |
| 4 |
$7,335,504 |
$2,674,467
$363,107 |
$4,297,930 |
| 5 |
$7,702,195 |
$2,810,143
$381,259 |
$4,510,793 |
| 6 |
$8,087,410 |
$2,952,672
$400,327 |
$4,734,411 |
| 7 |
$8,491,570 |
$3,102,211
$420,333 |
$4,969,026 |
| 8 |
$8,916,359 |
$3,259,383
$441,360 |
$5,215,616 |
| 9 |
$9,362,198 |
$3,424,344
$463,429 |
$5,474,425 |
| 10 |
$9,830,350 |
$3,597,560
$486,602 |
$5,746,188 |
| 11 |
$10,321,657 |
$3,779,343
$510,922 |
$6,031,392 |
| 12 |
$10,837,803 |
$3,970,317
$536,471 |
$6,331,015 |
| 13 |
$11,379,630 |
$4,170,793
$563,292 |
$6,645,545 |
| 14 |
$11,948,822 |
$4,381,395
$591,467 |
$6,975,960 |
| 15 |
$12,546,221 |
$4,602,432
$621,038 |
$7,322,751 |
| 16 |
$13,173,511 |
$4,834,529
$652,089 |
$7,686,893 |
| 17 |
$13,831,955 |
$5,078,154
$684,682 |
$8,069,119 |
| 18 |
$14,523,658 |
$5,334,084
$718,921 |
$8,470,653 |
| 19 |
$15,249,883 |
$5,602,787
$754,869 |
$8,892,227 |
| 20 |
$16,012,314 |
$5,884,887
$792,610 |
$9,334,817 |
| 21 |
$16,813,056 |
$6,181,161
$832,246 |
$9,799,649 |
| 22 |
$17,653,793 |
$6,492,234
$873,863 |
$10,287,696 |
| 23 |
$18,536,209 |
$6,818,728
$917,542 |
$10,799,939 |
| 24 |
$19,463,251 |
$7,161,733
$963,431 |
$11,338,087 |
| 25 |
$20,436,182 |
$7,521,718
$1,011,591 |
$11,902,873 |
| 26 |
$21,458,370 |
$7,899,927
$1,062,189 |
$12,496,254 |
| 27 |
$22,531,078 |
$8,296,829
$1,115,288 |
$13,118,961 |
| 28 |
$23,657,674 |
$8,713,670
$1,171,055 |
$13,772,949 |
| 29 |
$24,840,684 |
$9,151,383
$1,229,614 |
$14,459,687 |
| 30 |
$26,082,634 |
$9,610,905
$1,291,090 |
$15,180,639 |
|
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