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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
| Indiana 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(3.15%) | $6,170,850 | | Net Lumpsum Payment | $117,285,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$199,599 |
$3,832,047 |
| 2 |
$6,653,484 |
$2,422,119
$209,585 |
$4,021,780 |
| 3 |
$6,986,074 |
$2,545,178
$220,061 |
$4,220,835 |
| 4 |
$7,335,504 |
$2,674,467
$231,068 |
$4,429,969 |
| 5 |
$7,702,195 |
$2,810,143
$242,619 |
$4,649,433 |
| 6 |
$8,087,410 |
$2,952,672
$254,753 |
$4,879,985 |
| 7 |
$8,491,570 |
$3,102,211
$267,484 |
$5,121,875 |
| 8 |
$8,916,359 |
$3,259,383
$280,865 |
$5,376,111 |
| 9 |
$9,362,198 |
$3,424,344
$294,909 |
$5,642,945 |
| 10 |
$9,830,350 |
$3,597,560
$309,656 |
$5,923,134 |
| 11 |
$10,321,657 |
$3,779,343
$325,132 |
$6,217,182 |
| 12 |
$10,837,803 |
$3,970,317
$341,391 |
$6,526,095 |
| 13 |
$11,379,630 |
$4,170,793
$358,458 |
$6,850,379 |
| 14 |
$11,948,822 |
$4,381,395
$376,388 |
$7,191,039 |
| 15 |
$12,546,221 |
$4,602,432
$395,206 |
$7,548,583 |
| 16 |
$13,173,511 |
$4,834,529
$414,966 |
$7,924,016 |
| 17 |
$13,831,955 |
$5,078,154
$435,707 |
$8,318,094 |
| 18 |
$14,523,658 |
$5,334,084
$457,495 |
$8,732,079 |
| 19 |
$15,249,883 |
$5,602,787
$480,371 |
$9,166,725 |
| 20 |
$16,012,314 |
$5,884,887
$504,388 |
$9,623,039 |
| 21 |
$16,813,056 |
$6,181,161
$529,611 |
$10,102,284 |
| 22 |
$17,653,793 |
$6,492,234
$556,094 |
$10,605,465 |
| 23 |
$18,536,209 |
$6,818,728
$583,891 |
$11,133,590 |
| 24 |
$19,463,251 |
$7,161,733
$613,092 |
$11,688,426 |
| 25 |
$20,436,182 |
$7,521,718
$643,740 |
$12,270,724 |
| 26 |
$21,458,370 |
$7,899,927
$675,939 |
$12,882,504 |
| 27 |
$22,531,078 |
$8,296,829
$709,729 |
$13,524,520 |
| 28 |
$23,657,674 |
$8,713,670
$745,217 |
$14,198,787 |
| 29 |
$24,840,684 |
$9,151,383
$782,482 |
$14,906,819 |
| 30 |
$26,082,634 |
$9,610,905
$821,603 |
$15,650,126 |
|
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