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 Louisiana residents, the state will deduct 4.75% from your lottery earnings.
| Louisiana 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(4.75%) | $9,305,250 | | Net Lumpsum Payment | $114,151,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$300,982 |
$3,730,664 |
| 2 |
$6,653,484 |
$2,422,119
$316,040 |
$3,915,325 |
| 3 |
$6,986,074 |
$2,545,178
$331,839 |
$4,109,057 |
| 4 |
$7,335,504 |
$2,674,467
$348,436 |
$4,312,601 |
| 5 |
$7,702,195 |
$2,810,143
$365,854 |
$4,526,198 |
| 6 |
$8,087,410 |
$2,952,672
$384,152 |
$4,750,586 |
| 7 |
$8,491,570 |
$3,102,211
$403,350 |
$4,986,009 |
| 8 |
$8,916,359 |
$3,259,383
$423,527 |
$5,233,449 |
| 9 |
$9,362,198 |
$3,424,344
$444,704 |
$5,493,150 |
| 10 |
$9,830,350 |
$3,597,560
$466,942 |
$5,765,848 |
| 11 |
$10,321,657 |
$3,779,343
$490,279 |
$6,052,035 |
| 12 |
$10,837,803 |
$3,970,317
$514,796 |
$6,352,690 |
| 13 |
$11,379,630 |
$4,170,793
$540,532 |
$6,668,305 |
| 14 |
$11,948,822 |
$4,381,395
$567,569 |
$6,999,858 |
| 15 |
$12,546,221 |
$4,602,432
$595,945 |
$7,347,844 |
| 16 |
$13,173,511 |
$4,834,529
$625,742 |
$7,713,240 |
| 17 |
$13,831,955 |
$5,078,154
$657,018 |
$8,096,783 |
| 18 |
$14,523,658 |
$5,334,084
$689,874 |
$8,499,700 |
| 19 |
$15,249,883 |
$5,602,787
$724,369 |
$8,922,727 |
| 20 |
$16,012,314 |
$5,884,887
$760,585 |
$9,366,842 |
| 21 |
$16,813,056 |
$6,181,161
$798,620 |
$9,833,275 |
| 22 |
$17,653,793 |
$6,492,234
$838,555 |
$10,323,004 |
| 23 |
$18,536,209 |
$6,818,728
$880,470 |
$10,837,011 |
| 24 |
$19,463,251 |
$7,161,733
$924,504 |
$11,377,014 |
| 25 |
$20,436,182 |
$7,521,718
$970,719 |
$11,943,745 |
| 26 |
$21,458,370 |
$7,899,927
$1,019,273 |
$12,539,170 |
| 27 |
$22,531,078 |
$8,296,829
$1,070,226 |
$13,164,023 |
| 28 |
$23,657,674 |
$8,713,670
$1,123,740 |
$13,820,264 |
| 29 |
$24,840,684 |
$9,151,383
$1,179,932 |
$14,509,369 |
| 30 |
$26,082,634 |
$9,610,905
$1,238,925 |
$15,232,804 |
|
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