Michigan Lottery

MILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Michigan, your state will take 4.25% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Michigan MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(4.25%)	$6,506,750
Net Lumpsum Payment	$89,985,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$211,730	$2,966,525
2	$5,231,124	-$1,895,846 -$222,323	$3,112,955
3	$5,492,614	-$1,992,598 -$233,436	$3,266,580
4	$5,767,344	-$2,094,248 -$245,112	$3,427,984
5	$6,055,645	-$2,200,919 -$257,365	$3,597,361
6	$6,358,510	-$2,312,979 -$270,237	$3,775,294
7	$6,676,270	-$2,430,550 -$283,741	$3,961,979
8	$7,010,249	-$2,554,123 -$297,936	$4,158,190
9	$7,360,778	-$2,683,818 -$312,833	$4,364,127
10	$7,728,850	-$2,820,005 -$328,476	$4,580,369
11	$8,115,127	-$2,962,927 -$344,893	$4,807,307
12	$8,520,933	-$3,113,076 -$362,140	$5,045,717
13	$8,946,930	-$3,270,694 -$380,245	$5,295,991
14	$9,394,442	-$3,436,274 -$399,264	$5,558,904
15	$9,864,131	-$3,610,059 -$419,226	$5,834,846
16	$10,357,321	-$3,792,539 -$440,186	$6,124,596
17	$10,875,005	-$3,984,082 -$462,188	$6,428,735
18	$11,418,838	-$4,185,300 -$485,301	$6,748,237
19	$11,989,813	-$4,396,561 -$509,567	$7,083,685
20	$12,589,254	-$4,618,354 -$535,043	$7,435,857
21	$13,218,816	-$4,851,292 -$561,800	$7,805,724
22	$13,879,823	-$5,095,865 -$589,892	$8,194,066
23	$14,573,599	-$5,352,562 -$619,378	$8,601,659
24	$15,302,461	-$5,622,241 -$650,355	$9,029,865
25	$16,067,402	-$5,905,269 -$682,865	$9,479,268
26	$16,871,070	-$6,202,626 -$717,020	$9,951,424
27	$17,714,458	-$6,514,680 -$752,864	$10,446,914
28	$18,600,214	-$6,842,410 -$790,509	$10,967,295
29	$19,530,324	-$7,186,550 -$830,039	$11,513,735
30	$20,506,774	-$7,547,837 -$871,538	$12,087,399