Michigan Lottery

MILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 3, 2024 is estimated to be $284 Million, with a cash option of 127.6 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 3, 2024

Draw Date	Jackpot	Cash Option
Fri May 3, 2024	$284,000,000	$127,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$127,600,000
Federal Tax(24%)	$30,624,000
Additional Federal Tax	$16,548,330
State Tax(4.25%)	$5,423,000
Net Lumpsum Payment	$75,004,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$181,666	$2,550,929
2	$4,488,336	-$1,621,015 -$190,754	$2,676,567
3	$4,712,696	-$1,704,028 -$200,290	$2,808,378
4	$4,948,416	-$1,791,244 -$210,308	$2,946,864
5	$5,195,780	-$1,882,769 -$220,821	$3,092,190
6	$5,455,640	-$1,978,917 -$231,865	$3,244,858
7	$5,728,280	-$2,079,794 -$243,452	$3,405,034
8	$6,014,836	-$2,185,820 -$255,631	$3,573,385
9	$6,315,592	-$2,297,099 -$268,413	$3,750,080
10	$6,631,400	-$2,413,948 -$281,835	$3,935,617
11	$6,962,828	-$2,536,577 -$295,920	$4,130,331
12	$7,311,012	-$2,665,405 -$310,718	$4,334,889
13	$7,676,520	-$2,800,643 -$326,252	$4,549,625
14	$8,060,488	-$2,942,711 -$342,571	$4,775,206
15	$8,463,484	-$3,091,819 -$359,698	$5,011,967
16	$8,886,644	-$3,248,389 -$377,682	$5,260,573
17	$9,330,820	-$3,412,734 -$396,560	$5,521,526
18	$9,797,432	-$3,585,380 -$416,391	$5,795,661
19	$10,287,332	-$3,766,643 -$437,212	$6,083,477
20	$10,801,656	-$3,956,943 -$459,070	$6,385,643
21	$11,341,824	-$4,156,805 -$482,028	$6,702,991
22	$11,908,972	-$4,366,650 -$506,131	$7,036,191
23	$12,504,236	-$4,586,898 -$531,430	$7,385,908
24	$13,129,604	-$4,818,284 -$558,008	$7,753,312
25	$13,785,928	-$5,061,124 -$585,902	$8,138,902
26	$14,475,480	-$5,316,258 -$615,208	$8,544,014
27	$15,199,112	-$5,584,002 -$645,962	$8,969,148
28	$15,959,096	-$5,865,196 -$678,262	$9,415,638
29	$16,757,136	-$6,160,471 -$712,178	$9,884,487
30	$17,594,936	-$6,470,457 -$747,785	$10,376,694