Michigan Lottery

MILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 31, 2024 is estimated to be $20 Million, with a cash option of 9 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Michigan MEGA Millions Jackpot/Cash Option for Tue Dec 31, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 31, 2024	$20,000,000	$9,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$9,000,000
Federal Tax(24%)	$2,160,000
Additional Federal Tax	$1,130,330
State Tax(4.25%)	$382,500
Net Lumpsum Payment	$5,327,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$12,793	$216,519
2	$316,080	-$77,280 -$13,433	$225,367
3	$331,880	-$83,126 -$14,105	$234,649
4	$348,480	-$89,268 -$14,810	$244,402
5	$365,900	-$95,713 -$15,551	$254,636
6	$384,200	-$102,484 -$16,329	$265,387
7	$403,400	-$109,588 -$17,145	$276,667
8	$423,580	-$117,055 -$18,002	$288,523
9	$444,760	-$124,892 -$18,902	$300,966
10	$467,000	-$133,120 -$19,848	$314,032
11	$490,340	-$141,756 -$20,839	$327,745
12	$514,860	-$150,829 -$21,882	$342,149
13	$540,600	-$160,352 -$22,976	$357,272
14	$567,640	-$170,357 -$24,125	$373,158
15	$596,020	-$180,858 -$25,331	$389,831
16	$625,820	-$191,884 -$26,597	$407,339
17	$657,100	-$203,457 -$27,927	$425,716
18	$689,960	-$215,616 -$29,323	$445,021
19	$724,460	-$228,381 -$30,790	$465,289
20	$760,680	-$241,782 -$32,329	$486,569
21	$798,720	-$255,857 -$33,946	$508,917
22	$838,660	-$270,635 -$35,643	$532,382
23	$880,580	-$286,145 -$37,425	$557,010
24	$924,620	-$302,440 -$39,296	$582,884
25	$970,840	-$319,541 -$41,261	$610,038
26	$1,019,400	-$337,508 -$43,325	$638,567
27	$1,070,360	-$356,364 -$45,490	$668,506
28	$1,123,880	-$376,166 -$47,765	$699,949
29	$1,180,080	-$396,960 -$50,153	$732,967
30	$1,239,080	-$418,790 -$52,661	$767,629