Michigan Lottery

MILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 22, 2024 is estimated to be $453 Million, with a cash option of 209.6 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Michigan MEGA Millions Jackpot/Cash Option for Fri Nov 22, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 22, 2024	$453,000,000	$209,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$209,600,000
Federal Tax(24%)	$50,304,000
Additional Federal Tax	$27,208,330
State Tax(4.25%)	$8,908,000
Net Lumpsum Payment	$123,179,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$289,769	$4,045,306
2	$7,159,212	-$2,609,239 -$304,267	$4,245,706
3	$7,517,082	-$2,741,651 -$319,476	$4,455,955
4	$7,893,072	-$2,880,767 -$335,456	$4,676,849
5	$8,287,635	-$3,026,755 -$352,224	$4,908,656
6	$8,702,130	-$3,180,118 -$369,841	$5,152,171
7	$9,137,010	-$3,341,024 -$388,323	$5,407,663
8	$9,594,087	-$3,510,143 -$407,749	$5,676,195
9	$10,073,814	-$3,687,642 -$428,137	$5,958,035
10	$10,577,550	-$3,874,024 -$449,546	$6,253,980
11	$11,106,201	-$4,069,625 -$472,014	$6,564,562
12	$11,661,579	-$4,275,115 -$495,617	$6,890,847
13	$12,244,590	-$4,490,829 -$520,395	$7,233,366
14	$12,857,046	-$4,717,437 -$546,424	$7,593,185
15	$13,499,853	-$4,955,276 -$573,744	$7,970,833
16	$14,174,823	-$5,205,015 -$602,430	$8,367,378
17	$14,883,315	-$5,467,157 -$632,541	$8,783,617
18	$15,627,594	-$5,742,540 -$664,173	$9,220,881
19	$16,409,019	-$6,031,667 -$697,383	$9,679,969
20	$17,229,402	-$6,335,209 -$732,250	$10,161,943
21	$18,091,008	-$6,654,003 -$768,868	$10,668,137
22	$18,995,649	-$6,988,721 -$807,315	$11,199,613
23	$19,945,137	-$7,340,031 -$847,668	$11,757,438
24	$20,942,643	-$7,709,108 -$890,062	$12,343,473
25	$21,989,526	-$8,096,455 -$934,555	$12,958,516
26	$23,089,410	-$8,503,412 -$981,300	$13,604,698
27	$24,243,654	-$8,930,482 -$1,030,355	$14,282,817
28	$25,455,882	-$9,379,007 -$1,081,875	$14,995,000
29	$26,728,812	-$9,849,991 -$1,135,975	$15,742,846
30	$28,065,162	-$10,344,440 -$1,192,769	$16,527,953