Michigan Lottery

MILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 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 Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Michigan MEGA Millions Jackpot/Cash Option for Fri Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(4.25%)	$1,015,750
Net Lumpsum Payment	$14,080,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$30,064	$455,266
2	$742,788	-$235,162 -$31,568	$476,058
3	$779,918	-$248,900 -$33,147	$497,871
4	$818,928	-$263,334 -$34,804	$520,790
5	$859,865	-$278,480 -$36,544	$544,841
6	$902,870	-$294,392 -$38,372	$570,106
7	$947,990	-$311,087 -$40,290	$596,613
8	$995,413	-$328,633 -$42,305	$624,475
9	$1,045,186	-$347,049 -$44,420	$653,717
10	$1,097,450	-$366,387 -$46,642	$684,421
11	$1,152,299	-$386,681 -$48,973	$716,645
12	$1,209,921	-$408,001 -$51,422	$750,498
13	$1,270,410	-$430,382 -$53,992	$786,036
14	$1,333,954	-$453,893 -$56,693	$823,368
15	$1,400,647	-$478,570 -$59,527	$862,550
16	$1,470,677	-$504,481 -$62,504	$903,692
17	$1,544,185	-$531,679 -$65,628	$946,878
18	$1,621,406	-$560,251 -$68,910	$992,245
19	$1,702,481	-$590,248 -$72,355	$1,039,878
20	$1,787,598	-$621,742 -$75,973	$1,089,883
21	$1,876,992	-$654,817 -$79,772	$1,142,403
22	$1,970,851	-$689,545 -$83,761	$1,197,545
23	$2,069,363	-$725,995 -$87,948	$1,255,420
24	$2,172,857	-$764,287 -$92,346	$1,316,224
25	$2,281,474	-$804,476 -$96,963	$1,380,035
26	$2,395,590	-$846,699 -$101,813	$1,447,078
27	$2,515,346	-$891,008 -$106,902	$1,517,436
28	$2,641,118	-$937,544 -$112,248	$1,591,326
29	$2,773,188	-$986,410 -$117,860	$1,668,918
30	$2,911,838	-$1,037,710 -$123,753	$1,750,375