Georgia Lottery

GALottery 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 Georgia, your state will take 5.75% 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.

Georgia 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(5.75%)	$8,803,250
Net Lumpsum Payment	$87,689,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$286,458	$2,891,797
2	$5,231,124	-$1,895,846 -$300,790	$3,034,488
3	$5,492,614	-$1,992,598 -$315,825	$3,184,191
4	$5,767,344	-$2,094,248 -$331,622	$3,341,474
5	$6,055,645	-$2,200,919 -$348,200	$3,506,526
6	$6,358,510	-$2,312,979 -$365,614	$3,679,917
7	$6,676,270	-$2,430,550 -$383,886	$3,861,834
8	$7,010,249	-$2,554,123 -$403,089	$4,053,037
9	$7,360,778	-$2,683,818 -$423,245	$4,253,715
10	$7,728,850	-$2,820,005 -$444,409	$4,464,436
11	$8,115,127	-$2,962,927 -$466,620	$4,685,580
12	$8,520,933	-$3,113,076 -$489,954	$4,917,903
13	$8,946,930	-$3,270,694 -$514,448	$5,161,788
14	$9,394,442	-$3,436,274 -$540,180	$5,417,988
15	$9,864,131	-$3,610,059 -$567,188	$5,686,884
16	$10,357,321	-$3,792,539 -$595,546	$5,969,236
17	$10,875,005	-$3,984,082 -$625,313	$6,265,610
18	$11,418,838	-$4,185,300 -$656,583	$6,576,955
19	$11,989,813	-$4,396,561 -$689,414	$6,903,838
20	$12,589,254	-$4,618,354 -$723,882	$7,247,018
21	$13,218,816	-$4,851,292 -$760,082	$7,607,442
22	$13,879,823	-$5,095,865 -$798,090	$7,985,868
23	$14,573,599	-$5,352,562 -$837,982	$8,383,055
24	$15,302,461	-$5,622,241 -$879,892	$8,800,328
25	$16,067,402	-$5,905,269 -$923,876	$9,238,257
26	$16,871,070	-$6,202,626 -$970,087	$9,698,357
27	$17,714,458	-$6,514,680 -$1,018,581	$10,181,197
28	$18,600,214	-$6,842,410 -$1,069,512	$10,688,292
29	$19,530,324	-$7,186,550 -$1,122,994	$11,220,780
30	$20,506,774	-$7,547,837 -$1,179,140	$11,779,797