Idaho Lottery

IDLottery 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 Idaho, your state will take 5.8% 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.

Idaho 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(5.8%)	$8,879,800
Net Lumpsum Payment	$87,612,870

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$288,949	$2,889,306
2	$5,231,124	-$1,895,846 -$303,405	$3,031,873
3	$5,492,614	-$1,992,598 -$318,572	$3,181,444
4	$5,767,344	-$2,094,248 -$334,506	$3,338,590
5	$6,055,645	-$2,200,919 -$351,227	$3,503,499
6	$6,358,510	-$2,312,979 -$368,794	$3,676,737
7	$6,676,270	-$2,430,550 -$387,224	$3,858,496
8	$7,010,249	-$2,554,123 -$406,594	$4,049,532
9	$7,360,778	-$2,683,818 -$426,925	$4,250,035
10	$7,728,850	-$2,820,005 -$448,273	$4,460,572
11	$8,115,127	-$2,962,927 -$470,677	$4,681,523
12	$8,520,933	-$3,113,076 -$494,214	$4,913,643
13	$8,946,930	-$3,270,694 -$518,922	$5,157,314
14	$9,394,442	-$3,436,274 -$544,878	$5,413,290
15	$9,864,131	-$3,610,059 -$572,120	$5,681,952
16	$10,357,321	-$3,792,539 -$600,725	$5,964,057
17	$10,875,005	-$3,984,082 -$630,750	$6,260,173
18	$11,418,838	-$4,185,300 -$662,293	$6,571,245
19	$11,989,813	-$4,396,561 -$695,409	$6,897,843
20	$12,589,254	-$4,618,354 -$730,177	$7,240,723
21	$13,218,816	-$4,851,292 -$766,691	$7,600,833
22	$13,879,823	-$5,095,865 -$805,030	$7,978,928
23	$14,573,599	-$5,352,562 -$845,269	$8,375,768
24	$15,302,461	-$5,622,241 -$887,543	$8,792,677
25	$16,067,402	-$5,905,269 -$931,909	$9,230,224
26	$16,871,070	-$6,202,626 -$978,522	$9,689,922
27	$17,714,458	-$6,514,680 -$1,027,439	$10,172,339
28	$18,600,214	-$6,842,410 -$1,078,812	$10,678,992
29	$19,530,324	-$7,186,550 -$1,132,759	$11,211,015
30	$20,506,774	-$7,547,837 -$1,189,393	$11,769,544