Indiana Lottery

INLottery 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 Indiana, your state will take 3.15% 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.

Indiana 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(3.15%)	$4,822,650
Net Lumpsum Payment	$91,670,020

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$156,929	$3,021,326
2	$5,231,124	-$1,895,846 -$164,780	$3,170,498
3	$5,492,614	-$1,992,598 -$173,017	$3,326,999
4	$5,767,344	-$2,094,248 -$181,671	$3,491,425
5	$6,055,645	-$2,200,919 -$190,753	$3,663,973
6	$6,358,510	-$2,312,979 -$200,293	$3,845,238
7	$6,676,270	-$2,430,550 -$210,303	$4,035,417
8	$7,010,249	-$2,554,123 -$220,823	$4,235,303
9	$7,360,778	-$2,683,818 -$231,865	$4,445,095
10	$7,728,850	-$2,820,005 -$243,459	$4,665,386
11	$8,115,127	-$2,962,927 -$255,627	$4,896,573
12	$8,520,933	-$3,113,076 -$268,409	$5,139,448
13	$8,946,930	-$3,270,694 -$281,828	$5,394,408
14	$9,394,442	-$3,436,274 -$295,925	$5,662,243
15	$9,864,131	-$3,610,059 -$310,720	$5,943,352
16	$10,357,321	-$3,792,539 -$326,256	$6,238,526
17	$10,875,005	-$3,984,082 -$342,563	$6,548,360
18	$11,418,838	-$4,185,300 -$359,693	$6,873,845
19	$11,989,813	-$4,396,561 -$377,679	$7,215,573
20	$12,589,254	-$4,618,354 -$396,562	$7,574,338
21	$13,218,816	-$4,851,292 -$416,393	$7,951,131
22	$13,879,823	-$5,095,865 -$437,214	$8,346,744
23	$14,573,599	-$5,352,562 -$459,068	$8,761,969
24	$15,302,461	-$5,622,241 -$482,028	$9,198,192
25	$16,067,402	-$5,905,269 -$506,123	$9,656,010
26	$16,871,070	-$6,202,626 -$531,439	$10,137,005
27	$17,714,458	-$6,514,680 -$558,005	$10,641,773
28	$18,600,214	-$6,842,410 -$585,907	$11,171,897
29	$19,530,324	-$7,186,550 -$615,205	$11,728,569
30	$20,506,774	-$7,547,837 -$645,963	$12,312,974