Minnesota Lottery

MNLottery 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 Minnesota, your state will take 7.25% 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.

Minnesota 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(7.25%)	$11,099,750
Net Lumpsum Payment	$85,392,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$361,186	$2,817,069
2	$5,231,124	-$1,895,846 -$379,256	$2,956,022
3	$5,492,614	-$1,992,598 -$398,215	$3,101,801
4	$5,767,344	-$2,094,248 -$418,132	$3,254,964
5	$6,055,645	-$2,200,919 -$439,034	$3,415,692
6	$6,358,510	-$2,312,979 -$460,992	$3,584,539
7	$6,676,270	-$2,430,550 -$484,030	$3,761,690
8	$7,010,249	-$2,554,123 -$508,243	$3,947,883
9	$7,360,778	-$2,683,818 -$533,656	$4,143,304
10	$7,728,850	-$2,820,005 -$560,342	$4,348,503
11	$8,115,127	-$2,962,927 -$588,347	$4,563,853
12	$8,520,933	-$3,113,076 -$617,768	$4,790,089
13	$8,946,930	-$3,270,694 -$648,652	$5,027,584
14	$9,394,442	-$3,436,274 -$681,097	$5,277,071
15	$9,864,131	-$3,610,059 -$715,149	$5,538,923
16	$10,357,321	-$3,792,539 -$750,906	$5,813,876
17	$10,875,005	-$3,984,082 -$788,438	$6,102,485
18	$11,418,838	-$4,185,300 -$827,866	$6,405,672
19	$11,989,813	-$4,396,561 -$869,261	$6,723,991
20	$12,589,254	-$4,618,354 -$912,721	$7,058,179
21	$13,218,816	-$4,851,292 -$958,364	$7,409,160
22	$13,879,823	-$5,095,865 -$1,006,287	$7,777,671
23	$14,573,599	-$5,352,562 -$1,056,586	$8,164,451
24	$15,302,461	-$5,622,241 -$1,109,428	$8,570,792
25	$16,067,402	-$5,905,269 -$1,164,887	$8,997,246
26	$16,871,070	-$6,202,626 -$1,223,153	$9,445,291
27	$17,714,458	-$6,514,680 -$1,284,298	$9,915,480
28	$18,600,214	-$6,842,410 -$1,348,516	$10,409,288
29	$19,530,324	-$7,186,550 -$1,415,948	$10,927,826
30	$20,506,774	-$7,547,837 -$1,486,741	$11,472,196