Mississippi Lottery

MSLottery 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 Mississippi, your state will take 5% 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.

Mississippi 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%)	$7,655,000
Net Lumpsum Payment	$88,837,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$249,094	$2,929,161
2	$5,231,124	-$1,895,846 -$261,556	$3,073,722
3	$5,492,614	-$1,992,598 -$274,631	$3,225,385
4	$5,767,344	-$2,094,248 -$288,367	$3,384,729
5	$6,055,645	-$2,200,919 -$302,782	$3,551,944
6	$6,358,510	-$2,312,979 -$317,926	$3,727,605
7	$6,676,270	-$2,430,550 -$333,814	$3,911,906
8	$7,010,249	-$2,554,123 -$350,512	$4,105,614
9	$7,360,778	-$2,683,818 -$368,039	$4,308,921
10	$7,728,850	-$2,820,005 -$386,443	$4,522,402
11	$8,115,127	-$2,962,927 -$405,756	$4,746,444
12	$8,520,933	-$3,113,076 -$426,047	$4,981,810
13	$8,946,930	-$3,270,694 -$447,347	$5,228,889
14	$9,394,442	-$3,436,274 -$469,722	$5,488,446
15	$9,864,131	-$3,610,059 -$493,207	$5,760,865
16	$10,357,321	-$3,792,539 -$517,866	$6,046,916
17	$10,875,005	-$3,984,082 -$543,750	$6,347,173
18	$11,418,838	-$4,185,300 -$570,942	$6,662,596
19	$11,989,813	-$4,396,561 -$599,491	$6,993,761
20	$12,589,254	-$4,618,354 -$629,463	$7,341,437
21	$13,218,816	-$4,851,292 -$660,941	$7,706,583
22	$13,879,823	-$5,095,865 -$693,991	$8,089,967
23	$14,573,599	-$5,352,562 -$728,680	$8,492,357
24	$15,302,461	-$5,622,241 -$765,123	$8,915,097
25	$16,067,402	-$5,905,269 -$803,370	$9,358,763
26	$16,871,070	-$6,202,626 -$843,554	$9,824,890
27	$17,714,458	-$6,514,680 -$885,723	$10,314,055
28	$18,600,214	-$6,842,410 -$930,011	$10,827,793
29	$19,530,324	-$7,186,550 -$976,516	$11,367,258
30	$20,506,774	-$7,547,837 -$1,025,339	$11,933,598