Montana Lottery

MTLottery 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 Montana, your state will take 6.75% 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.

Montana 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(6.75%)	$10,334,250
Net Lumpsum Payment	$86,158,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$336,277	$2,841,978
2	$5,231,124	-$1,895,846 -$353,101	$2,982,177
3	$5,492,614	-$1,992,598 -$370,751	$3,129,265
4	$5,767,344	-$2,094,248 -$389,296	$3,283,800
5	$6,055,645	-$2,200,919 -$408,756	$3,445,970
6	$6,358,510	-$2,312,979 -$429,199	$3,616,332
7	$6,676,270	-$2,430,550 -$450,648	$3,795,072
8	$7,010,249	-$2,554,123 -$473,192	$3,982,934
9	$7,360,778	-$2,683,818 -$496,853	$4,180,107
10	$7,728,850	-$2,820,005 -$521,697	$4,387,148
11	$8,115,127	-$2,962,927 -$547,771	$4,604,429
12	$8,520,933	-$3,113,076 -$575,163	$4,832,694
13	$8,946,930	-$3,270,694 -$603,918	$5,072,318
14	$9,394,442	-$3,436,274 -$634,125	$5,324,043
15	$9,864,131	-$3,610,059 -$665,829	$5,588,243
16	$10,357,321	-$3,792,539 -$699,119	$5,865,663
17	$10,875,005	-$3,984,082 -$734,063	$6,156,860
18	$11,418,838	-$4,185,300 -$770,772	$6,462,766
19	$11,989,813	-$4,396,561 -$809,312	$6,783,940
20	$12,589,254	-$4,618,354 -$849,775	$7,121,125
21	$13,218,816	-$4,851,292 -$892,270	$7,475,254
22	$13,879,823	-$5,095,865 -$936,888	$7,847,070
23	$14,573,599	-$5,352,562 -$983,718	$8,237,319
24	$15,302,461	-$5,622,241 -$1,032,916	$8,647,304
25	$16,067,402	-$5,905,269 -$1,084,550	$9,077,583
26	$16,871,070	-$6,202,626 -$1,138,797	$9,529,647
27	$17,714,458	-$6,514,680 -$1,195,726	$10,004,052
28	$18,600,214	-$6,842,410 -$1,255,514	$10,502,290
29	$19,530,324	-$7,186,550 -$1,318,297	$11,025,477
30	$20,506,774	-$7,547,837 -$1,384,207	$11,574,730