North Carolina Lottery

NCLottery 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 North Carolina, your state will take 4.75% 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.

North Carolina 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(4.75%)	$7,272,250
Net Lumpsum Payment	$89,220,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$236,639	$2,941,616
2	$5,231,124	-$1,895,846 -$248,478	$3,086,800
3	$5,492,614	-$1,992,598 -$260,899	$3,239,117
4	$5,767,344	-$2,094,248 -$273,949	$3,399,147
5	$6,055,645	-$2,200,919 -$287,643	$3,567,083
6	$6,358,510	-$2,312,979 -$302,029	$3,743,502
7	$6,676,270	-$2,430,550 -$317,123	$3,928,597
8	$7,010,249	-$2,554,123 -$332,987	$4,123,139
9	$7,360,778	-$2,683,818 -$349,637	$4,327,323
10	$7,728,850	-$2,820,005 -$367,120	$4,541,725
11	$8,115,127	-$2,962,927 -$385,469	$4,766,731
12	$8,520,933	-$3,113,076 -$404,744	$5,003,113
13	$8,946,930	-$3,270,694 -$424,979	$5,251,257
14	$9,394,442	-$3,436,274 -$446,236	$5,511,932
15	$9,864,131	-$3,610,059 -$468,546	$5,785,526
16	$10,357,321	-$3,792,539 -$491,973	$6,072,809
17	$10,875,005	-$3,984,082 -$516,563	$6,374,360
18	$11,418,838	-$4,185,300 -$542,395	$6,691,143
19	$11,989,813	-$4,396,561 -$569,516	$7,023,736
20	$12,589,254	-$4,618,354 -$597,990	$7,372,910
21	$13,218,816	-$4,851,292 -$627,894	$7,739,630
22	$13,879,823	-$5,095,865 -$659,292	$8,124,666
23	$14,573,599	-$5,352,562 -$692,246	$8,528,791
24	$15,302,461	-$5,622,241 -$726,867	$8,953,353
25	$16,067,402	-$5,905,269 -$763,202	$9,398,931
26	$16,871,070	-$6,202,626 -$801,376	$9,867,068
27	$17,714,458	-$6,514,680 -$841,437	$10,358,341
28	$18,600,214	-$6,842,410 -$883,510	$10,874,294
29	$19,530,324	-$7,186,550 -$927,690	$11,416,084
30	$20,506,774	-$7,547,837 -$974,072	$11,984,865