Ohio Lottery

OHLottery 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 Ohio, your state will take 3.99% 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.

Ohio 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(3.99%)	$6,108,690
Net Lumpsum Payment	$90,383,980

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$198,777	$2,979,478
2	$5,231,124	-$1,895,846 -$208,722	$3,126,556
3	$5,492,614	-$1,992,598 -$219,155	$3,280,861
4	$5,767,344	-$2,094,248 -$230,117	$3,442,979
5	$6,055,645	-$2,200,919 -$241,620	$3,613,106
6	$6,358,510	-$2,312,979 -$253,705	$3,791,826
7	$6,676,270	-$2,430,550 -$266,383	$3,979,337
8	$7,010,249	-$2,554,123 -$279,709	$4,176,417
9	$7,360,778	-$2,683,818 -$293,695	$4,383,265
10	$7,728,850	-$2,820,005 -$308,381	$4,600,464
11	$8,115,127	-$2,962,927 -$323,794	$4,828,406
12	$8,520,933	-$3,113,076 -$339,985	$5,067,872
13	$8,946,930	-$3,270,694 -$356,983	$5,319,253
14	$9,394,442	-$3,436,274 -$374,838	$5,583,330
15	$9,864,131	-$3,610,059 -$393,579	$5,860,493
16	$10,357,321	-$3,792,539 -$413,257	$6,151,525
17	$10,875,005	-$3,984,082 -$433,913	$6,457,010
18	$11,418,838	-$4,185,300 -$455,612	$6,777,926
19	$11,989,813	-$4,396,561 -$478,394	$7,114,858
20	$12,589,254	-$4,618,354 -$502,311	$7,468,589
21	$13,218,816	-$4,851,292 -$527,431	$7,840,093
22	$13,879,823	-$5,095,865 -$553,805	$8,230,153
23	$14,573,599	-$5,352,562 -$581,487	$8,639,550
24	$15,302,461	-$5,622,241 -$610,568	$9,069,652
25	$16,067,402	-$5,905,269 -$641,089	$9,521,044
26	$16,871,070	-$6,202,626 -$673,156	$9,995,288
27	$17,714,458	-$6,514,680 -$706,807	$10,492,971
28	$18,600,214	-$6,842,410 -$742,149	$11,015,655
29	$19,530,324	-$7,186,550 -$779,260	$11,564,514
30	$20,506,774	-$7,547,837 -$818,220	$12,140,717