Pennsylvania Lottery

PALottery 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 Pennsylvania, your state will take 3.07% 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.

Pennsylvania 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(3.07%)	$4,700,170
Net Lumpsum Payment	$91,792,500

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$152,944	$3,025,311
2	$5,231,124	-$1,895,846 -$160,596	$3,174,682
3	$5,492,614	-$1,992,598 -$168,623	$3,331,393
4	$5,767,344	-$2,094,248 -$177,057	$3,496,039
5	$6,055,645	-$2,200,919 -$185,908	$3,668,818
6	$6,358,510	-$2,312,979 -$195,206	$3,850,325
7	$6,676,270	-$2,430,550 -$204,961	$4,040,759
8	$7,010,249	-$2,554,123 -$215,215	$4,240,911
9	$7,360,778	-$2,683,818 -$225,976	$4,450,984
10	$7,728,850	-$2,820,005 -$237,276	$4,671,569
11	$8,115,127	-$2,962,927 -$249,134	$4,903,066
12	$8,520,933	-$3,113,076 -$261,593	$5,146,264
13	$8,946,930	-$3,270,694 -$274,671	$5,401,565
14	$9,394,442	-$3,436,274 -$288,409	$5,669,759
15	$9,864,131	-$3,610,059 -$302,829	$5,951,243
16	$10,357,321	-$3,792,539 -$317,970	$6,246,812
17	$10,875,005	-$3,984,082 -$333,863	$6,557,060
18	$11,418,838	-$4,185,300 -$350,558	$6,882,980
19	$11,989,813	-$4,396,561 -$368,087	$7,225,165
20	$12,589,254	-$4,618,354 -$386,490	$7,584,410
21	$13,218,816	-$4,851,292 -$405,818	$7,961,706
22	$13,879,823	-$5,095,865 -$426,111	$8,357,847
23	$14,573,599	-$5,352,562 -$447,409	$8,773,628
24	$15,302,461	-$5,622,241 -$469,786	$9,210,434
25	$16,067,402	-$5,905,269 -$493,269	$9,668,864
26	$16,871,070	-$6,202,626 -$517,942	$10,150,502
27	$17,714,458	-$6,514,680 -$543,834	$10,655,944
28	$18,600,214	-$6,842,410 -$571,027	$11,186,777
29	$19,530,324	-$7,186,550 -$599,581	$11,744,193
30	$20,506,774	-$7,547,837 -$629,558	$12,329,379