California Lottery

CALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 15, 2024 is estimated to be $387 Million, with a cash option of 181.4 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. The good news is that if you're a resident of California, you won't owe any state tax on your lottery winnings.

Please note that the calculation of the MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

California MEGA Millions Jackpot/Cash Option for Fri Nov 15, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 15, 2024	$387,000,000	$181,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$181,400,000
Federal Tax(24%)	$43,536,000
Additional Federal Tax	$23,542,330
State Tax(0%)	$0
Net Lumpsum Payment	$114,321,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,824,737	-$2,115,483 -$0	$3,709,254
2	$6,116,148	-$2,223,305 -$0	$3,892,843
3	$6,421,878	-$2,336,425 -$0	$4,085,453
4	$6,743,088	-$2,455,273 -$0	$4,287,815
5	$7,080,165	-$2,579,991 -$0	$4,500,174
6	$7,434,270	-$2,711,010 -$0	$4,723,260
7	$7,805,790	-$2,848,473 -$0	$4,957,317
8	$8,196,273	-$2,992,951 -$0	$5,203,322
9	$8,606,106	-$3,144,590 -$0	$5,461,516
10	$9,036,450	-$3,303,817 -$0	$5,732,633
11	$9,488,079	-$3,470,920 -$0	$6,017,159
12	$9,962,541	-$3,646,471 -$0	$6,316,070
13	$10,460,610	-$3,830,756 -$0	$6,629,854
14	$10,983,834	-$4,024,349 -$0	$6,959,485
15	$11,532,987	-$4,227,536 -$0	$7,305,451
16	$12,109,617	-$4,440,889 -$0	$7,668,728
17	$12,714,885	-$4,664,838 -$0	$8,050,047
18	$13,350,726	-$4,900,099 -$0	$8,450,627
19	$14,018,301	-$5,147,102 -$0	$8,871,199
20	$14,719,158	-$5,406,419 -$0	$9,312,739
21	$15,455,232	-$5,678,766 -$0	$9,776,466
22	$16,228,071	-$5,964,717 -$0	$10,263,354
23	$17,039,223	-$6,264,843 -$0	$10,774,380
24	$17,891,397	-$6,580,147 -$0	$11,311,250
25	$18,785,754	-$6,911,059 -$0	$11,874,695
26	$19,725,390	-$7,258,725 -$0	$12,466,665
27	$20,711,466	-$7,623,573 -$0	$13,087,893
28	$21,747,078	-$8,006,749 -$0	$13,740,329
29	$22,834,548	-$8,409,113 -$0	$14,425,435
30	$23,976,198	-$8,831,524 -$0	$15,144,674