Florida Lottery

FLLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 Florida, 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.

Florida MEGA Millions Jackpot/Cash Option for Tue Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(0%)	$0
Net Lumpsum Payment	$270,561,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$0	$8,990,800
2	$14,918,976	-$5,480,352 -$0	$9,438,624
3	$15,664,736	-$5,756,283 -$0	$9,908,453
4	$16,448,256	-$6,046,185 -$0	$10,402,071
5	$17,270,480	-$6,350,408 -$0	$10,920,072
6	$18,134,240	-$6,669,999 -$0	$11,464,241
7	$19,040,480	-$7,005,308 -$0	$12,035,172
8	$19,992,976	-$7,357,732 -$0	$12,635,244
9	$20,992,672	-$7,727,619 -$0	$13,265,053
10	$22,042,400	-$8,116,018 -$0	$13,926,382
11	$23,144,048	-$8,523,628 -$0	$14,620,420
12	$24,301,392	-$8,951,845 -$0	$15,349,547
13	$25,516,320	-$9,401,369 -$0	$16,114,951
14	$26,792,608	-$9,873,595 -$0	$16,919,013
15	$28,132,144	-$10,369,224 -$0	$17,762,920
16	$29,538,704	-$10,889,651 -$0	$18,649,053
17	$31,015,120	-$11,435,925 -$0	$19,579,195
18	$32,566,112	-$12,009,792 -$0	$20,556,320
19	$34,194,512	-$12,612,300 -$0	$21,582,212
20	$35,904,096	-$13,244,846 -$0	$22,659,250
21	$37,699,584	-$13,909,176 -$0	$23,790,408
22	$39,584,752	-$14,606,689 -$0	$24,978,063
23	$41,563,376	-$15,338,780 -$0	$26,224,596
24	$43,642,064	-$16,107,894 -$0	$27,534,170
25	$45,823,648	-$16,915,080 -$0	$28,908,568
26	$48,115,680	-$17,763,132 -$0	$30,352,548
27	$50,520,992	-$18,653,097 -$0	$31,867,895
28	$53,047,136	-$19,587,771 -$0	$33,459,365
29	$55,699,776	-$20,569,248 -$0	$35,130,528
30	$58,484,576	-$21,599,624 -$0	$36,884,952