Florida Lottery

FLLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Nov 12, 2024 is estimated to be $361 Million, with a cash option of 169.2 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 Nov 12, 2024

Draw Date	Jackpot	Cash Option
Tue Nov 12, 2024	$361,000,000	$169,200,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$169,200,000
Federal Tax(24%)	$40,608,000
Additional Federal Tax	$21,956,330
State Tax(0%)	$0
Net Lumpsum Payment	$106,635,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,433,411	-$1,970,692 -$0	$3,462,719
2	$5,705,244	-$2,071,271 -$0	$3,633,973
3	$5,990,434	-$2,176,791 -$0	$3,813,643
4	$6,290,064	-$2,287,654 -$0	$4,002,410
5	$6,604,495	-$2,403,994 -$0	$4,200,501
6	$6,934,810	-$2,526,210 -$0	$4,408,600
7	$7,281,370	-$2,654,437 -$0	$4,626,933
8	$7,645,619	-$2,789,209 -$0	$4,856,410
9	$8,027,918	-$2,930,660 -$0	$5,097,258
10	$8,429,350	-$3,079,190 -$0	$5,350,160
11	$8,850,637	-$3,235,066 -$0	$5,615,571
12	$9,293,223	-$3,398,823 -$0	$5,894,400
13	$9,757,830	-$3,570,727 -$0	$6,187,103
14	$10,245,902	-$3,751,314 -$0	$6,494,588
15	$10,758,161	-$3,940,850 -$0	$6,817,311
16	$11,296,051	-$4,139,869 -$0	$7,156,182
17	$11,860,655	-$4,348,773 -$0	$7,511,882
18	$12,453,778	-$4,568,228 -$0	$7,885,550
19	$13,076,503	-$4,798,636 -$0	$8,277,867
20	$13,730,274	-$5,040,532 -$0	$8,689,742
21	$14,416,896	-$5,294,582 -$0	$9,122,314
22	$15,137,813	-$5,561,321 -$0	$9,576,492
23	$15,894,469	-$5,841,284 -$0	$10,053,185
24	$16,689,391	-$6,135,405 -$0	$10,553,986
25	$17,523,662	-$6,444,085 -$0	$11,079,577
26	$18,400,170	-$6,768,393 -$0	$11,631,777
27	$19,319,998	-$7,108,730 -$0	$12,211,268
28	$20,286,034	-$7,466,163 -$0	$12,819,871
29	$21,300,444	-$7,841,495 -$0	$13,458,949
30	$22,365,394	-$8,235,526 -$0	$14,129,868