Florida Lottery

FLLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 22, 2024 is estimated to be $453 Million, with a cash option of 209.6 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 Fri Nov 22, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 22, 2024	$453,000,000	$209,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$209,600,000
Federal Tax(24%)	$50,304,000
Additional Federal Tax	$27,208,330
State Tax(0%)	$0
Net Lumpsum Payment	$132,087,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$0	$4,335,075
2	$7,159,212	-$2,609,239 -$0	$4,549,973
3	$7,517,082	-$2,741,651 -$0	$4,775,431
4	$7,893,072	-$2,880,767 -$0	$5,012,305
5	$8,287,635	-$3,026,755 -$0	$5,260,880
6	$8,702,130	-$3,180,118 -$0	$5,522,012
7	$9,137,010	-$3,341,024 -$0	$5,795,986
8	$9,594,087	-$3,510,143 -$0	$6,083,944
9	$10,073,814	-$3,687,642 -$0	$6,386,172
10	$10,577,550	-$3,874,024 -$0	$6,703,526
11	$11,106,201	-$4,069,625 -$0	$7,036,576
12	$11,661,579	-$4,275,115 -$0	$7,386,464
13	$12,244,590	-$4,490,829 -$0	$7,753,761
14	$12,857,046	-$4,717,437 -$0	$8,139,609
15	$13,499,853	-$4,955,276 -$0	$8,544,577
16	$14,174,823	-$5,205,015 -$0	$8,969,808
17	$14,883,315	-$5,467,157 -$0	$9,416,158
18	$15,627,594	-$5,742,540 -$0	$9,885,054
19	$16,409,019	-$6,031,667 -$0	$10,377,352
20	$17,229,402	-$6,335,209 -$0	$10,894,193
21	$18,091,008	-$6,654,003 -$0	$11,437,005
22	$18,995,649	-$6,988,721 -$0	$12,006,928
23	$19,945,137	-$7,340,031 -$0	$12,605,106
24	$20,942,643	-$7,709,108 -$0	$13,233,535
25	$21,989,526	-$8,096,455 -$0	$13,893,071
26	$23,089,410	-$8,503,412 -$0	$14,585,998
27	$24,243,654	-$8,930,482 -$0	$15,313,172
28	$25,455,882	-$9,379,007 -$0	$16,076,875
29	$26,728,812	-$9,849,991 -$0	$16,878,821
30	$28,065,162	-$10,344,440 -$0	$17,720,722