Florida Lottery

FLLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 3, 2024 is estimated to be $284 Million, with a cash option of 127.6 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 Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Florida MEGA Millions Jackpot/Cash Option for Fri May 3, 2024

Draw Date	Jackpot	Cash Option
Fri May 3, 2024	$284,000,000	$127,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$127,600,000
Federal Tax(24%)	$30,624,000
Additional Federal Tax	$16,548,330
State Tax(0%)	$0
Net Lumpsum Payment	$80,427,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$0	$2,732,595
2	$4,488,336	-$1,621,015 -$0	$2,867,321
3	$4,712,696	-$1,704,028 -$0	$3,008,668
4	$4,948,416	-$1,791,244 -$0	$3,157,172
5	$5,195,780	-$1,882,769 -$0	$3,313,011
6	$5,455,640	-$1,978,917 -$0	$3,476,723
7	$5,728,280	-$2,079,794 -$0	$3,648,486
8	$6,014,836	-$2,185,820 -$0	$3,829,016
9	$6,315,592	-$2,297,099 -$0	$4,018,493
10	$6,631,400	-$2,413,948 -$0	$4,217,452
11	$6,962,828	-$2,536,577 -$0	$4,426,251
12	$7,311,012	-$2,665,405 -$0	$4,645,607
13	$7,676,520	-$2,800,643 -$0	$4,875,877
14	$8,060,488	-$2,942,711 -$0	$5,117,777
15	$8,463,484	-$3,091,819 -$0	$5,371,665
16	$8,886,644	-$3,248,389 -$0	$5,638,255
17	$9,330,820	-$3,412,734 -$0	$5,918,086
18	$9,797,432	-$3,585,380 -$0	$6,212,052
19	$10,287,332	-$3,766,643 -$0	$6,520,689
20	$10,801,656	-$3,956,943 -$0	$6,844,713
21	$11,341,824	-$4,156,805 -$0	$7,185,019
22	$11,908,972	-$4,366,650 -$0	$7,542,322
23	$12,504,236	-$4,586,898 -$0	$7,917,338
24	$13,129,604	-$4,818,284 -$0	$8,311,320
25	$13,785,928	-$5,061,124 -$0	$8,724,804
26	$14,475,480	-$5,316,258 -$0	$9,159,222
27	$15,199,112	-$5,584,002 -$0	$9,615,110
28	$15,959,096	-$5,865,196 -$0	$10,093,900
29	$16,757,136	-$6,160,471 -$0	$10,596,665
30	$17,594,936	-$6,470,457 -$0	$11,124,479