Georgia Lottery

GALottery 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. Additionally, if you are a resident of Georgia, your state will take 5.75% of 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.

Georgia 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(5.75%)	$7,337,000
Net Lumpsum Payment	$73,090,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$245,783	$2,486,812
2	$4,488,336	-$1,621,015 -$258,079	$2,609,242
3	$4,712,696	-$1,704,028 -$270,980	$2,737,688
4	$4,948,416	-$1,791,244 -$284,534	$2,872,638
5	$5,195,780	-$1,882,769 -$298,757	$3,014,254
6	$5,455,640	-$1,978,917 -$313,699	$3,163,024
7	$5,728,280	-$2,079,794 -$329,376	$3,319,110
8	$6,014,836	-$2,185,820 -$345,853	$3,483,163
9	$6,315,592	-$2,297,099 -$363,147	$3,655,346
10	$6,631,400	-$2,413,948 -$381,306	$3,836,146
11	$6,962,828	-$2,536,577 -$400,363	$4,025,888
12	$7,311,012	-$2,665,405 -$420,383	$4,225,224
13	$7,676,520	-$2,800,643 -$441,400	$4,434,477
14	$8,060,488	-$2,942,711 -$463,478	$4,654,299
15	$8,463,484	-$3,091,819 -$486,650	$4,885,015
16	$8,886,644	-$3,248,389 -$510,982	$5,127,273
17	$9,330,820	-$3,412,734 -$536,522	$5,381,564
18	$9,797,432	-$3,585,380 -$563,352	$5,648,700
19	$10,287,332	-$3,766,643 -$591,522	$5,929,167
20	$10,801,656	-$3,956,943 -$621,095	$6,223,618
21	$11,341,824	-$4,156,805 -$652,155	$6,532,864
22	$11,908,972	-$4,366,650 -$684,766	$6,857,556
23	$12,504,236	-$4,586,898 -$718,994	$7,198,344
24	$13,129,604	-$4,818,284 -$754,952	$7,556,368
25	$13,785,928	-$5,061,124 -$792,691	$7,932,113
26	$14,475,480	-$5,316,258 -$832,340	$8,326,882
27	$15,199,112	-$5,584,002 -$873,949	$8,741,161
28	$15,959,096	-$5,865,196 -$917,648	$9,176,252
29	$16,757,136	-$6,160,471 -$963,535	$9,633,130
30	$17,594,936	-$6,470,457 -$1,011,709	$10,112,770