Georgia Lottery

GALottery 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. 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Georgia 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(5.75%)	$24,690,500
Net Lumpsum Payment	$245,871,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$816,968	$8,173,832
2	$14,918,976	-$5,480,352 -$857,841	$8,580,783
3	$15,664,736	-$5,756,283 -$900,722	$9,007,731
4	$16,448,256	-$6,046,185 -$945,775	$9,456,296
5	$17,270,480	-$6,350,408 -$993,053	$9,927,019
6	$18,134,240	-$6,669,999 -$1,042,719	$10,421,522
7	$19,040,480	-$7,005,308 -$1,094,828	$10,940,344
8	$19,992,976	-$7,357,732 -$1,149,596	$11,485,648
9	$20,992,672	-$7,727,619 -$1,207,079	$12,057,974
10	$22,042,400	-$8,116,018 -$1,267,438	$12,658,944
11	$23,144,048	-$8,523,628 -$1,330,783	$13,289,637
12	$24,301,392	-$8,951,845 -$1,397,330	$13,952,217
13	$25,516,320	-$9,401,369 -$1,467,188	$14,647,763
14	$26,792,608	-$9,873,595 -$1,540,575	$15,378,438
15	$28,132,144	-$10,369,224 -$1,617,598	$16,145,322
16	$29,538,704	-$10,889,651 -$1,698,475	$16,950,578
17	$31,015,120	-$11,435,925 -$1,783,369	$17,795,826
18	$32,566,112	-$12,009,792 -$1,872,551	$18,683,769
19	$34,194,512	-$12,612,300 -$1,966,184	$19,616,028
20	$35,904,096	-$13,244,846 -$2,064,486	$20,594,764
21	$37,699,584	-$13,909,176 -$2,167,726	$21,622,682
22	$39,584,752	-$14,606,689 -$2,276,123	$22,701,940
23	$41,563,376	-$15,338,780 -$2,389,894	$23,834,702
24	$43,642,064	-$16,107,894 -$2,509,419	$25,024,751
25	$45,823,648	-$16,915,080 -$2,634,860	$26,273,708
26	$48,115,680	-$17,763,132 -$2,766,652	$27,585,896
27	$50,520,992	-$18,653,097 -$2,904,957	$28,962,938
28	$53,047,136	-$19,587,771 -$3,050,210	$30,409,155
29	$55,699,776	-$20,569,248 -$3,202,737	$31,927,791
30	$58,484,576	-$21,599,624 -$3,362,863	$33,522,089