Georgia Lottery

GALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 15, 2024 is estimated to be $387 Million, with a cash option of 181.4 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 Fri Nov 15, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 15, 2024	$387,000,000	$181,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$181,400,000
Federal Tax(24%)	$43,536,000
Additional Federal Tax	$23,542,330
State Tax(5.75%)	$10,430,500
Net Lumpsum Payment	$103,891,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,824,737	-$2,115,483 -$334,922	$3,374,332
2	$6,116,148	-$2,223,305 -$351,679	$3,541,164
3	$6,421,878	-$2,336,425 -$369,258	$3,716,195
4	$6,743,088	-$2,455,273 -$387,728	$3,900,087
5	$7,080,165	-$2,579,991 -$407,109	$4,093,065
6	$7,434,270	-$2,711,010 -$427,471	$4,295,789
7	$7,805,790	-$2,848,473 -$448,833	$4,508,484
8	$8,196,273	-$2,992,951 -$471,286	$4,732,036
9	$8,606,106	-$3,144,590 -$494,851	$4,966,665
10	$9,036,450	-$3,303,817 -$519,596	$5,213,037
11	$9,488,079	-$3,470,920 -$545,565	$5,471,594
12	$9,962,541	-$3,646,471 -$572,846	$5,743,224
13	$10,460,610	-$3,830,756 -$601,485	$6,028,369
14	$10,983,834	-$4,024,349 -$631,570	$6,327,915
15	$11,532,987	-$4,227,536 -$663,147	$6,642,304
16	$12,109,617	-$4,440,889 -$696,303	$6,972,425
17	$12,714,885	-$4,664,838 -$731,106	$7,318,941
18	$13,350,726	-$4,900,099 -$767,667	$7,682,960
19	$14,018,301	-$5,147,102 -$806,052	$8,065,147
20	$14,719,158	-$5,406,419 -$846,352	$8,466,387
21	$15,455,232	-$5,678,766 -$888,676	$8,887,790
22	$16,228,071	-$5,964,717 -$933,114	$9,330,240
23	$17,039,223	-$6,264,843 -$979,755	$9,794,625
24	$17,891,397	-$6,580,147 -$1,028,755	$10,282,495
25	$18,785,754	-$6,911,059 -$1,080,181	$10,794,514
26	$19,725,390	-$7,258,725 -$1,134,210	$11,332,455
27	$20,711,466	-$7,623,573 -$1,190,909	$11,896,984
28	$21,747,078	-$8,006,749 -$1,250,457	$12,489,872
29	$22,834,548	-$8,409,113 -$1,312,987	$13,112,448
30	$23,976,198	-$8,831,524 -$1,378,631	$13,766,043