Georgia Lottery

GALottery 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. 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 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(5.75%)	$12,052,000
Net Lumpsum Payment	$120,035,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$392,041	$3,943,034
2	$7,159,212	-$2,609,239 -$411,655	$4,138,318
3	$7,517,082	-$2,741,651 -$432,232	$4,343,199
4	$7,893,072	-$2,880,767 -$453,852	$4,558,453
5	$8,287,635	-$3,026,755 -$476,539	$4,784,341
6	$8,702,130	-$3,180,118 -$500,372	$5,021,640
7	$9,137,010	-$3,341,024 -$525,378	$5,270,608
8	$9,594,087	-$3,510,143 -$551,660	$5,532,284
9	$10,073,814	-$3,687,642 -$579,244	$5,806,928
10	$10,577,550	-$3,874,024 -$608,209	$6,095,317
11	$11,106,201	-$4,069,625 -$638,607	$6,397,969
12	$11,661,579	-$4,275,115 -$670,541	$6,715,923
13	$12,244,590	-$4,490,829 -$704,064	$7,049,697
14	$12,857,046	-$4,717,437 -$739,280	$7,400,329
15	$13,499,853	-$4,955,276 -$776,242	$7,768,335
16	$14,174,823	-$5,205,015 -$815,052	$8,154,756
17	$14,883,315	-$5,467,157 -$855,791	$8,560,367
18	$15,627,594	-$5,742,540 -$898,587	$8,986,467
19	$16,409,019	-$6,031,667 -$943,519	$9,433,833
20	$17,229,402	-$6,335,209 -$990,691	$9,903,502
21	$18,091,008	-$6,654,003 -$1,040,233	$10,396,772
22	$18,995,649	-$6,988,721 -$1,092,250	$10,914,678
23	$19,945,137	-$7,340,031 -$1,146,845	$11,458,261
24	$20,942,643	-$7,709,108 -$1,204,202	$12,029,333
25	$21,989,526	-$8,096,455 -$1,264,398	$12,628,673
26	$23,089,410	-$8,503,412 -$1,327,641	$13,258,357
27	$24,243,654	-$8,930,482 -$1,394,010	$13,919,162
28	$25,455,882	-$9,379,007 -$1,463,713	$14,613,162
29	$26,728,812	-$9,849,991 -$1,536,907	$15,341,914
30	$28,065,162	-$10,344,440 -$1,613,747	$16,106,975