Idaho Lottery

IDLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 31, 2024 is estimated to be $20 Million, with a cash option of 9 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 Idaho, your state will take 5.8% 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.

Idaho MEGA Millions Jackpot/Cash Option for Tue Dec 31, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 31, 2024	$20,000,000	$9,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$9,000,000
Federal Tax(24%)	$2,160,000
Additional Federal Tax	$1,130,330
State Tax(5.8%)	$522,000
Net Lumpsum Payment	$5,187,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$17,459	$211,853
2	$316,080	-$77,280 -$18,333	$220,467
3	$331,880	-$83,126 -$19,249	$229,505
4	$348,480	-$89,268 -$20,212	$239,000
5	$365,900	-$95,713 -$21,222	$248,965
6	$384,200	-$102,484 -$22,284	$259,432
7	$403,400	-$109,588 -$23,397	$270,415
8	$423,580	-$117,055 -$24,568	$281,957
9	$444,760	-$124,892 -$25,796	$294,072
10	$467,000	-$133,120 -$27,086	$306,794
11	$490,340	-$141,756 -$28,440	$320,144
12	$514,860	-$150,829 -$29,862	$334,169
13	$540,600	-$160,352 -$31,355	$348,893
14	$567,640	-$170,357 -$32,923	$364,360
15	$596,020	-$180,858 -$34,569	$380,593
16	$625,820	-$191,884 -$36,298	$397,638
17	$657,100	-$203,457 -$38,112	$415,531
18	$689,960	-$215,616 -$40,018	$434,326
19	$724,460	-$228,381 -$42,019	$454,060
20	$760,680	-$241,782 -$44,119	$474,779
21	$798,720	-$255,857 -$46,326	$496,537
22	$838,660	-$270,635 -$48,642	$519,383
23	$880,580	-$286,145 -$51,074	$543,361
24	$924,620	-$302,440 -$53,628	$568,552
25	$970,840	-$319,541 -$56,309	$594,990
26	$1,019,400	-$337,508 -$59,125	$622,767
27	$1,070,360	-$356,364 -$62,081	$651,915
28	$1,123,880	-$376,166 -$65,185	$682,529
29	$1,180,080	-$396,960 -$68,445	$714,675
30	$1,239,080	-$418,790 -$71,867	$748,423