Idaho Lottery

IDLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Apr 30, 2024 is estimated to be $257 Million, with a cash option of 115.6 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 Idaho, your state will take 5.8% 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.

Idaho MEGA Millions Jackpot/Cash Option for Tue Apr 30, 2024

Draw Date	Jackpot	Cash Option
Tue Apr 30, 2024	$257,000,000	$115,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$115,600,000
Federal Tax(24%)	$27,744,000
Additional Federal Tax	$14,988,330
State Tax(5.8%)	$6,704,800
Net Lumpsum Payment	$66,162,870

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,868,107	-$1,391,530 -$224,350	$2,252,227
2	$4,061,628	-$1,463,133 -$235,574	$2,362,921
3	$4,264,658	-$1,538,254 -$247,350	$2,479,054
4	$4,477,968	-$1,617,179 -$259,722	$2,601,067
5	$4,701,815	-$1,700,002 -$272,705	$2,729,108
6	$4,936,970	-$1,787,009 -$286,344	$2,863,617
7	$5,183,690	-$1,878,296 -$300,654	$3,004,740
8	$5,443,003	-$1,974,241 -$315,694	$3,153,068
9	$5,715,166	-$2,074,942 -$331,480	$3,308,744
10	$6,000,950	-$2,180,682 -$348,055	$3,472,213
11	$6,300,869	-$2,291,652 -$365,450	$3,643,767
12	$6,615,951	-$2,408,232 -$383,725	$3,823,994
13	$6,946,710	-$2,530,613 -$402,909	$4,013,188
14	$7,294,174	-$2,659,175 -$423,062	$4,211,937
15	$7,658,857	-$2,794,107 -$444,214	$4,420,536
16	$8,041,787	-$2,935,792 -$466,424	$4,639,571
17	$8,443,735	-$3,084,512 -$489,737	$4,869,486
18	$8,865,986	-$3,240,745 -$514,227	$5,111,014
19	$9,309,311	-$3,404,775 -$539,940	$5,364,596
20	$9,774,738	-$3,576,983 -$566,935	$5,630,820
21	$10,263,552	-$3,757,845 -$595,286	$5,910,421
22	$10,776,781	-$3,947,739 -$625,053	$6,203,989
23	$11,315,453	-$4,147,048 -$656,296	$6,512,109
24	$11,881,367	-$4,356,436 -$689,119	$6,835,812
25	$12,475,294	-$4,576,189 -$723,567	$7,175,538
26	$13,099,290	-$4,807,068 -$759,759	$7,532,463
27	$13,754,126	-$5,049,357 -$797,739	$7,907,030
28	$14,441,858	-$5,303,818 -$837,628	$8,300,412
29	$15,164,028	-$5,571,021 -$879,514	$8,713,493
30	$15,922,178	-$5,851,536 -$923,486	$9,147,156