Indiana Lottery

INLottery 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 Indiana, your state will take 3.15% 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.

Indiana 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(3.15%)	$6,602,400
Net Lumpsum Payment	$125,485,270

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$214,770	$4,120,305
2	$7,159,212	-$2,609,239 -$225,515	$4,324,458
3	$7,517,082	-$2,741,651 -$236,788	$4,538,643
4	$7,893,072	-$2,880,767 -$248,632	$4,763,673
5	$8,287,635	-$3,026,755 -$261,061	$4,999,819
6	$8,702,130	-$3,180,118 -$274,117	$5,247,895
7	$9,137,010	-$3,341,024 -$287,816	$5,508,170
8	$9,594,087	-$3,510,143 -$302,214	$5,781,730
9	$10,073,814	-$3,687,642 -$317,325	$6,068,847
10	$10,577,550	-$3,874,024 -$333,193	$6,370,333
11	$11,106,201	-$4,069,625 -$349,845	$6,686,731
12	$11,661,579	-$4,275,115 -$367,340	$7,019,124
13	$12,244,590	-$4,490,829 -$385,705	$7,368,056
14	$12,857,046	-$4,717,437 -$404,997	$7,734,612
15	$13,499,853	-$4,955,276 -$425,245	$8,119,332
16	$14,174,823	-$5,205,015 -$446,507	$8,523,301
17	$14,883,315	-$5,467,157 -$468,824	$8,947,334
18	$15,627,594	-$5,742,540 -$492,269	$9,392,785
19	$16,409,019	-$6,031,667 -$516,884	$9,860,468
20	$17,229,402	-$6,335,209 -$542,726	$10,351,467
21	$18,091,008	-$6,654,003 -$569,867	$10,867,138
22	$18,995,649	-$6,988,721 -$598,363	$11,408,565
23	$19,945,137	-$7,340,031 -$628,272	$11,976,834
24	$20,942,643	-$7,709,108 -$659,693	$12,573,842
25	$21,989,526	-$8,096,455 -$692,670	$13,200,401
26	$23,089,410	-$8,503,412 -$727,316	$13,858,682
27	$24,243,654	-$8,930,482 -$763,675	$14,549,497
28	$25,455,882	-$9,379,007 -$801,860	$15,275,015
29	$26,728,812	-$9,849,991 -$841,958	$16,036,863
30	$28,065,162	-$10,344,440 -$884,053	$16,836,669