Indiana Lottery

INLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 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 Tue Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(3.15%)	$13,526,100
Net Lumpsum Payment	$257,035,570

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$447,557	$8,543,243
2	$14,918,976	-$5,480,352 -$469,948	$8,968,676
3	$15,664,736	-$5,756,283 -$493,439	$9,415,014
4	$16,448,256	-$6,046,185 -$518,120	$9,883,951
5	$17,270,480	-$6,350,408 -$544,020	$10,376,052
6	$18,134,240	-$6,669,999 -$571,229	$10,893,012
7	$19,040,480	-$7,005,308 -$599,775	$11,435,397
8	$19,992,976	-$7,357,732 -$629,779	$12,005,465
9	$20,992,672	-$7,727,619 -$661,269	$12,603,784
10	$22,042,400	-$8,116,018 -$694,336	$13,232,046
11	$23,144,048	-$8,523,628 -$729,038	$13,891,382
12	$24,301,392	-$8,951,845 -$765,494	$14,584,053
13	$25,516,320	-$9,401,369 -$803,764	$15,311,187
14	$26,792,608	-$9,873,595 -$843,967	$16,075,046
15	$28,132,144	-$10,369,224 -$886,163	$16,876,757
16	$29,538,704	-$10,889,651 -$930,469	$17,718,584
17	$31,015,120	-$11,435,925 -$976,976	$18,602,219
18	$32,566,112	-$12,009,792 -$1,025,833	$19,530,487
19	$34,194,512	-$12,612,300 -$1,077,127	$20,505,085
20	$35,904,096	-$13,244,846 -$1,130,979	$21,528,271
21	$37,699,584	-$13,909,176 -$1,187,537	$22,602,871
22	$39,584,752	-$14,606,689 -$1,246,920	$23,731,143
23	$41,563,376	-$15,338,780 -$1,309,246	$24,915,350
24	$43,642,064	-$16,107,894 -$1,374,725	$26,159,445
25	$45,823,648	-$16,915,080 -$1,443,445	$27,465,123
26	$48,115,680	-$17,763,132 -$1,515,644	$28,836,904
27	$50,520,992	-$18,653,097 -$1,591,411	$30,276,484
28	$53,047,136	-$19,587,771 -$1,670,985	$31,788,380
29	$55,699,776	-$20,569,248 -$1,754,543	$33,375,985
30	$58,484,576	-$21,599,624 -$1,842,264	$35,042,688