Indiana Lottery

INLottery 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 Indiana, your state will take 3.15% 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.

Indiana 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(3.15%)	$3,641,400
Net Lumpsum Payment	$69,226,270

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,868,107	-$1,391,530 -$121,845	$2,354,732
2	$4,061,628	-$1,463,133 -$127,941	$2,470,554
3	$4,264,658	-$1,538,254 -$134,337	$2,592,067
4	$4,477,968	-$1,617,179 -$141,056	$2,719,733
5	$4,701,815	-$1,700,002 -$148,107	$2,853,706
6	$4,936,970	-$1,787,009 -$155,515	$2,994,446
7	$5,183,690	-$1,878,296 -$163,286	$3,142,108
8	$5,443,003	-$1,974,241 -$171,455	$3,297,307
9	$5,715,166	-$2,074,942 -$180,028	$3,460,196
10	$6,000,950	-$2,180,682 -$189,030	$3,631,238
11	$6,300,869	-$2,291,652 -$198,477	$3,810,740
12	$6,615,951	-$2,408,232 -$208,402	$3,999,317
13	$6,946,710	-$2,530,613 -$218,821	$4,197,276
14	$7,294,174	-$2,659,175 -$229,766	$4,405,233
15	$7,658,857	-$2,794,107 -$241,254	$4,623,496
16	$8,041,787	-$2,935,792 -$253,316	$4,852,679
17	$8,443,735	-$3,084,512 -$265,978	$5,093,245
18	$8,865,986	-$3,240,745 -$279,279	$5,345,962
19	$9,309,311	-$3,404,775 -$293,243	$5,611,293
20	$9,774,738	-$3,576,983 -$307,904	$5,889,851
21	$10,263,552	-$3,757,845 -$323,302	$6,182,405
22	$10,776,781	-$3,947,739 -$339,469	$6,489,573
23	$11,315,453	-$4,147,048 -$356,437	$6,811,968
24	$11,881,367	-$4,356,436 -$374,263	$7,150,668
25	$12,475,294	-$4,576,189 -$392,972	$7,506,133
26	$13,099,290	-$4,807,068 -$412,628	$7,879,594
27	$13,754,126	-$5,049,357 -$433,255	$8,271,514
28	$14,441,858	-$5,303,818 -$454,919	$8,683,121
29	$15,164,028	-$5,571,021 -$477,667	$9,115,340
30	$15,922,178	-$5,851,536 -$501,549	$9,569,093