Louisiana Lottery

LALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 3, 2024 is estimated to be $284 Million, with a cash option of 127.6 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 Louisiana, your state will take 4.75% 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.

Louisiana MEGA Millions Jackpot/Cash Option for Fri May 3, 2024

Draw Date	Jackpot	Cash Option
Fri May 3, 2024	$284,000,000	$127,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$127,600,000
Federal Tax(24%)	$30,624,000
Additional Federal Tax	$16,548,330
State Tax(4.75%)	$6,061,000
Net Lumpsum Payment	$74,366,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$203,038	$2,529,557
2	$4,488,336	-$1,621,015 -$213,196	$2,654,125
3	$4,712,696	-$1,704,028 -$223,853	$2,784,815
4	$4,948,416	-$1,791,244 -$235,050	$2,922,122
5	$5,195,780	-$1,882,769 -$246,800	$3,066,211
6	$5,455,640	-$1,978,917 -$259,143	$3,217,580
7	$5,728,280	-$2,079,794 -$272,093	$3,376,393
8	$6,014,836	-$2,185,820 -$285,705	$3,543,311
9	$6,315,592	-$2,297,099 -$299,991	$3,718,502
10	$6,631,400	-$2,413,948 -$314,992	$3,902,460
11	$6,962,828	-$2,536,577 -$330,734	$4,095,517
12	$7,311,012	-$2,665,405 -$347,273	$4,298,334
13	$7,676,520	-$2,800,643 -$364,635	$4,511,242
14	$8,060,488	-$2,942,711 -$382,873	$4,734,904
15	$8,463,484	-$3,091,819 -$402,015	$4,969,650
16	$8,886,644	-$3,248,389 -$422,116	$5,216,139
17	$9,330,820	-$3,412,734 -$443,214	$5,474,872
18	$9,797,432	-$3,585,380 -$465,378	$5,746,674
19	$10,287,332	-$3,766,643 -$488,648	$6,032,041
20	$10,801,656	-$3,956,943 -$513,079	$6,331,634
21	$11,341,824	-$4,156,805 -$538,737	$6,646,282
22	$11,908,972	-$4,366,650 -$565,676	$6,976,646
23	$12,504,236	-$4,586,898 -$593,951	$7,323,387
24	$13,129,604	-$4,818,284 -$623,656	$7,687,664
25	$13,785,928	-$5,061,124 -$654,832	$8,069,972
26	$14,475,480	-$5,316,258 -$687,585	$8,471,637
27	$15,199,112	-$5,584,002 -$721,958	$8,893,152
28	$15,959,096	-$5,865,196 -$758,057	$9,335,843
29	$16,757,136	-$6,160,471 -$795,964	$9,800,701
30	$17,594,936	-$6,470,457 -$835,759	$10,288,720