Massachusetts Lottery

MALottery 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 Massachusetts, your state will take 5% 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.

Massachusetts 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(5%)	$21,470,000
Net Lumpsum Payment	$249,091,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$710,407	$8,280,393
2	$14,918,976	-$5,480,352 -$745,949	$8,692,675
3	$15,664,736	-$5,756,283 -$783,237	$9,125,216
4	$16,448,256	-$6,046,185 -$822,413	$9,579,658
5	$17,270,480	-$6,350,408 -$863,524	$10,056,548
6	$18,134,240	-$6,669,999 -$906,712	$10,557,529
7	$19,040,480	-$7,005,308 -$952,024	$11,083,148
8	$19,992,976	-$7,357,732 -$999,649	$11,635,595
9	$20,992,672	-$7,727,619 -$1,049,634	$12,215,419
10	$22,042,400	-$8,116,018 -$1,102,120	$12,824,262
11	$23,144,048	-$8,523,628 -$1,157,202	$13,463,218
12	$24,301,392	-$8,951,845 -$1,215,070	$14,134,477
13	$25,516,320	-$9,401,369 -$1,275,816	$14,839,135
14	$26,792,608	-$9,873,595 -$1,339,630	$15,579,383
15	$28,132,144	-$10,369,224 -$1,406,607	$16,356,313
16	$29,538,704	-$10,889,651 -$1,476,935	$17,172,118
17	$31,015,120	-$11,435,925 -$1,550,756	$18,028,439
18	$32,566,112	-$12,009,792 -$1,628,306	$18,928,014
19	$34,194,512	-$12,612,300 -$1,709,726	$19,872,486
20	$35,904,096	-$13,244,846 -$1,795,205	$20,864,045
21	$37,699,584	-$13,909,176 -$1,884,979	$21,905,429
22	$39,584,752	-$14,606,689 -$1,979,238	$22,998,825
23	$41,563,376	-$15,338,780 -$2,078,169	$24,146,427
24	$43,642,064	-$16,107,894 -$2,182,103	$25,352,067
25	$45,823,648	-$16,915,080 -$2,291,182	$26,617,386
26	$48,115,680	-$17,763,132 -$2,405,784	$27,946,764
27	$50,520,992	-$18,653,097 -$2,526,050	$29,341,845
28	$53,047,136	-$19,587,771 -$2,652,357	$30,807,008
29	$55,699,776	-$20,569,248 -$2,784,989	$32,345,539
30	$58,484,576	-$21,599,624 -$2,924,229	$33,960,723