Massachusetts Lottery

MALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 15, 2024 is estimated to be $387 Million, with a cash option of 181.4 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 Fri Nov 15, 2024

Draw Date Jackpot Cash Option
Fri Nov 15, 2024$387,000,000$181,400,000

Lumpsum Option Taxes and Payment

Category Amount
Cash Gross Payment$181,400,000
Federal Tax(24%)$43,536,000
Additional Federal Tax$23,542,330
State Tax(5%)$9,070,000
Net Lumpsum Payment$105,251,670

Annuity Payment in 30 Installations

Year Gross Payment Fed/State Tax Net Payment
1 $5,824,737 -$2,115,483
-$291,237
$3,418,017
2 $6,116,148 -$2,223,305
-$305,807
$3,587,036
3 $6,421,878 -$2,336,425
-$321,094
$3,764,359
4 $6,743,088 -$2,455,273
-$337,154
$3,950,661
5 $7,080,165 -$2,579,991
-$354,008
$4,146,166
6 $7,434,270 -$2,711,010
-$371,714
$4,351,546
7 $7,805,790 -$2,848,473
-$390,290
$4,567,027
8 $8,196,273 -$2,992,951
-$409,814
$4,793,508
9 $8,606,106 -$3,144,590
-$430,305
$5,031,211
10 $9,036,450 -$3,303,817
-$451,823
$5,280,810
11 $9,488,079 -$3,470,920
-$474,404
$5,542,755
12 $9,962,541 -$3,646,471
-$498,127
$5,817,943
13 $10,460,610 -$3,830,756
-$523,031
$6,106,823
14 $10,983,834 -$4,024,349
-$549,192
$6,410,293
15 $11,532,987 -$4,227,536
-$576,649
$6,728,802
16 $12,109,617 -$4,440,889
-$605,481
$7,063,247
17 $12,714,885 -$4,664,838
-$635,744
$7,414,303
18 $13,350,726 -$4,900,099
-$667,536
$7,783,091
19 $14,018,301 -$5,147,102
-$700,915
$8,170,284
20 $14,719,158 -$5,406,419
-$735,958
$8,576,781
21 $15,455,232 -$5,678,766
-$772,762
$9,003,704
22 $16,228,071 -$5,964,717
-$811,404
$9,451,950
23 $17,039,223 -$6,264,843
-$851,961
$9,922,419
24 $17,891,397 -$6,580,147
-$894,570
$10,416,680
25 $18,785,754 -$6,911,059
-$939,288
$10,935,407
26 $19,725,390 -$7,258,725
-$986,270
$11,480,395
27 $20,711,466 -$7,623,573
-$1,035,573
$12,052,320
28 $21,747,078 -$8,006,749
-$1,087,354
$12,652,975
29 $22,834,548 -$8,409,113
-$1,141,727
$13,283,708
30 $23,976,198 -$8,831,524
-$1,198,810
$13,945,864
3
8
7
Cash Option: $181.4 Million
Next Draw: Fri Nov 15
Mega Millions
Tue Nov 12, 2024
183133646817

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