Massachusetts Lottery

MALottery 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 Massachusetts, your state will take 5% 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.

Massachusetts 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(5%)	$6,380,000
Net Lumpsum Payment	$74,047,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$213,724	$2,518,871
2	$4,488,336	-$1,621,015 -$224,417	$2,642,904
3	$4,712,696	-$1,704,028 -$235,635	$2,773,033
4	$4,948,416	-$1,791,244 -$247,421	$2,909,751
5	$5,195,780	-$1,882,769 -$259,789	$3,053,222
6	$5,455,640	-$1,978,917 -$272,782	$3,203,941
7	$5,728,280	-$2,079,794 -$286,414	$3,362,072
8	$6,014,836	-$2,185,820 -$300,742	$3,528,274
9	$6,315,592	-$2,297,099 -$315,780	$3,702,713
10	$6,631,400	-$2,413,948 -$331,570	$3,885,882
11	$6,962,828	-$2,536,577 -$348,141	$4,078,110
12	$7,311,012	-$2,665,405 -$365,551	$4,280,056
13	$7,676,520	-$2,800,643 -$383,826	$4,492,051
14	$8,060,488	-$2,942,711 -$403,024	$4,714,753
15	$8,463,484	-$3,091,819 -$423,174	$4,948,491
16	$8,886,644	-$3,248,389 -$444,332	$5,193,923
17	$9,330,820	-$3,412,734 -$466,541	$5,451,545
18	$9,797,432	-$3,585,380 -$489,872	$5,722,180
19	$10,287,332	-$3,766,643 -$514,367	$6,006,322
20	$10,801,656	-$3,956,943 -$540,083	$6,304,630
21	$11,341,824	-$4,156,805 -$567,091	$6,617,928
22	$11,908,972	-$4,366,650 -$595,449	$6,946,873
23	$12,504,236	-$4,586,898 -$625,212	$7,292,126
24	$13,129,604	-$4,818,284 -$656,480	$7,654,840
25	$13,785,928	-$5,061,124 -$689,296	$8,035,508
26	$14,475,480	-$5,316,258 -$723,774	$8,435,448
27	$15,199,112	-$5,584,002 -$759,956	$8,855,154
28	$15,959,096	-$5,865,196 -$797,955	$9,295,945
29	$16,757,136	-$6,160,471 -$837,857	$9,758,808
30	$17,594,936	-$6,470,457 -$879,747	$10,244,732