Massachusetts Lottery

MALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 22, 2024 is estimated to be $453 Million, with a cash option of 209.6 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 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 22, 2024

Draw Date Jackpot Cash Option
Fri Nov 22, 2024$453,000,000$209,600,000

Lumpsum Option Taxes and Payment

Category Amount
Cash Gross Payment$209,600,000
Federal Tax(24%)$50,304,000
Additional Federal Tax$27,208,330
State Tax(5%)$10,480,000
Net Lumpsum Payment$121,607,670

Annuity Payment in 30 Installations

Year Gross Payment Fed/State Tax Net Payment
1 $6,818,103 -$2,483,028
-$340,905
$3,994,170
2 $7,159,212 -$2,609,239
-$357,961
$4,192,012
3 $7,517,082 -$2,741,651
-$375,854
$4,399,577
4 $7,893,072 -$2,880,767
-$394,654
$4,617,651
5 $8,287,635 -$3,026,755
-$414,382
$4,846,498
6 $8,702,130 -$3,180,118
-$435,107
$5,086,905
7 $9,137,010 -$3,341,024
-$456,851
$5,339,135
8 $9,594,087 -$3,510,143
-$479,704
$5,604,240
9 $10,073,814 -$3,687,642
-$503,691
$5,882,481
10 $10,577,550 -$3,874,024
-$528,878
$6,174,648
11 $11,106,201 -$4,069,625
-$555,310
$6,481,266
12 $11,661,579 -$4,275,115
-$583,079
$6,803,385
13 $12,244,590 -$4,490,829
-$612,230
$7,141,531
14 $12,857,046 -$4,717,437
-$642,852
$7,496,757
15 $13,499,853 -$4,955,276
-$674,993
$7,869,584
16 $14,174,823 -$5,205,015
-$708,741
$8,261,067
17 $14,883,315 -$5,467,157
-$744,166
$8,671,992
18 $15,627,594 -$5,742,540
-$781,380
$9,103,674
19 $16,409,019 -$6,031,667
-$820,451
$9,556,901
20 $17,229,402 -$6,335,209
-$861,470
$10,032,723
21 $18,091,008 -$6,654,003
-$904,550
$10,532,455
22 $18,995,649 -$6,988,721
-$949,782
$11,057,146
23 $19,945,137 -$7,340,031
-$997,257
$11,607,849
24 $20,942,643 -$7,709,108
-$1,047,132
$12,186,403
25 $21,989,526 -$8,096,455
-$1,099,476
$12,793,595
26 $23,089,410 -$8,503,412
-$1,154,471
$13,431,527
27 $24,243,654 -$8,930,482
-$1,212,183
$14,100,989
28 $25,455,882 -$9,379,007
-$1,272,794
$14,804,081
29 $26,728,812 -$9,849,991
-$1,336,441
$15,542,380
30 $28,065,162 -$10,344,440
-$1,403,258
$16,317,464
4
5
3
Cash Option: $209.6 Million
Next Draw: Fri Nov 22
Mega Millions
Tue Nov 19, 2024
053550515908

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