Minnesota Lottery

MNLottery 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 Minnesota, your state will take 7.25% 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.

Minnesota 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(7.25%)	$15,196,000
Net Lumpsum Payment	$116,891,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$494,312	$3,840,763
2	$7,159,212	-$2,609,239 -$519,043	$4,030,930
3	$7,517,082	-$2,741,651 -$544,988	$4,230,443
4	$7,893,072	-$2,880,767 -$572,248	$4,440,057
5	$8,287,635	-$3,026,755 -$600,854	$4,660,026
6	$8,702,130	-$3,180,118 -$630,904	$4,891,108
7	$9,137,010	-$3,341,024 -$662,433	$5,133,553
8	$9,594,087	-$3,510,143 -$695,571	$5,388,373
9	$10,073,814	-$3,687,642 -$730,352	$5,655,820
10	$10,577,550	-$3,874,024 -$766,872	$5,936,654
11	$11,106,201	-$4,069,625 -$805,200	$6,231,376
12	$11,661,579	-$4,275,115 -$845,464	$6,541,000
13	$12,244,590	-$4,490,829 -$887,733	$6,866,028
14	$12,857,046	-$4,717,437 -$932,136	$7,207,473
15	$13,499,853	-$4,955,276 -$978,739	$7,565,838
16	$14,174,823	-$5,205,015 -$1,027,675	$7,942,133
17	$14,883,315	-$5,467,157 -$1,079,040	$8,337,118
18	$15,627,594	-$5,742,540 -$1,133,001	$8,752,053
19	$16,409,019	-$6,031,667 -$1,189,654	$9,187,698
20	$17,229,402	-$6,335,209 -$1,249,132	$9,645,061
21	$18,091,008	-$6,654,003 -$1,311,598	$10,125,407
22	$18,995,649	-$6,988,721 -$1,377,185	$10,629,743
23	$19,945,137	-$7,340,031 -$1,446,022	$11,159,084
24	$20,942,643	-$7,709,108 -$1,518,342	$11,715,193
25	$21,989,526	-$8,096,455 -$1,594,241	$12,298,830
26	$23,089,410	-$8,503,412 -$1,673,982	$12,912,016
27	$24,243,654	-$8,930,482 -$1,757,665	$13,555,507
28	$25,455,882	-$9,379,007 -$1,845,551	$14,231,324
29	$26,728,812	-$9,849,991 -$1,937,839	$14,940,982
30	$28,065,162	-$10,344,440 -$2,034,724	$15,685,998