Minnesota Lottery

MNLottery 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 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 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(7.25%)	$31,131,500
Net Lumpsum Payment	$239,430,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$1,030,090	$7,960,710
2	$14,918,976	-$5,480,352 -$1,081,626	$8,356,998
3	$15,664,736	-$5,756,283 -$1,135,693	$8,772,760
4	$16,448,256	-$6,046,185 -$1,192,499	$9,209,572
5	$17,270,480	-$6,350,408 -$1,252,110	$9,667,962
6	$18,134,240	-$6,669,999 -$1,314,732	$10,149,509
7	$19,040,480	-$7,005,308 -$1,380,435	$10,654,737
8	$19,992,976	-$7,357,732 -$1,449,491	$11,185,753
9	$20,992,672	-$7,727,619 -$1,521,969	$11,743,084
10	$22,042,400	-$8,116,018 -$1,598,074	$12,328,308
11	$23,144,048	-$8,523,628 -$1,677,943	$12,942,477
12	$24,301,392	-$8,951,845 -$1,761,851	$13,587,696
13	$25,516,320	-$9,401,369 -$1,849,933	$14,265,018
14	$26,792,608	-$9,873,595 -$1,942,464	$14,976,549
15	$28,132,144	-$10,369,224 -$2,039,580	$15,723,340
16	$29,538,704	-$10,889,651 -$2,141,556	$16,507,497
17	$31,015,120	-$11,435,925 -$2,248,596	$17,330,599
18	$32,566,112	-$12,009,792 -$2,361,043	$18,195,277
19	$34,194,512	-$12,612,300 -$2,479,102	$19,103,110
20	$35,904,096	-$13,244,846 -$2,603,047	$20,056,203
21	$37,699,584	-$13,909,176 -$2,733,220	$21,057,188
22	$39,584,752	-$14,606,689 -$2,869,895	$22,108,168
23	$41,563,376	-$15,338,780 -$3,013,345	$23,211,251
24	$43,642,064	-$16,107,894 -$3,164,050	$24,370,120
25	$45,823,648	-$16,915,080 -$3,322,214	$25,586,354
26	$48,115,680	-$17,763,132 -$3,488,387	$26,864,161
27	$50,520,992	-$18,653,097 -$3,662,772	$28,205,123
28	$53,047,136	-$19,587,771 -$3,845,917	$29,613,448
29	$55,699,776	-$20,569,248 -$4,038,234	$31,092,294
30	$58,484,576	-$21,599,624 -$4,240,132	$32,644,820