Minnesota Lottery

MNLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Nov 12, 2024 is estimated to be $361 Million, with a cash option of 169.2 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 Nov 12, 2024

Draw Date	Jackpot	Cash Option
Tue Nov 12, 2024	$361,000,000	$169,200,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$169,200,000
Federal Tax(24%)	$40,608,000
Additional Federal Tax	$21,956,330
State Tax(7.25%)	$12,267,000
Net Lumpsum Payment	$94,368,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,433,411	-$1,970,692 -$393,922	$3,068,797
2	$5,705,244	-$2,071,271 -$413,630	$3,220,343
3	$5,990,434	-$2,176,791 -$434,306	$3,379,337
4	$6,290,064	-$2,287,654 -$456,030	$3,546,380
5	$6,604,495	-$2,403,994 -$478,826	$3,721,675
6	$6,934,810	-$2,526,210 -$502,774	$3,905,826
7	$7,281,370	-$2,654,437 -$527,899	$4,099,034
8	$7,645,619	-$2,789,209 -$554,307	$4,302,103
9	$8,027,918	-$2,930,660 -$582,024	$4,515,234
10	$8,429,350	-$3,079,190 -$611,128	$4,739,032
11	$8,850,637	-$3,235,066 -$641,671	$4,973,900
12	$9,293,223	-$3,398,823 -$673,759	$5,220,641
13	$9,757,830	-$3,570,727 -$707,443	$5,479,660
14	$10,245,902	-$3,751,314 -$742,828	$5,751,760
15	$10,758,161	-$3,940,850 -$779,967	$6,037,344
16	$11,296,051	-$4,139,869 -$818,964	$6,337,218
17	$11,860,655	-$4,348,773 -$859,897	$6,651,985
18	$12,453,778	-$4,568,228 -$902,899	$6,982,651
19	$13,076,503	-$4,798,636 -$948,046	$7,329,821
20	$13,730,274	-$5,040,532 -$995,445	$7,694,297
21	$14,416,896	-$5,294,582 -$1,045,225	$8,077,089
22	$15,137,813	-$5,561,321 -$1,097,491	$8,479,001
23	$15,894,469	-$5,841,284 -$1,152,349	$8,900,836
24	$16,689,391	-$6,135,405 -$1,209,981	$9,344,005
25	$17,523,662	-$6,444,085 -$1,270,465	$9,809,112
26	$18,400,170	-$6,768,393 -$1,334,012	$10,297,765
27	$19,319,998	-$7,108,730 -$1,400,700	$10,810,568
28	$20,286,034	-$7,466,163 -$1,470,737	$11,349,134
29	$21,300,444	-$7,841,495 -$1,544,282	$11,914,667
30	$22,365,394	-$8,235,526 -$1,621,491	$12,508,377