Minnesota Lottery

MNLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 7, 2024 is estimated to be $306 Million, with a cash option of 140.1 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 Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Minnesota MEGA Millions Jackpot/Cash Option for Tue May 7, 2024

Draw Date	Jackpot	Cash Option
Tue May 7, 2024	$306,000,000	$140,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$140,100,000
Federal Tax(24%)	$33,624,000
Additional Federal Tax	$18,173,330
State Tax(7.25%)	$10,157,250
Net Lumpsum Payment	$78,145,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$333,906	$2,607,295
2	$4,836,024	-$1,749,659 -$350,612	$2,735,753
3	$5,077,764	-$1,839,103 -$368,138	$2,870,523
4	$5,331,744	-$1,933,076 -$386,551	$3,012,117
5	$5,598,270	-$2,031,690 -$405,875	$3,160,705
6	$5,878,260	-$2,135,287 -$426,174	$3,316,799
7	$6,172,020	-$2,243,978 -$447,471	$3,480,571
8	$6,480,774	-$2,358,217 -$469,856	$3,652,701
9	$6,804,828	-$2,478,117 -$493,350	$3,833,361
10	$7,145,100	-$2,604,017 -$518,020	$4,023,063
11	$7,502,202	-$2,736,145 -$543,910	$4,222,147
12	$7,877,358	-$2,874,953 -$571,108	$4,431,297
13	$8,271,180	-$3,020,667 -$599,661	$4,650,852
14	$8,684,892	-$3,173,740 -$629,655	$4,881,497
15	$9,119,106	-$3,334,400 -$661,135	$5,123,571
16	$9,575,046	-$3,503,097 -$694,191	$5,377,758
17	$10,053,630	-$3,680,173 -$728,888	$5,644,569
18	$10,556,388	-$3,866,194 -$765,338	$5,924,856
19	$11,084,238	-$4,061,498 -$803,607	$6,219,133
20	$11,638,404	-$4,266,540 -$843,784	$6,528,080
21	$12,220,416	-$4,481,884 -$885,980	$6,852,552
22	$12,831,498	-$4,707,985 -$930,284	$7,193,229
23	$13,472,874	-$4,945,294 -$976,783	$7,550,797
24	$14,146,686	-$5,194,604 -$1,025,635	$7,926,447
25	$14,853,852	-$5,456,256 -$1,076,904	$8,320,692
26	$15,596,820	-$5,731,154 -$1,130,769	$8,734,897
27	$16,376,508	-$6,019,638 -$1,187,297	$9,169,573
28	$17,195,364	-$6,322,615 -$1,246,664	$9,626,085
29	$18,055,224	-$6,640,763 -$1,309,004	$10,105,457
30	$18,957,924	-$6,974,762 -$1,374,449	$10,608,713