Missouri Lottery

MOLottery 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 Missouri, your state will take 4% 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.

Missouri 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(4%)	$5,604,000
Net Lumpsum Payment	$82,698,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$184,224	$2,756,977
2	$4,836,024	-$1,749,659 -$193,441	$2,892,924
3	$5,077,764	-$1,839,103 -$203,111	$3,035,550
4	$5,331,744	-$1,933,076 -$213,270	$3,185,398
5	$5,598,270	-$2,031,690 -$223,931	$3,342,649
6	$5,878,260	-$2,135,287 -$235,130	$3,507,843
7	$6,172,020	-$2,243,978 -$246,881	$3,681,161
8	$6,480,774	-$2,358,217 -$259,231	$3,863,326
9	$6,804,828	-$2,478,117 -$272,193	$4,054,518
10	$7,145,100	-$2,604,017 -$285,804	$4,255,279
11	$7,502,202	-$2,736,145 -$300,088	$4,465,969
12	$7,877,358	-$2,874,953 -$315,094	$4,687,311
13	$8,271,180	-$3,020,667 -$330,847	$4,919,666
14	$8,684,892	-$3,173,740 -$347,396	$5,163,756
15	$9,119,106	-$3,334,400 -$364,764	$5,419,942
16	$9,575,046	-$3,503,097 -$383,002	$5,688,947
17	$10,053,630	-$3,680,173 -$402,145	$5,971,312
18	$10,556,388	-$3,866,194 -$422,256	$6,267,938
19	$11,084,238	-$4,061,498 -$443,370	$6,579,370
20	$11,638,404	-$4,266,540 -$465,536	$6,906,328
21	$12,220,416	-$4,481,884 -$488,817	$7,249,715
22	$12,831,498	-$4,707,985 -$513,260	$7,610,253
23	$13,472,874	-$4,945,294 -$538,915	$7,988,665
24	$14,146,686	-$5,194,604 -$565,867	$8,386,215
25	$14,853,852	-$5,456,256 -$594,154	$8,803,442
26	$15,596,820	-$5,731,154 -$623,873	$9,241,793
27	$16,376,508	-$6,019,638 -$655,060	$9,701,810
28	$17,195,364	-$6,322,615 -$687,815	$10,184,934
29	$18,055,224	-$6,640,763 -$722,209	$10,692,252
30	$18,957,924	-$6,974,762 -$758,317	$11,224,845