Montana Lottery

MTLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 3, 2024 is estimated to be $284 Million, with a cash option of 127.6 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 Montana, your state will take 6.75% 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.

Montana MEGA Millions Jackpot/Cash Option for Fri May 3, 2024

Draw Date	Jackpot	Cash Option
Fri May 3, 2024	$284,000,000	$127,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$127,600,000
Federal Tax(24%)	$30,624,000
Additional Federal Tax	$16,548,330
State Tax(6.75%)	$8,613,000
Net Lumpsum Payment	$71,814,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$288,528	$2,444,067
2	$4,488,336	-$1,621,015 -$302,963	$2,564,358
3	$4,712,696	-$1,704,028 -$318,107	$2,690,561
4	$4,948,416	-$1,791,244 -$334,018	$2,823,154
5	$5,195,780	-$1,882,769 -$350,715	$2,962,296
6	$5,455,640	-$1,978,917 -$368,256	$3,108,467
7	$5,728,280	-$2,079,794 -$386,659	$3,261,827
8	$6,014,836	-$2,185,820 -$406,001	$3,423,015
9	$6,315,592	-$2,297,099 -$426,302	$3,592,191
10	$6,631,400	-$2,413,948 -$447,620	$3,769,832
11	$6,962,828	-$2,536,577 -$469,991	$3,956,260
12	$7,311,012	-$2,665,405 -$493,493	$4,152,114
13	$7,676,520	-$2,800,643 -$518,165	$4,357,712
14	$8,060,488	-$2,942,711 -$544,083	$4,573,694
15	$8,463,484	-$3,091,819 -$571,285	$4,800,380
16	$8,886,644	-$3,248,389 -$599,848	$5,038,407
17	$9,330,820	-$3,412,734 -$629,830	$5,288,256
18	$9,797,432	-$3,585,380 -$661,327	$5,550,725
19	$10,287,332	-$3,766,643 -$694,395	$5,826,294
20	$10,801,656	-$3,956,943 -$729,112	$6,115,601
21	$11,341,824	-$4,156,805 -$765,573	$6,419,446
22	$11,908,972	-$4,366,650 -$803,856	$6,738,466
23	$12,504,236	-$4,586,898 -$844,036	$7,073,302
24	$13,129,604	-$4,818,284 -$886,248	$7,425,072
25	$13,785,928	-$5,061,124 -$930,550	$7,794,254
26	$14,475,480	-$5,316,258 -$977,095	$8,182,127
27	$15,199,112	-$5,584,002 -$1,025,940	$8,589,170
28	$15,959,096	-$5,865,196 -$1,077,239	$9,016,661
29	$16,757,136	-$6,160,471 -$1,131,107	$9,465,558
30	$17,594,936	-$6,470,457 -$1,187,658	$9,936,821