North Carolina Lottery

NCLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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 North Carolina, your state will take 4.75% 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.

North Carolina MEGA Millions Jackpot/Cash Option for Tue Jan 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(4.75%)	$422,750
Net Lumpsum Payment	$5,223,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$14,298	$215,014
2	$316,080	-$77,280 -$15,014	$223,786
3	$331,880	-$83,126 -$15,764	$232,990
4	$348,480	-$89,268 -$16,553	$242,659
5	$365,900	-$95,713 -$17,380	$252,807
6	$384,200	-$102,484 -$18,250	$263,466
7	$403,400	-$109,588 -$19,162	$274,650
8	$423,580	-$117,055 -$20,120	$286,405
9	$444,760	-$124,892 -$21,126	$298,742
10	$467,000	-$133,120 -$22,183	$311,697
11	$490,340	-$141,756 -$23,291	$325,293
12	$514,860	-$150,829 -$24,456	$339,575
13	$540,600	-$160,352 -$25,679	$354,569
14	$567,640	-$170,357 -$26,963	$370,320
15	$596,020	-$180,858 -$28,311	$386,851
16	$625,820	-$191,884 -$29,726	$404,210
17	$657,100	-$203,457 -$31,212	$422,431
18	$689,960	-$215,616 -$32,773	$441,571
19	$724,460	-$228,381 -$34,412	$461,667
20	$760,680	-$241,782 -$36,132	$482,766
21	$798,720	-$255,857 -$37,939	$504,924
22	$838,660	-$270,635 -$39,836	$528,189
23	$880,580	-$286,145 -$41,828	$552,607
24	$924,620	-$302,440 -$43,919	$578,261
25	$970,840	-$319,541 -$46,115	$605,184
26	$1,019,400	-$337,508 -$48,422	$633,470
27	$1,070,360	-$356,364 -$50,842	$663,154
28	$1,123,880	-$376,166 -$53,384	$694,330
29	$1,180,080	-$396,960 -$56,054	$727,066
30	$1,239,080	-$418,790 -$58,856	$761,434