North Carolina Lottery

NCLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(4.75%)	$20,396,500
Net Lumpsum Payment	$250,165,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$674,887	$8,315,913
2	$14,918,976	-$5,480,352 -$708,651	$8,729,973
3	$15,664,736	-$5,756,283 -$744,075	$9,164,378
4	$16,448,256	-$6,046,185 -$781,292	$9,620,779
5	$17,270,480	-$6,350,408 -$820,348	$10,099,724
6	$18,134,240	-$6,669,999 -$861,376	$10,602,865
7	$19,040,480	-$7,005,308 -$904,423	$11,130,749
8	$19,992,976	-$7,357,732 -$949,666	$11,685,578
9	$20,992,672	-$7,727,619 -$997,152	$12,267,901
10	$22,042,400	-$8,116,018 -$1,047,014	$12,879,368
11	$23,144,048	-$8,523,628 -$1,099,342	$13,521,078
12	$24,301,392	-$8,951,845 -$1,154,316	$14,195,231
13	$25,516,320	-$9,401,369 -$1,212,025	$14,902,926
14	$26,792,608	-$9,873,595 -$1,272,649	$15,646,364
15	$28,132,144	-$10,369,224 -$1,336,277	$16,426,643
16	$29,538,704	-$10,889,651 -$1,403,088	$17,245,965
17	$31,015,120	-$11,435,925 -$1,473,218	$18,105,977
18	$32,566,112	-$12,009,792 -$1,546,890	$19,009,430
19	$34,194,512	-$12,612,300 -$1,624,239	$19,957,973
20	$35,904,096	-$13,244,846 -$1,705,445	$20,953,805
21	$37,699,584	-$13,909,176 -$1,790,730	$21,999,678
22	$39,584,752	-$14,606,689 -$1,880,276	$23,097,787
23	$41,563,376	-$15,338,780 -$1,974,260	$24,250,336
24	$43,642,064	-$16,107,894 -$2,072,998	$25,461,172
25	$45,823,648	-$16,915,080 -$2,176,623	$26,731,945
26	$48,115,680	-$17,763,132 -$2,285,495	$28,067,053
27	$50,520,992	-$18,653,097 -$2,399,747	$29,468,148
28	$53,047,136	-$19,587,771 -$2,519,739	$30,939,626
29	$55,699,776	-$20,569,248 -$2,645,739	$32,484,789
30	$58,484,576	-$21,599,624 -$2,778,017	$34,106,935