North Carolina Lottery

NCLottery 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 North Carolina, your state will take 4.75% 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.

North Carolina 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(4.75%)	$6,654,750
Net Lumpsum Payment	$81,647,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$218,766	$2,722,435
2	$4,836,024	-$1,749,659 -$229,711	$2,856,654
3	$5,077,764	-$1,839,103 -$241,194	$2,997,467
4	$5,331,744	-$1,933,076 -$253,258	$3,145,410
5	$5,598,270	-$2,031,690 -$265,918	$3,300,662
6	$5,878,260	-$2,135,287 -$279,217	$3,463,756
7	$6,172,020	-$2,243,978 -$293,171	$3,634,871
8	$6,480,774	-$2,358,217 -$307,837	$3,814,720
9	$6,804,828	-$2,478,117 -$323,229	$4,003,482
10	$7,145,100	-$2,604,017 -$339,392	$4,201,691
11	$7,502,202	-$2,736,145 -$356,355	$4,409,702
12	$7,877,358	-$2,874,953 -$374,175	$4,628,230
13	$8,271,180	-$3,020,667 -$392,881	$4,857,632
14	$8,684,892	-$3,173,740 -$412,532	$5,098,620
15	$9,119,106	-$3,334,400 -$433,158	$5,351,548
16	$9,575,046	-$3,503,097 -$454,815	$5,617,134
17	$10,053,630	-$3,680,173 -$477,547	$5,895,910
18	$10,556,388	-$3,866,194 -$501,428	$6,188,766
19	$11,084,238	-$4,061,498 -$526,501	$6,496,239
20	$11,638,404	-$4,266,540 -$552,824	$6,819,040
21	$12,220,416	-$4,481,884 -$580,470	$7,158,062
22	$12,831,498	-$4,707,985 -$609,496	$7,514,017
23	$13,472,874	-$4,945,294 -$639,962	$7,887,618
24	$14,146,686	-$5,194,604 -$671,968	$8,280,114
25	$14,853,852	-$5,456,256 -$705,558	$8,692,038
26	$15,596,820	-$5,731,154 -$740,849	$9,124,817
27	$16,376,508	-$6,019,638 -$777,884	$9,578,986
28	$17,195,364	-$6,322,615 -$816,780	$10,055,969
29	$18,055,224	-$6,640,763 -$857,623	$10,556,838
30	$18,957,924	-$6,974,762 -$900,501	$11,082,661