Nebraska Lottery

NELottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Nov 12, 2024 is estimated to be $361 Million, with a cash option of 169.2 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 Nebraska, your state will take 5% 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.

Nebraska MEGA Millions Jackpot/Cash Option for Tue Nov 12, 2024

Draw Date	Jackpot	Cash Option
Tue Nov 12, 2024	$361,000,000	$169,200,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$169,200,000
Federal Tax(24%)	$40,608,000
Additional Federal Tax	$21,956,330
State Tax(5%)	$8,460,000
Net Lumpsum Payment	$98,175,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,433,411	-$1,970,692 -$271,671	$3,191,048
2	$5,705,244	-$2,071,271 -$285,262	$3,348,711
3	$5,990,434	-$2,176,791 -$299,522	$3,514,121
4	$6,290,064	-$2,287,654 -$314,503	$3,687,907
5	$6,604,495	-$2,403,994 -$330,225	$3,870,276
6	$6,934,810	-$2,526,210 -$346,741	$4,061,859
7	$7,281,370	-$2,654,437 -$364,069	$4,262,864
8	$7,645,619	-$2,789,209 -$382,281	$4,474,129
9	$8,027,918	-$2,930,660 -$401,396	$4,695,862
10	$8,429,350	-$3,079,190 -$421,468	$4,928,692
11	$8,850,637	-$3,235,066 -$442,532	$5,173,039
12	$9,293,223	-$3,398,823 -$464,661	$5,429,739
13	$9,757,830	-$3,570,727 -$487,892	$5,699,211
14	$10,245,902	-$3,751,314 -$512,295	$5,982,293
15	$10,758,161	-$3,940,850 -$537,908	$6,279,403
16	$11,296,051	-$4,139,869 -$564,803	$6,591,379
17	$11,860,655	-$4,348,773 -$593,033	$6,918,849
18	$12,453,778	-$4,568,228 -$622,689	$7,262,861
19	$13,076,503	-$4,798,636 -$653,825	$7,624,042
20	$13,730,274	-$5,040,532 -$686,514	$8,003,228
21	$14,416,896	-$5,294,582 -$720,845	$8,401,469
22	$15,137,813	-$5,561,321 -$756,891	$8,819,601
23	$15,894,469	-$5,841,284 -$794,723	$9,258,462
24	$16,689,391	-$6,135,405 -$834,470	$9,719,516
25	$17,523,662	-$6,444,085 -$876,183	$10,203,394
26	$18,400,170	-$6,768,393 -$920,009	$10,711,768
27	$19,319,998	-$7,108,730 -$966,000	$11,245,268
28	$20,286,034	-$7,466,163 -$1,014,302	$11,805,569
29	$21,300,444	-$7,841,495 -$1,065,022	$12,393,927
30	$22,365,394	-$8,235,526 -$1,118,270	$13,011,598