Ohio Lottery

OHLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Apr 30, 2024 is estimated to be $257 Million, with a cash option of 115.6 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 Ohio, your state will take 3.99% 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.

Ohio MEGA Millions Jackpot/Cash Option for Tue Apr 30, 2024

Draw Date	Jackpot	Cash Option
Tue Apr 30, 2024	$257,000,000	$115,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$115,600,000
Federal Tax(24%)	$27,744,000
Additional Federal Tax	$14,988,330
State Tax(3.99%)	$4,612,440
Net Lumpsum Payment	$68,255,230

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,868,107	-$1,391,530 -$154,337	$2,322,240
2	$4,061,628	-$1,463,133 -$162,059	$2,436,436
3	$4,264,658	-$1,538,254 -$170,160	$2,556,244
4	$4,477,968	-$1,617,179 -$178,671	$2,682,118
5	$4,701,815	-$1,700,002 -$187,602	$2,814,211
6	$4,936,970	-$1,787,009 -$196,985	$2,952,976
7	$5,183,690	-$1,878,296 -$206,829	$3,098,565
8	$5,443,003	-$1,974,241 -$217,176	$3,251,586
9	$5,715,166	-$2,074,942 -$228,035	$3,412,189
10	$6,000,950	-$2,180,682 -$239,438	$3,580,830
11	$6,300,869	-$2,291,652 -$251,405	$3,757,812
12	$6,615,951	-$2,408,232 -$263,976	$3,943,743
13	$6,946,710	-$2,530,613 -$277,174	$4,138,923
14	$7,294,174	-$2,659,175 -$291,038	$4,343,961
15	$7,658,857	-$2,794,107 -$305,588	$4,559,162
16	$8,041,787	-$2,935,792 -$320,867	$4,785,128
17	$8,443,735	-$3,084,512 -$336,905	$5,022,318
18	$8,865,986	-$3,240,745 -$353,753	$5,271,488
19	$9,309,311	-$3,404,775 -$371,442	$5,533,094
20	$9,774,738	-$3,576,983 -$390,012	$5,807,743
21	$10,263,552	-$3,757,845 -$409,516	$6,096,191
22	$10,776,781	-$3,947,739 -$429,994	$6,399,048
23	$11,315,453	-$4,147,048 -$451,487	$6,716,918
24	$11,881,367	-$4,356,436 -$474,067	$7,050,864
25	$12,475,294	-$4,576,189 -$497,764	$7,401,341
26	$13,099,290	-$4,807,068 -$522,662	$7,769,560
27	$13,754,126	-$5,049,357 -$548,790	$8,155,979
28	$14,441,858	-$5,303,818 -$576,230	$8,561,810
29	$15,164,028	-$5,571,021 -$605,045	$8,987,962
30	$15,922,178	-$5,851,536 -$635,295	$9,435,347