Ohio Lottery

OHLottery 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 Ohio, your state will take 3.99% 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.

Ohio 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(3.99%)	$17,133,060
Net Lumpsum Payment	$253,428,610

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$566,905	$8,423,895
2	$14,918,976	-$5,480,352 -$595,267	$8,843,357
3	$15,664,736	-$5,756,283 -$625,023	$9,283,430
4	$16,448,256	-$6,046,185 -$656,285	$9,745,786
5	$17,270,480	-$6,350,408 -$689,092	$10,230,980
6	$18,134,240	-$6,669,999 -$723,556	$10,740,685
7	$19,040,480	-$7,005,308 -$759,715	$11,275,457
8	$19,992,976	-$7,357,732 -$797,720	$11,837,524
9	$20,992,672	-$7,727,619 -$837,608	$12,427,445
10	$22,042,400	-$8,116,018 -$879,492	$13,046,890
11	$23,144,048	-$8,523,628 -$923,448	$13,696,972
12	$24,301,392	-$8,951,845 -$969,626	$14,379,921
13	$25,516,320	-$9,401,369 -$1,018,101	$15,096,850
14	$26,792,608	-$9,873,595 -$1,069,025	$15,849,988
15	$28,132,144	-$10,369,224 -$1,122,473	$16,640,447
16	$29,538,704	-$10,889,651 -$1,178,594	$17,470,459
17	$31,015,120	-$11,435,925 -$1,237,503	$18,341,692
18	$32,566,112	-$12,009,792 -$1,299,388	$19,256,932
19	$34,194,512	-$12,612,300 -$1,364,361	$20,217,851
20	$35,904,096	-$13,244,846 -$1,432,573	$21,226,677
21	$37,699,584	-$13,909,176 -$1,504,213	$22,286,195
22	$39,584,752	-$14,606,689 -$1,579,432	$23,398,631
23	$41,563,376	-$15,338,780 -$1,658,379	$24,566,217
24	$43,642,064	-$16,107,894 -$1,741,318	$25,792,852
25	$45,823,648	-$16,915,080 -$1,828,364	$27,080,204
26	$48,115,680	-$17,763,132 -$1,919,816	$28,432,732
27	$50,520,992	-$18,653,097 -$2,015,788	$29,852,107
28	$53,047,136	-$19,587,771 -$2,116,581	$31,342,784
29	$55,699,776	-$20,569,248 -$2,222,421	$32,908,107
30	$58,484,576	-$21,599,624 -$2,333,535	$34,551,417