Oklahoma Lottery

OKLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 22, 2024 is estimated to be $453 Million, with a cash option of 209.6 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 Oklahoma, 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.

Oklahoma MEGA Millions Jackpot/Cash Option for Fri Nov 22, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 22, 2024	$453,000,000	$209,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$209,600,000
Federal Tax(24%)	$50,304,000
Additional Federal Tax	$27,208,330
State Tax(4.75%)	$9,956,000
Net Lumpsum Payment	$122,131,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$323,860	$4,011,215
2	$7,159,212	-$2,609,239 -$340,063	$4,209,910
3	$7,517,082	-$2,741,651 -$357,061	$4,418,370
4	$7,893,072	-$2,880,767 -$374,921	$4,637,384
5	$8,287,635	-$3,026,755 -$393,663	$4,867,217
6	$8,702,130	-$3,180,118 -$413,351	$5,108,661
7	$9,137,010	-$3,341,024 -$434,008	$5,361,978
8	$9,594,087	-$3,510,143 -$455,719	$5,628,225
9	$10,073,814	-$3,687,642 -$478,506	$5,907,666
10	$10,577,550	-$3,874,024 -$502,434	$6,201,092
11	$11,106,201	-$4,069,625 -$527,545	$6,509,031
12	$11,661,579	-$4,275,115 -$553,925	$6,832,539
13	$12,244,590	-$4,490,829 -$581,618	$7,172,143
14	$12,857,046	-$4,717,437 -$610,710	$7,528,899
15	$13,499,853	-$4,955,276 -$641,243	$7,903,334
16	$14,174,823	-$5,205,015 -$673,304	$8,296,504
17	$14,883,315	-$5,467,157 -$706,957	$8,709,201
18	$15,627,594	-$5,742,540 -$742,311	$9,142,743
19	$16,409,019	-$6,031,667 -$779,428	$9,597,924
20	$17,229,402	-$6,335,209 -$818,397	$10,075,796
21	$18,091,008	-$6,654,003 -$859,323	$10,577,682
22	$18,995,649	-$6,988,721 -$902,293	$11,104,635
23	$19,945,137	-$7,340,031 -$947,394	$11,657,712
24	$20,942,643	-$7,709,108 -$994,776	$12,238,759
25	$21,989,526	-$8,096,455 -$1,044,502	$12,848,569
26	$23,089,410	-$8,503,412 -$1,096,747	$13,489,251
27	$24,243,654	-$8,930,482 -$1,151,574	$14,161,598
28	$25,455,882	-$9,379,007 -$1,209,154	$14,867,721
29	$26,728,812	-$9,849,991 -$1,269,619	$15,609,202
30	$28,065,162	-$10,344,440 -$1,333,095	$16,387,627