Oklahoma Lottery

OKLottery 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 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 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(4.75%)	$8,037,000
Net Lumpsum Payment	$98,598,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,433,411	-$1,970,692 -$258,087	$3,204,632
2	$5,705,244	-$2,071,271 -$270,999	$3,362,974
3	$5,990,434	-$2,176,791 -$284,546	$3,529,097
4	$6,290,064	-$2,287,654 -$298,778	$3,703,632
5	$6,604,495	-$2,403,994 -$313,714	$3,886,787
6	$6,934,810	-$2,526,210 -$329,403	$4,079,197
7	$7,281,370	-$2,654,437 -$345,865	$4,281,068
8	$7,645,619	-$2,789,209 -$363,167	$4,493,243
9	$8,027,918	-$2,930,660 -$381,326	$4,715,932
10	$8,429,350	-$3,079,190 -$400,394	$4,949,766
11	$8,850,637	-$3,235,066 -$420,405	$5,195,166
12	$9,293,223	-$3,398,823 -$441,428	$5,452,972
13	$9,757,830	-$3,570,727 -$463,497	$5,723,606
14	$10,245,902	-$3,751,314 -$486,680	$6,007,908
15	$10,758,161	-$3,940,850 -$511,013	$6,306,298
16	$11,296,051	-$4,139,869 -$536,562	$6,619,620
17	$11,860,655	-$4,348,773 -$563,381	$6,948,501
18	$12,453,778	-$4,568,228 -$591,554	$7,293,996
19	$13,076,503	-$4,798,636 -$621,134	$7,656,733
20	$13,730,274	-$5,040,532 -$652,188	$8,037,554
21	$14,416,896	-$5,294,582 -$684,803	$8,437,511
22	$15,137,813	-$5,561,321 -$719,046	$8,857,446
23	$15,894,469	-$5,841,284 -$754,987	$9,298,198
24	$16,689,391	-$6,135,405 -$792,746	$9,761,240
25	$17,523,662	-$6,444,085 -$832,374	$10,247,203
26	$18,400,170	-$6,768,393 -$874,008	$10,757,769
27	$19,319,998	-$7,108,730 -$917,700	$11,293,568
28	$20,286,034	-$7,466,163 -$963,587	$11,856,284
29	$21,300,444	-$7,841,495 -$1,011,771	$12,447,178
30	$22,365,394	-$8,235,526 -$1,062,356	$13,067,512