Oklahoma Lottery

OKLottery 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 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 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(4.75%)	$20,396,500
Net Lumpsum Payment	$250,165,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$674,887	$8,315,913
2	$14,918,976	-$5,480,352 -$708,651	$8,729,973
3	$15,664,736	-$5,756,283 -$744,075	$9,164,378
4	$16,448,256	-$6,046,185 -$781,292	$9,620,779
5	$17,270,480	-$6,350,408 -$820,348	$10,099,724
6	$18,134,240	-$6,669,999 -$861,376	$10,602,865
7	$19,040,480	-$7,005,308 -$904,423	$11,130,749
8	$19,992,976	-$7,357,732 -$949,666	$11,685,578
9	$20,992,672	-$7,727,619 -$997,152	$12,267,901
10	$22,042,400	-$8,116,018 -$1,047,014	$12,879,368
11	$23,144,048	-$8,523,628 -$1,099,342	$13,521,078
12	$24,301,392	-$8,951,845 -$1,154,316	$14,195,231
13	$25,516,320	-$9,401,369 -$1,212,025	$14,902,926
14	$26,792,608	-$9,873,595 -$1,272,649	$15,646,364
15	$28,132,144	-$10,369,224 -$1,336,277	$16,426,643
16	$29,538,704	-$10,889,651 -$1,403,088	$17,245,965
17	$31,015,120	-$11,435,925 -$1,473,218	$18,105,977
18	$32,566,112	-$12,009,792 -$1,546,890	$19,009,430
19	$34,194,512	-$12,612,300 -$1,624,239	$19,957,973
20	$35,904,096	-$13,244,846 -$1,705,445	$20,953,805
21	$37,699,584	-$13,909,176 -$1,790,730	$21,999,678
22	$39,584,752	-$14,606,689 -$1,880,276	$23,097,787
23	$41,563,376	-$15,338,780 -$1,974,260	$24,250,336
24	$43,642,064	-$16,107,894 -$2,072,998	$25,461,172
25	$45,823,648	-$16,915,080 -$2,176,623	$26,731,945
26	$48,115,680	-$17,763,132 -$2,285,495	$28,067,053
27	$50,520,992	-$18,653,097 -$2,399,747	$29,468,148
28	$53,047,136	-$19,587,771 -$2,519,739	$30,939,626
29	$55,699,776	-$20,569,248 -$2,645,739	$32,484,789
30	$58,484,576	-$21,599,624 -$2,778,017	$34,106,935