Pennsylvania Lottery

PALottery 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 Pennsylvania, your state will take 3.07% 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.

Pennsylvania 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(3.07%)	$6,434,720
Net Lumpsum Payment	$125,652,950

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$209,316	$4,125,759
2	$7,159,212	-$2,609,239 -$219,788	$4,330,185
3	$7,517,082	-$2,741,651 -$230,774	$4,544,657
4	$7,893,072	-$2,880,767 -$242,317	$4,769,988
5	$8,287,635	-$3,026,755 -$254,430	$5,006,450
6	$8,702,130	-$3,180,118 -$267,155	$5,254,857
7	$9,137,010	-$3,341,024 -$280,506	$5,515,480
8	$9,594,087	-$3,510,143 -$294,538	$5,789,406
9	$10,073,814	-$3,687,642 -$309,266	$6,076,906
10	$10,577,550	-$3,874,024 -$324,731	$6,378,795
11	$11,106,201	-$4,069,625 -$340,960	$6,695,616
12	$11,661,579	-$4,275,115 -$358,010	$7,028,454
13	$12,244,590	-$4,490,829 -$375,909	$7,377,852
14	$12,857,046	-$4,717,437 -$394,711	$7,744,898
15	$13,499,853	-$4,955,276 -$414,445	$8,130,132
16	$14,174,823	-$5,205,015 -$435,167	$8,534,641
17	$14,883,315	-$5,467,157 -$456,918	$8,959,240
18	$15,627,594	-$5,742,540 -$479,767	$9,405,287
19	$16,409,019	-$6,031,667 -$503,757	$9,873,595
20	$17,229,402	-$6,335,209 -$528,943	$10,365,250
21	$18,091,008	-$6,654,003 -$555,394	$10,881,611
22	$18,995,649	-$6,988,721 -$583,166	$11,423,762
23	$19,945,137	-$7,340,031 -$612,316	$11,992,790
24	$20,942,643	-$7,709,108 -$642,939	$12,590,596
25	$21,989,526	-$8,096,455 -$675,078	$13,217,993
26	$23,089,410	-$8,503,412 -$708,845	$13,877,153
27	$24,243,654	-$8,930,482 -$744,280	$14,568,892
28	$25,455,882	-$9,379,007 -$781,496	$15,295,379
29	$26,728,812	-$9,849,991 -$820,575	$16,058,246
30	$28,065,162	-$10,344,440 -$861,600	$16,859,122