Pennsylvania Lottery

PALottery 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 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 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(3.07%)	$13,182,580
Net Lumpsum Payment	$257,379,090

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$436,190	$8,554,610
2	$14,918,976	-$5,480,352 -$458,013	$8,980,611
3	$15,664,736	-$5,756,283 -$480,907	$9,427,546
4	$16,448,256	-$6,046,185 -$504,961	$9,897,110
5	$17,270,480	-$6,350,408 -$530,204	$10,389,868
6	$18,134,240	-$6,669,999 -$556,721	$10,907,520
7	$19,040,480	-$7,005,308 -$584,543	$11,450,629
8	$19,992,976	-$7,357,732 -$613,784	$12,021,460
9	$20,992,672	-$7,727,619 -$644,475	$12,620,578
10	$22,042,400	-$8,116,018 -$676,702	$13,249,680
11	$23,144,048	-$8,523,628 -$710,522	$13,909,898
12	$24,301,392	-$8,951,845 -$746,053	$14,603,494
13	$25,516,320	-$9,401,369 -$783,351	$15,331,600
14	$26,792,608	-$9,873,595 -$822,533	$16,096,480
15	$28,132,144	-$10,369,224 -$863,657	$16,899,263
16	$29,538,704	-$10,889,651 -$906,838	$17,742,215
17	$31,015,120	-$11,435,925 -$952,164	$18,627,031
18	$32,566,112	-$12,009,792 -$999,780	$19,556,540
19	$34,194,512	-$12,612,300 -$1,049,772	$20,532,440
20	$35,904,096	-$13,244,846 -$1,102,256	$21,556,994
21	$37,699,584	-$13,909,176 -$1,157,377	$22,633,031
22	$39,584,752	-$14,606,689 -$1,215,252	$23,762,811
23	$41,563,376	-$15,338,780 -$1,275,996	$24,948,600
24	$43,642,064	-$16,107,894 -$1,339,811	$26,194,359
25	$45,823,648	-$16,915,080 -$1,406,786	$27,501,782
26	$48,115,680	-$17,763,132 -$1,477,151	$28,875,397
27	$50,520,992	-$18,653,097 -$1,550,994	$30,316,901
28	$53,047,136	-$19,587,771 -$1,628,547	$31,830,818
29	$55,699,776	-$20,569,248 -$1,709,983	$33,420,545
30	$58,484,576	-$21,599,624 -$1,795,476	$35,089,476