Pennsylvania Lottery

PALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 7, 2024 is estimated to be $306 Million, with a cash option of 140.1 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 Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Pennsylvania MEGA Millions Jackpot/Cash Option for Tue May 7, 2024

Draw Date	Jackpot	Cash Option
Tue May 7, 2024	$306,000,000	$140,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$140,100,000
Federal Tax(24%)	$33,624,000
Additional Federal Tax	$18,173,330
State Tax(3.07%)	$4,301,070
Net Lumpsum Payment	$84,001,600

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$141,392	$2,799,809
2	$4,836,024	-$1,749,659 -$148,466	$2,937,899
3	$5,077,764	-$1,839,103 -$155,887	$3,082,774
4	$5,331,744	-$1,933,076 -$163,685	$3,234,983
5	$5,598,270	-$2,031,690 -$171,867	$3,394,713
6	$5,878,260	-$2,135,287 -$180,463	$3,562,510
7	$6,172,020	-$2,243,978 -$189,481	$3,738,561
8	$6,480,774	-$2,358,217 -$198,960	$3,923,597
9	$6,804,828	-$2,478,117 -$208,908	$4,117,803
10	$7,145,100	-$2,604,017 -$219,355	$4,321,728
11	$7,502,202	-$2,736,145 -$230,318	$4,535,739
12	$7,877,358	-$2,874,953 -$241,835	$4,760,570
13	$8,271,180	-$3,020,667 -$253,925	$4,996,588
14	$8,684,892	-$3,173,740 -$266,626	$5,244,526
15	$9,119,106	-$3,334,400 -$279,957	$5,504,749
16	$9,575,046	-$3,503,097 -$293,954	$5,777,995
17	$10,053,630	-$3,680,173 -$308,646	$6,064,811
18	$10,556,388	-$3,866,194 -$324,081	$6,366,113
19	$11,084,238	-$4,061,498 -$340,286	$6,682,454
20	$11,638,404	-$4,266,540 -$357,299	$7,014,565
21	$12,220,416	-$4,481,884 -$375,167	$7,363,365
22	$12,831,498	-$4,707,985 -$393,927	$7,729,586
23	$13,472,874	-$4,945,294 -$413,617	$8,113,963
24	$14,146,686	-$5,194,604 -$434,303	$8,517,779
25	$14,853,852	-$5,456,256 -$456,013	$8,941,583
26	$15,596,820	-$5,731,154 -$478,822	$9,386,844
27	$16,376,508	-$6,019,638 -$502,759	$9,854,111
28	$17,195,364	-$6,322,615 -$527,898	$10,344,851
29	$18,055,224	-$6,640,763 -$554,295	$10,860,166
30	$18,957,924	-$6,974,762 -$582,008	$11,401,154