Texas Lottery

TXLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Nov 5, 2024 is estimated to be $303 Million, with a cash option of 141.8 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. The good news is that if you're a resident of Texas, you won't owe any state tax on 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.

Texas MEGA Millions Jackpot/Cash Option for Tue Nov 5, 2024

Draw Date	Jackpot	Cash Option
Tue Nov 5, 2024	$303,000,000	$141,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$141,800,000
Federal Tax(24%)	$34,032,000
Additional Federal Tax	$18,394,330
State Tax(0%)	$0
Net Lumpsum Payment	$89,373,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,560,453	-$1,647,698 -$0	$2,912,755
2	$4,788,612	-$1,732,117 -$0	$3,056,495
3	$5,027,982	-$1,820,684 -$0	$3,207,298
4	$5,279,472	-$1,913,735 -$0	$3,365,737
5	$5,543,385	-$2,011,383 -$0	$3,532,002
6	$5,820,630	-$2,113,963 -$0	$3,706,667
7	$6,111,510	-$2,221,589 -$0	$3,889,921
8	$6,417,237	-$2,334,708 -$0	$4,082,529
9	$6,738,114	-$2,453,433 -$0	$4,284,681
10	$7,075,050	-$2,578,099 -$0	$4,496,951
11	$7,428,651	-$2,708,931 -$0	$4,719,720
12	$7,800,129	-$2,846,378 -$0	$4,953,751
13	$8,190,090	-$2,990,664 -$0	$5,199,426
14	$8,599,746	-$3,142,236 -$0	$5,457,510
15	$9,029,703	-$3,301,320 -$0	$5,728,383
16	$9,481,173	-$3,468,364 -$0	$6,012,809
17	$9,955,065	-$3,643,704 -$0	$6,311,361
18	$10,452,894	-$3,827,901 -$0	$6,624,993
19	$10,975,569	-$4,021,291 -$0	$6,954,278
20	$11,524,302	-$4,224,322 -$0	$7,299,980
21	$12,100,608	-$4,437,555 -$0	$7,663,053
22	$12,705,699	-$4,661,439 -$0	$8,044,260
23	$13,340,787	-$4,896,422 -$0	$8,444,365
24	$14,007,993	-$5,143,288 -$0	$8,864,705
25	$14,708,226	-$5,402,374 -$0	$9,305,852
26	$15,443,910	-$5,674,577 -$0	$9,769,333
27	$16,215,954	-$5,960,233 -$0	$10,255,721
28	$17,026,782	-$6,260,240 -$0	$10,766,542
29	$17,878,212	-$6,575,269 -$0	$11,302,943
30	$18,772,062	-$6,905,993 -$0	$11,866,069