Virginia Lottery

VALottery 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 Virginia, your state will take 4% 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.

Virginia 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%)	$17,176,000
Net Lumpsum Payment	$253,385,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$568,326	$8,422,474
2	$14,918,976	-$5,480,352 -$596,759	$8,841,865
3	$15,664,736	-$5,756,283 -$626,589	$9,281,864
4	$16,448,256	-$6,046,185 -$657,930	$9,744,141
5	$17,270,480	-$6,350,408 -$690,819	$10,229,253
6	$18,134,240	-$6,669,999 -$725,370	$10,738,871
7	$19,040,480	-$7,005,308 -$761,619	$11,273,553
8	$19,992,976	-$7,357,732 -$799,719	$11,835,525
9	$20,992,672	-$7,727,619 -$839,707	$12,425,346
10	$22,042,400	-$8,116,018 -$881,696	$13,044,686
11	$23,144,048	-$8,523,628 -$925,762	$13,694,658
12	$24,301,392	-$8,951,845 -$972,056	$14,377,491
13	$25,516,320	-$9,401,369 -$1,020,653	$15,094,298
14	$26,792,608	-$9,873,595 -$1,071,704	$15,847,309
15	$28,132,144	-$10,369,224 -$1,125,286	$16,637,634
16	$29,538,704	-$10,889,651 -$1,181,548	$17,467,505
17	$31,015,120	-$11,435,925 -$1,240,605	$18,338,590
18	$32,566,112	-$12,009,792 -$1,302,644	$19,253,676
19	$34,194,512	-$12,612,300 -$1,367,780	$20,214,432
20	$35,904,096	-$13,244,846 -$1,436,164	$21,223,086
21	$37,699,584	-$13,909,176 -$1,507,983	$22,282,425
22	$39,584,752	-$14,606,689 -$1,583,390	$23,394,673
23	$41,563,376	-$15,338,780 -$1,662,535	$24,562,061
24	$43,642,064	-$16,107,894 -$1,745,683	$25,788,487
25	$45,823,648	-$16,915,080 -$1,832,946	$27,075,622
26	$48,115,680	-$17,763,132 -$1,924,627	$28,427,921
27	$50,520,992	-$18,653,097 -$2,020,840	$29,847,055
28	$53,047,136	-$19,587,771 -$2,121,885	$31,337,480
29	$55,699,776	-$20,569,248 -$2,227,991	$32,902,537
30	$58,484,576	-$21,599,624 -$2,339,383	$34,545,569