Virginia Lottery

VALottery 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 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 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(4%)	$8,384,000
Net Lumpsum Payment	$123,703,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$272,724	$4,062,351
2	$7,159,212	-$2,609,239 -$286,368	$4,263,605
3	$7,517,082	-$2,741,651 -$300,683	$4,474,748
4	$7,893,072	-$2,880,767 -$315,723	$4,696,582
5	$8,287,635	-$3,026,755 -$331,505	$4,929,375
6	$8,702,130	-$3,180,118 -$348,085	$5,173,927
7	$9,137,010	-$3,341,024 -$365,480	$5,430,506
8	$9,594,087	-$3,510,143 -$383,763	$5,700,181
9	$10,073,814	-$3,687,642 -$402,953	$5,983,219
10	$10,577,550	-$3,874,024 -$423,102	$6,280,424
11	$11,106,201	-$4,069,625 -$444,248	$6,592,328
12	$11,661,579	-$4,275,115 -$466,463	$6,920,001
13	$12,244,590	-$4,490,829 -$489,784	$7,263,977
14	$12,857,046	-$4,717,437 -$514,282	$7,625,327
15	$13,499,853	-$4,955,276 -$539,994	$8,004,583
16	$14,174,823	-$5,205,015 -$566,993	$8,402,815
17	$14,883,315	-$5,467,157 -$595,333	$8,820,825
18	$15,627,594	-$5,742,540 -$625,104	$9,259,950
19	$16,409,019	-$6,031,667 -$656,361	$9,720,991
20	$17,229,402	-$6,335,209 -$689,176	$10,205,017
21	$18,091,008	-$6,654,003 -$723,640	$10,713,365
22	$18,995,649	-$6,988,721 -$759,826	$11,247,102
23	$19,945,137	-$7,340,031 -$797,805	$11,807,301
24	$20,942,643	-$7,709,108 -$837,706	$12,395,829
25	$21,989,526	-$8,096,455 -$879,581	$13,013,490
26	$23,089,410	-$8,503,412 -$923,576	$13,662,422
27	$24,243,654	-$8,930,482 -$969,746	$14,343,426
28	$25,455,882	-$9,379,007 -$1,018,235	$15,058,640
29	$26,728,812	-$9,849,991 -$1,069,152	$15,809,669
30	$28,065,162	-$10,344,440 -$1,122,606	$16,598,116