Vermont Lottery

VTLottery 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 Vermont, your state will take 6% 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.

Vermont 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(6%)	$8,406,000
Net Lumpsum Payment	$79,896,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$276,336	$2,664,865
2	$4,836,024	-$1,749,659 -$290,161	$2,796,204
3	$5,077,764	-$1,839,103 -$304,666	$2,933,995
4	$5,331,744	-$1,933,076 -$319,905	$3,078,763
5	$5,598,270	-$2,031,690 -$335,896	$3,230,684
6	$5,878,260	-$2,135,287 -$352,696	$3,390,277
7	$6,172,020	-$2,243,978 -$370,321	$3,557,721
8	$6,480,774	-$2,358,217 -$388,846	$3,733,711
9	$6,804,828	-$2,478,117 -$408,290	$3,918,421
10	$7,145,100	-$2,604,017 -$428,706	$4,112,377
11	$7,502,202	-$2,736,145 -$450,132	$4,315,925
12	$7,877,358	-$2,874,953 -$472,641	$4,529,764
13	$8,271,180	-$3,020,667 -$496,271	$4,754,242
14	$8,684,892	-$3,173,740 -$521,094	$4,990,058
15	$9,119,106	-$3,334,400 -$547,146	$5,237,560
16	$9,575,046	-$3,503,097 -$574,503	$5,497,446
17	$10,053,630	-$3,680,173 -$603,218	$5,770,239
18	$10,556,388	-$3,866,194 -$633,383	$6,056,811
19	$11,084,238	-$4,061,498 -$665,054	$6,357,686
20	$11,638,404	-$4,266,540 -$698,304	$6,673,560
21	$12,220,416	-$4,481,884 -$733,225	$7,005,307
22	$12,831,498	-$4,707,985 -$769,890	$7,353,623
23	$13,472,874	-$4,945,294 -$808,372	$7,719,208
24	$14,146,686	-$5,194,604 -$848,801	$8,103,281
25	$14,853,852	-$5,456,256 -$891,231	$8,506,365
26	$15,596,820	-$5,731,154 -$935,809	$8,929,857
27	$16,376,508	-$6,019,638 -$982,590	$9,374,280
28	$17,195,364	-$6,322,615 -$1,031,722	$9,841,027
29	$18,055,224	-$6,640,763 -$1,083,313	$10,331,148
30	$18,957,924	-$6,974,762 -$1,137,475	$10,845,687