Vermont Lottery

VTLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 15, 2024 is estimated to be $387 Million, with a cash option of 181.4 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 Vermont, your state will take 6% 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.

Vermont MEGA Millions Jackpot/Cash Option for Fri Nov 15, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 15, 2024	$387,000,000	$181,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$181,400,000
Federal Tax(24%)	$43,536,000
Additional Federal Tax	$23,542,330
State Tax(6%)	$10,884,000
Net Lumpsum Payment	$103,437,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,824,737	-$2,115,483 -$349,484	$3,359,770
2	$6,116,148	-$2,223,305 -$366,969	$3,525,874
3	$6,421,878	-$2,336,425 -$385,313	$3,700,140
4	$6,743,088	-$2,455,273 -$404,585	$3,883,230
5	$7,080,165	-$2,579,991 -$424,810	$4,075,364
6	$7,434,270	-$2,711,010 -$446,056	$4,277,204
7	$7,805,790	-$2,848,473 -$468,347	$4,488,970
8	$8,196,273	-$2,992,951 -$491,776	$4,711,546
9	$8,606,106	-$3,144,590 -$516,366	$4,945,150
10	$9,036,450	-$3,303,817 -$542,187	$5,190,446
11	$9,488,079	-$3,470,920 -$569,285	$5,447,874
12	$9,962,541	-$3,646,471 -$597,752	$5,718,318
13	$10,460,610	-$3,830,756 -$627,637	$6,002,217
14	$10,983,834	-$4,024,349 -$659,030	$6,300,455
15	$11,532,987	-$4,227,536 -$691,979	$6,613,472
16	$12,109,617	-$4,440,889 -$726,577	$6,942,151
17	$12,714,885	-$4,664,838 -$762,893	$7,287,154
18	$13,350,726	-$4,900,099 -$801,044	$7,649,583
19	$14,018,301	-$5,147,102 -$841,098	$8,030,101
20	$14,719,158	-$5,406,419 -$883,149	$8,429,590
21	$15,455,232	-$5,678,766 -$927,314	$8,849,152
22	$16,228,071	-$5,964,717 -$973,684	$9,289,670
23	$17,039,223	-$6,264,843 -$1,022,353	$9,752,027
24	$17,891,397	-$6,580,147 -$1,073,484	$10,237,766
25	$18,785,754	-$6,911,059 -$1,127,145	$10,747,550
26	$19,725,390	-$7,258,725 -$1,183,523	$11,283,142
27	$20,711,466	-$7,623,573 -$1,242,688	$11,845,205
28	$21,747,078	-$8,006,749 -$1,304,825	$12,435,504
29	$22,834,548	-$8,409,113 -$1,370,073	$13,055,362
30	$23,976,198	-$8,831,524 -$1,438,572	$13,706,102