Vermont Lottery

VTLottery 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 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 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(6%)	$25,764,000
Net Lumpsum Payment	$244,797,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$852,489	$8,138,311
2	$14,918,976	-$5,480,352 -$895,139	$8,543,485
3	$15,664,736	-$5,756,283 -$939,884	$8,968,569
4	$16,448,256	-$6,046,185 -$986,895	$9,415,176
5	$17,270,480	-$6,350,408 -$1,036,229	$9,883,843
6	$18,134,240	-$6,669,999 -$1,088,054	$10,376,187
7	$19,040,480	-$7,005,308 -$1,142,429	$10,892,743
8	$19,992,976	-$7,357,732 -$1,199,579	$11,435,665
9	$20,992,672	-$7,727,619 -$1,259,560	$12,005,493
10	$22,042,400	-$8,116,018 -$1,322,544	$12,603,838
11	$23,144,048	-$8,523,628 -$1,388,643	$13,231,777
12	$24,301,392	-$8,951,845 -$1,458,084	$13,891,463
13	$25,516,320	-$9,401,369 -$1,530,979	$14,583,972
14	$26,792,608	-$9,873,595 -$1,607,556	$15,311,457
15	$28,132,144	-$10,369,224 -$1,687,929	$16,074,991
16	$29,538,704	-$10,889,651 -$1,772,322	$16,876,731
17	$31,015,120	-$11,435,925 -$1,860,907	$17,718,288
18	$32,566,112	-$12,009,792 -$1,953,967	$18,602,353
19	$34,194,512	-$12,612,300 -$2,051,671	$19,530,541
20	$35,904,096	-$13,244,846 -$2,154,246	$20,505,004
21	$37,699,584	-$13,909,176 -$2,261,975	$21,528,433
22	$39,584,752	-$14,606,689 -$2,375,085	$22,602,978
23	$41,563,376	-$15,338,780 -$2,493,803	$23,730,793
24	$43,642,064	-$16,107,894 -$2,618,524	$24,915,646
25	$45,823,648	-$16,915,080 -$2,749,419	$26,159,149
26	$48,115,680	-$17,763,132 -$2,886,941	$27,465,607
27	$50,520,992	-$18,653,097 -$3,031,260	$28,836,635
28	$53,047,136	-$19,587,771 -$3,182,828	$30,276,537
29	$55,699,776	-$20,569,248 -$3,341,987	$31,788,541
30	$58,484,576	-$21,599,624 -$3,509,075	$33,375,877