Washington Lottery

WALottery 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. The good news is that if you're a resident of Washington, you won't owe any state tax on 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.

Washington 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(0%)	$0
Net Lumpsum Payment	$88,302,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$0	$2,941,201
2	$4,836,024	-$1,749,659 -$0	$3,086,365
3	$5,077,764	-$1,839,103 -$0	$3,238,661
4	$5,331,744	-$1,933,076 -$0	$3,398,668
5	$5,598,270	-$2,031,690 -$0	$3,566,580
6	$5,878,260	-$2,135,287 -$0	$3,742,973
7	$6,172,020	-$2,243,978 -$0	$3,928,042
8	$6,480,774	-$2,358,217 -$0	$4,122,557
9	$6,804,828	-$2,478,117 -$0	$4,326,711
10	$7,145,100	-$2,604,017 -$0	$4,541,083
11	$7,502,202	-$2,736,145 -$0	$4,766,057
12	$7,877,358	-$2,874,953 -$0	$5,002,405
13	$8,271,180	-$3,020,667 -$0	$5,250,513
14	$8,684,892	-$3,173,740 -$0	$5,511,152
15	$9,119,106	-$3,334,400 -$0	$5,784,706
16	$9,575,046	-$3,503,097 -$0	$6,071,949
17	$10,053,630	-$3,680,173 -$0	$6,373,457
18	$10,556,388	-$3,866,194 -$0	$6,690,194
19	$11,084,238	-$4,061,498 -$0	$7,022,740
20	$11,638,404	-$4,266,540 -$0	$7,371,864
21	$12,220,416	-$4,481,884 -$0	$7,738,532
22	$12,831,498	-$4,707,985 -$0	$8,123,513
23	$13,472,874	-$4,945,294 -$0	$8,527,580
24	$14,146,686	-$5,194,604 -$0	$8,952,082
25	$14,853,852	-$5,456,256 -$0	$9,397,596
26	$15,596,820	-$5,731,154 -$0	$9,865,666
27	$16,376,508	-$6,019,638 -$0	$10,356,870
28	$17,195,364	-$6,322,615 -$0	$10,872,749
29	$18,055,224	-$6,640,763 -$0	$11,414,461
30	$18,957,924	-$6,974,762 -$0	$11,983,162