The jackpot for the MEGA Millions draw on Fri Oct 18, 2024, is projected to be $185 Million, with an option for a cash payout of $88.4 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania MEGA Millions Jackpot/Cash Option for Fri Oct 18, 2024 |
|---|
| Draw Date | Fri Oct 18, 2024 | | Projected Jackpot | $185,000,000 | | Cash Value | $88,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $88,400,000 | | Federal Tax(24%) | $21,216,000 | | Additional Federal Tax | $11,452,330 | | State Tax(3.07%) | $2,713,880 | | Net Lumpsum Payment | $53,017,790 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,784,435 |
$990,571
$85,482 |
$1,708,382 |
| 2 |
$2,923,740 |
$1,042,114
$89,759 |
$1,791,867 |
| 3 |
$3,069,890 |
$1,096,190
$94,246 |
$1,879,454 |
| 4 |
$3,223,440 |
$1,153,003
$98,960 |
$1,971,477 |
| 5 |
$3,384,575 |
$1,212,623
$103,906 |
$2,068,046 |
| 6 |
$3,553,850 |
$1,275,255
$109,103 |
$2,169,492 |
| 7 |
$3,731,450 |
$1,340,967
$114,556 |
$2,275,927 |
| 8 |
$3,918,115 |
$1,410,033
$120,286 |
$2,387,796 |
| 9 |
$4,114,030 |
$1,482,521
$126,301 |
$2,505,208 |
| 10 |
$4,319,750 |
$1,558,638
$132,616 |
$2,628,496 |
| 11 |
$4,535,645 |
$1,638,519
$139,244 |
$2,757,882 |
| 12 |
$4,762,455 |
$1,722,439
$146,207 |
$2,893,809 |
| 13 |
$5,000,550 |
$1,810,534
$153,517 |
$3,036,499 |
| 14 |
$5,250,670 |
$1,903,078
$161,196 |
$3,186,396 |
| 15 |
$5,513,185 |
$2,000,209
$169,255 |
$3,343,721 |
| 16 |
$5,788,835 |
$2,102,199
$177,717 |
$3,508,919 |
| 17 |
$6,078,175 |
$2,209,255
$186,600 |
$3,682,320 |
| 18 |
$6,382,130 |
$2,321,718
$195,931 |
$3,864,481 |
| 19 |
$6,701,255 |
$2,439,795
$205,729 |
$4,055,731 |
| 20 |
$7,036,290 |
$2,563,758
$216,014 |
$4,256,518 |
| 21 |
$7,388,160 |
$2,693,950
$226,817 |
$4,467,393 |
| 22 |
$7,757,605 |
$2,830,644
$238,158 |
$4,688,803 |
| 23 |
$8,145,365 |
$2,974,115
$250,063 |
$4,921,187 |
| 24 |
$8,552,735 |
$3,124,842
$262,569 |
$5,165,324 |
| 25 |
$8,980,270 |
$3,283,030
$275,694 |
$5,421,546 |
| 26 |
$9,429,450 |
$3,449,227
$289,484 |
$5,690,739 |
| 27 |
$9,900,830 |
$3,623,637
$303,955 |
$5,973,238 |
| 28 |
$10,395,890 |
$3,806,810
$319,154 |
$6,269,926 |
| 29 |
$10,915,740 |
$3,999,154
$335,113 |
$6,581,473 |
| 30 |
$11,461,490 |
$4,201,082
$351,868 |
$6,908,540 |
|
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