The jackpot for the MEGA Millions draw on Tue Nov 5, 2024, is projected to be $303 Million, with an option for a cash payout of $141.8 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 those living in California, the bright side is you won't have to pay any state taxes on your lottery prize.
| California MEGA Millions Jackpot/Cash Option for Tue Nov 5, 2024 |
|---|
| Draw Date | Tue Nov 5, 2024 | | Projected Jackpot | $303,000,000 | | Cash Value | $141,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $141,800,000 | | Federal Tax(24%) | $34,032,000 | | Additional Federal Tax | $18,394,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $89,373,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,560,453 |
$1,647,698
$0 |
$2,912,755 |
| 2 |
$4,788,612 |
$1,732,117
$0 |
$3,056,495 |
| 3 |
$5,027,982 |
$1,820,684
$0 |
$3,207,298 |
| 4 |
$5,279,472 |
$1,913,735
$0 |
$3,365,737 |
| 5 |
$5,543,385 |
$2,011,383
$0 |
$3,532,002 |
| 6 |
$5,820,630 |
$2,113,963
$0 |
$3,706,667 |
| 7 |
$6,111,510 |
$2,221,589
$0 |
$3,889,921 |
| 8 |
$6,417,237 |
$2,334,708
$0 |
$4,082,529 |
| 9 |
$6,738,114 |
$2,453,433
$0 |
$4,284,681 |
| 10 |
$7,075,050 |
$2,578,099
$0 |
$4,496,951 |
| 11 |
$7,428,651 |
$2,708,931
$0 |
$4,719,720 |
| 12 |
$7,800,129 |
$2,846,378
$0 |
$4,953,751 |
| 13 |
$8,190,090 |
$2,990,664
$0 |
$5,199,426 |
| 14 |
$8,599,746 |
$3,142,236
$0 |
$5,457,510 |
| 15 |
$9,029,703 |
$3,301,320
$0 |
$5,728,383 |
| 16 |
$9,481,173 |
$3,468,364
$0 |
$6,012,809 |
| 17 |
$9,955,065 |
$3,643,704
$0 |
$6,311,361 |
| 18 |
$10,452,894 |
$3,827,901
$0 |
$6,624,993 |
| 19 |
$10,975,569 |
$4,021,291
$0 |
$6,954,278 |
| 20 |
$11,524,302 |
$4,224,322
$0 |
$7,299,980 |
| 21 |
$12,100,608 |
$4,437,555
$0 |
$7,663,053 |
| 22 |
$12,705,699 |
$4,661,439
$0 |
$8,044,260 |
| 23 |
$13,340,787 |
$4,896,422
$0 |
$8,444,365 |
| 24 |
$14,007,993 |
$5,143,288
$0 |
$8,864,705 |
| 25 |
$14,708,226 |
$5,402,374
$0 |
$9,305,852 |
| 26 |
$15,443,910 |
$5,674,577
$0 |
$9,769,333 |
| 27 |
$16,215,954 |
$5,960,233
$0 |
$10,255,721 |
| 28 |
$17,026,782 |
$6,260,240
$0 |
$10,766,542 |
| 29 |
$17,878,212 |
$6,575,269
$0 |
$11,302,943 |
| 30 |
$18,772,062 |
$6,905,993
$0 |
$11,866,069 |
|
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