Jackpot Analysis Florida Mega Millions

Jackpot Analysis for Florida Mega Millions
The jackpot for the MEGA Millions draw on Fri Jul 19, 2024, is projected to be $251 Million, with an option for a cash payout of $118.7 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 Florida, the bright side is you won't have to pay any state taxes on your lottery prize.

Florida MEGA Millions Jackpot/Cash Option for Fri Jul 19, 2024
Draw DateFri Jul 19, 2024
Projected Jackpot$251,000,000
Cash Value$118,700,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$118,700,000
Federal Tax(24%)$28,488,000
Additional Federal Tax$15,391,330
State Tax(0%)$0
Net Lumpsum Payment$74,820,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $3,777,801 $1,358,117
$0
$2,419,684
2 $3,966,804 $1,428,048
$0
$2,538,756
3 $4,165,094 $1,501,415
$0
$2,663,679
4 $4,373,424 $1,578,497
$0
$2,794,927
5 $4,592,045 $1,659,387
$0
$2,932,658
6 $4,821,710 $1,744,363
$0
$3,077,347
7 $5,062,670 $1,833,518
$0
$3,229,152
8 $5,315,929 $1,927,224
$0
$3,388,705
9 $5,581,738 $2,025,573
$0
$3,556,165
10 $5,860,850 $2,128,845
$0
$3,732,005
11 $6,153,767 $2,237,224
$0
$3,916,543
12 $6,461,493 $2,351,083
$0
$4,110,410
13 $6,784,530 $2,470,606
$0
$4,313,924
14 $7,123,882 $2,596,167
$0
$4,527,715
15 $7,480,051 $2,727,949
$0
$4,752,102
16 $7,854,041 $2,866,326
$0
$4,987,715
17 $8,246,605 $3,011,574
$0
$5,235,031
18 $8,658,998 $3,164,160
$0
$5,494,838
19 $9,091,973 $3,324,360
$0
$5,767,613
20 $9,546,534 $3,492,548
$0
$6,053,986
21 $10,023,936 $3,669,187
$0
$6,354,749
22 $10,525,183 $3,854,648
$0
$6,670,535
23 $11,051,279 $4,049,304
$0
$7,001,975
24 $11,603,981 $4,253,803
$0
$7,350,178
25 $12,184,042 $4,468,426
$0
$7,715,616
26 $12,793,470 $4,693,914
$0
$8,099,556
27 $13,433,018 $4,930,547
$0
$8,502,471
28 $14,104,694 $5,179,067
$0
$8,925,627
29 $14,810,004 $5,440,032
$0
$9,369,972
30 $15,550,454 $5,713,998
$0
$9,836,456