The jackpot for the MEGA Millions draw on Tue Oct 22, 2024, is projected to be $205 Million, with an option for a cash payout of $97.5 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 Tue Oct 22, 2024 |
|---|
| Draw Date | Tue Oct 22, 2024 | | Projected Jackpot | $205,000,000 | | Cash Value | $97,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $97,500,000 | | Federal Tax(24%) | $23,400,000 | | Additional Federal Tax | $12,635,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $61,464,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,085,455 |
$1,101,949
$0 |
$1,983,506 |
| 2 |
$3,239,820 |
$1,159,064
$0 |
$2,080,756 |
| 3 |
$3,401,770 |
$1,218,985
$0 |
$2,182,785 |
| 4 |
$3,571,920 |
$1,281,941
$0 |
$2,289,979 |
| 5 |
$3,750,475 |
$1,348,006
$0 |
$2,402,469 |
| 6 |
$3,938,050 |
$1,417,409
$0 |
$2,520,641 |
| 7 |
$4,134,850 |
$1,490,225
$0 |
$2,644,625 |
| 8 |
$4,341,695 |
$1,566,758
$0 |
$2,774,937 |
| 9 |
$4,558,790 |
$1,647,083
$0 |
$2,911,707 |
| 10 |
$4,786,750 |
$1,731,428
$0 |
$3,055,322 |
| 11 |
$5,025,985 |
$1,819,945
$0 |
$3,206,040 |
| 12 |
$5,277,315 |
$1,912,937
$0 |
$3,364,378 |
| 13 |
$5,541,150 |
$2,010,556
$0 |
$3,530,594 |
| 14 |
$5,818,310 |
$2,113,105
$0 |
$3,705,205 |
| 15 |
$6,109,205 |
$2,220,736
$0 |
$3,888,469 |
| 16 |
$6,414,655 |
$2,333,753
$0 |
$4,080,902 |
| 17 |
$6,735,275 |
$2,452,382
$0 |
$4,282,893 |
| 18 |
$7,072,090 |
$2,577,004
$0 |
$4,495,086 |
| 19 |
$7,425,715 |
$2,707,845
$0 |
$4,717,870 |
| 20 |
$7,796,970 |
$2,845,209
$0 |
$4,951,761 |
| 21 |
$8,186,880 |
$2,989,476
$0 |
$5,197,404 |
| 22 |
$8,596,265 |
$3,140,948
$0 |
$5,455,317 |
| 23 |
$9,025,945 |
$3,299,930
$0 |
$5,726,015 |
| 24 |
$9,477,355 |
$3,466,952
$0 |
$6,010,403 |
| 25 |
$9,951,110 |
$3,642,241
$0 |
$6,308,869 |
| 26 |
$10,448,850 |
$3,826,405
$0 |
$6,622,445 |
| 27 |
$10,971,190 |
$4,019,671
$0 |
$6,951,519 |
| 28 |
$11,519,770 |
$4,222,645
$0 |
$7,297,125 |
| 29 |
$12,095,820 |
$4,435,784
$0 |
$7,660,036 |
| 30 |
$12,700,570 |
$4,659,541
$0 |
$8,041,029 |
|
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