The jackpot for the MEGA Millions draw on Fri Dec 27, 2024, is projected to be $1.15 Billion, with an option for a cash payout of $516.1 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia MEGA Millions Jackpot/Cash Option for Fri Dec 27, 2024 |
|---|
| Draw Date | Fri Dec 27, 2024 | | Projected Jackpot | $1,150,000,000 | | Cash Value | $516,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $516,100,000 | | Federal Tax(24%) | $123,864,000 | | Additional Federal Tax | $67,053,330 | | State Tax(5.75%) | $29,675,750 | | Net Lumpsum Payment | $295,506,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$995,247 |
$9,948,872 |
| 2 |
$18,174,600 |
$6,684,932
$1,045,040 |
$10,444,628 |
| 3 |
$19,083,100 |
$7,021,077
$1,097,278 |
$10,964,745 |
| 4 |
$20,037,600 |
$7,374,242
$1,152,162 |
$11,511,196 |
| 5 |
$21,039,250 |
$7,744,853
$1,209,757 |
$12,084,640 |
| 6 |
$22,091,500 |
$8,134,185
$1,270,261 |
$12,687,054 |
| 7 |
$23,195,500 |
$8,542,665
$1,333,741 |
$13,319,094 |
| 8 |
$24,355,850 |
$8,971,995
$1,400,461 |
$13,983,394 |
| 9 |
$25,573,700 |
$9,422,599
$1,470,488 |
$14,680,613 |
| 10 |
$26,852,500 |
$9,895,755
$1,544,019 |
$15,412,726 |
| 11 |
$28,194,550 |
$10,392,314
$1,621,187 |
$16,181,049 |
| 12 |
$29,604,450 |
$10,913,977
$1,702,256 |
$16,988,217 |
| 13 |
$31,084,500 |
$11,461,595
$1,787,359 |
$17,835,546 |
| 14 |
$32,639,300 |
$12,036,871
$1,876,760 |
$18,725,669 |
| 15 |
$34,271,150 |
$12,640,656
$1,970,591 |
$19,659,903 |
| 16 |
$35,984,650 |
$13,274,651
$2,069,117 |
$20,640,882 |
| 17 |
$37,783,250 |
$13,940,133
$2,172,537 |
$21,670,580 |
| 18 |
$39,672,700 |
$14,639,229
$2,281,180 |
$22,752,291 |
| 19 |
$41,656,450 |
$15,373,217
$2,395,246 |
$23,887,987 |
| 20 |
$43,739,100 |
$16,143,797
$2,514,998 |
$25,080,305 |
| 21 |
$45,926,400 |
$16,953,098
$2,640,768 |
$26,332,534 |
| 22 |
$48,222,950 |
$17,802,822
$2,772,820 |
$27,647,308 |
| 23 |
$50,633,350 |
$18,694,670
$2,911,418 |
$29,027,262 |
| 24 |
$53,165,650 |
$19,631,621
$3,057,025 |
$30,477,004 |
| 25 |
$55,823,300 |
$20,614,951
$3,209,840 |
$31,998,509 |
| 26 |
$58,615,500 |
$21,648,065
$3,370,391 |
$33,597,044 |
| 27 |
$61,545,700 |
$22,732,239
$3,538,878 |
$35,274,583 |
| 28 |
$64,623,100 |
$23,870,877
$3,715,828 |
$37,036,395 |
| 29 |
$67,854,600 |
$25,066,532
$3,901,640 |
$38,886,428 |
| 30 |
$71,247,100 |
$26,321,757
$4,096,708 |
$40,828,635 |
|
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