The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Massachusetts residents, the state will deduct 5% from your lottery earnings.
| Massachusetts MEGA Millions Jackpot/Cash Option for Fri Nov 1, 2024 |
|---|
| Draw Date | Fri Nov 1, 2024 | | Projected Jackpot | $281,000,000 | | Cash Value | $129,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $129,800,000 | | Federal Tax(24%) | $31,152,000 | | Additional Federal Tax | $16,834,330 | | State Tax(5%) | $6,490,000 | | Net Lumpsum Payment | $75,323,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$211,467 |
$2,492,681 |
| 2 |
$4,440,924 |
$1,603,472
$222,046 |
$2,615,406 |
| 3 |
$4,662,914 |
$1,685,609
$233,146 |
$2,744,159 |
| 4 |
$4,896,144 |
$1,771,904
$244,807 |
$2,879,433 |
| 5 |
$5,140,895 |
$1,862,462
$257,045 |
$3,021,388 |
| 6 |
$5,398,010 |
$1,957,594
$269,901 |
$3,170,515 |
| 7 |
$5,667,770 |
$2,057,405
$283,389 |
$3,326,976 |
| 8 |
$5,951,299 |
$2,162,311
$297,565 |
$3,491,423 |
| 9 |
$6,248,878 |
$2,272,415
$312,444 |
$3,664,019 |
| 10 |
$6,561,350 |
$2,388,030
$328,068 |
$3,845,252 |
| 11 |
$6,889,277 |
$2,509,363
$344,464 |
$4,035,450 |
| 12 |
$7,233,783 |
$2,636,830
$361,689 |
$4,235,264 |
| 13 |
$7,595,430 |
$2,770,639
$379,772 |
$4,445,019 |
| 14 |
$7,975,342 |
$2,911,207
$398,767 |
$4,665,368 |
| 15 |
$8,374,081 |
$3,058,740
$418,704 |
$4,896,637 |
| 16 |
$8,792,771 |
$3,213,656
$439,639 |
$5,139,476 |
| 17 |
$9,232,255 |
$3,376,265
$461,613 |
$5,394,377 |
| 18 |
$9,693,938 |
$3,547,087
$484,697 |
$5,662,154 |
| 19 |
$10,178,663 |
$3,726,436
$508,933 |
$5,943,294 |
| 20 |
$10,687,554 |
$3,914,725
$534,378 |
$6,238,451 |
| 21 |
$11,222,016 |
$4,112,476
$561,101 |
$6,548,439 |
| 22 |
$11,783,173 |
$4,320,104
$589,159 |
$6,873,910 |
| 23 |
$12,372,149 |
$4,538,026
$618,607 |
$7,215,516 |
| 24 |
$12,990,911 |
$4,766,967
$649,546 |
$7,574,398 |
| 25 |
$13,640,302 |
$5,007,242
$682,015 |
$7,951,045 |
| 26 |
$14,322,570 |
$5,259,681
$716,129 |
$8,346,760 |
| 27 |
$15,038,558 |
$5,524,597
$751,928 |
$8,762,033 |
| 28 |
$15,790,514 |
$5,802,821
$789,526 |
$9,198,167 |
| 29 |
$16,580,124 |
$6,094,976
$829,006 |
$9,656,142 |
| 30 |
$17,409,074 |
$6,401,688
$870,454 |
$10,136,932 |
|
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