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 |
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Draw Date | Fri Nov 1, 2024 | Projected Jackpot | $281,000,000 | Cash Value | $129,800,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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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