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 Massachusetts residents, the state will deduct 5% from your lottery earnings.
| Massachusetts 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%) | $25,805,000 | | Net Lumpsum Payment | $299,377,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$865,433 |
$10,078,686 |
| 2 |
$18,174,600 |
$6,684,932
$908,730 |
$10,580,938 |
| 3 |
$19,083,100 |
$7,021,077
$954,155 |
$11,107,868 |
| 4 |
$20,037,600 |
$7,374,242
$1,001,880 |
$11,661,478 |
| 5 |
$21,039,250 |
$7,744,853
$1,051,963 |
$12,242,434 |
| 6 |
$22,091,500 |
$8,134,185
$1,104,575 |
$12,852,740 |
| 7 |
$23,195,500 |
$8,542,665
$1,159,775 |
$13,493,060 |
| 8 |
$24,355,850 |
$8,971,995
$1,217,793 |
$14,166,062 |
| 9 |
$25,573,700 |
$9,422,599
$1,278,685 |
$14,872,416 |
| 10 |
$26,852,500 |
$9,895,755
$1,342,625 |
$15,614,120 |
| 11 |
$28,194,550 |
$10,392,314
$1,409,728 |
$16,392,508 |
| 12 |
$29,604,450 |
$10,913,977
$1,480,223 |
$17,210,250 |
| 13 |
$31,084,500 |
$11,461,595
$1,554,225 |
$18,068,680 |
| 14 |
$32,639,300 |
$12,036,871
$1,631,965 |
$18,970,464 |
| 15 |
$34,271,150 |
$12,640,656
$1,713,558 |
$19,916,936 |
| 16 |
$35,984,650 |
$13,274,651
$1,799,233 |
$20,910,766 |
| 17 |
$37,783,250 |
$13,940,133
$1,889,163 |
$21,953,954 |
| 18 |
$39,672,700 |
$14,639,229
$1,983,635 |
$23,049,836 |
| 19 |
$41,656,450 |
$15,373,217
$2,082,823 |
$24,200,410 |
| 20 |
$43,739,100 |
$16,143,797
$2,186,955 |
$25,408,348 |
| 21 |
$45,926,400 |
$16,953,098
$2,296,320 |
$26,676,982 |
| 22 |
$48,222,950 |
$17,802,822
$2,411,148 |
$28,008,980 |
| 23 |
$50,633,350 |
$18,694,670
$2,531,668 |
$29,407,012 |
| 24 |
$53,165,650 |
$19,631,621
$2,658,283 |
$30,875,746 |
| 25 |
$55,823,300 |
$20,614,951
$2,791,165 |
$32,417,184 |
| 26 |
$58,615,500 |
$21,648,065
$2,930,775 |
$34,036,660 |
| 27 |
$61,545,700 |
$22,732,239
$3,077,285 |
$35,736,176 |
| 28 |
$64,623,100 |
$23,870,877
$3,231,155 |
$37,521,068 |
| 29 |
$67,854,600 |
$25,066,532
$3,392,730 |
$39,395,338 |
| 30 |
$71,247,100 |
$26,321,757
$3,562,355 |
$41,362,988 |
|
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