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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $9,410,500 | | Net Lumpsum Payment | $72,403,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$306,626 |
$2,397,522 |
| 2 |
$4,440,924 |
$1,603,472
$321,967 |
$2,515,485 |
| 3 |
$4,662,914 |
$1,685,609
$338,061 |
$2,639,244 |
| 4 |
$4,896,144 |
$1,771,904
$354,970 |
$2,769,270 |
| 5 |
$5,140,895 |
$1,862,462
$372,715 |
$2,905,718 |
| 6 |
$5,398,010 |
$1,957,594
$391,356 |
$3,049,060 |
| 7 |
$5,667,770 |
$2,057,405
$410,913 |
$3,199,452 |
| 8 |
$5,951,299 |
$2,162,311
$431,469 |
$3,357,519 |
| 9 |
$6,248,878 |
$2,272,415
$453,044 |
$3,523,419 |
| 10 |
$6,561,350 |
$2,388,030
$475,698 |
$3,697,622 |
| 11 |
$6,889,277 |
$2,509,363
$499,473 |
$3,880,441 |
| 12 |
$7,233,783 |
$2,636,830
$524,449 |
$4,072,504 |
| 13 |
$7,595,430 |
$2,770,639
$550,669 |
$4,274,122 |
| 14 |
$7,975,342 |
$2,911,207
$578,212 |
$4,485,923 |
| 15 |
$8,374,081 |
$3,058,740
$607,121 |
$4,708,220 |
| 16 |
$8,792,771 |
$3,213,656
$637,476 |
$4,941,639 |
| 17 |
$9,232,255 |
$3,376,265
$669,338 |
$5,186,652 |
| 18 |
$9,693,938 |
$3,547,087
$702,811 |
$5,444,040 |
| 19 |
$10,178,663 |
$3,726,436
$737,953 |
$5,714,274 |
| 20 |
$10,687,554 |
$3,914,725
$774,848 |
$5,997,981 |
| 21 |
$11,222,016 |
$4,112,476
$813,596 |
$6,295,944 |
| 22 |
$11,783,173 |
$4,320,104
$854,280 |
$6,608,789 |
| 23 |
$12,372,149 |
$4,538,026
$896,981 |
$6,937,142 |
| 24 |
$12,990,911 |
$4,766,967
$941,841 |
$7,282,103 |
| 25 |
$13,640,302 |
$5,007,242
$988,922 |
$7,644,138 |
| 26 |
$14,322,570 |
$5,259,681
$1,038,386 |
$8,024,503 |
| 27 |
$15,038,558 |
$5,524,597
$1,090,295 |
$8,423,666 |
| 28 |
$15,790,514 |
$5,802,821
$1,144,812 |
$8,842,881 |
| 29 |
$16,580,124 |
$6,094,976
$1,202,059 |
$9,283,089 |
| 30 |
$17,409,074 |
$6,401,688
$1,262,158 |
$9,745,228 |
|
|
