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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $37,417,250 | | Net Lumpsum Payment | $287,765,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$1,254,877 |
$9,689,242 |
| 2 |
$18,174,600 |
$6,684,932
$1,317,659 |
$10,172,009 |
| 3 |
$19,083,100 |
$7,021,077
$1,383,525 |
$10,678,498 |
| 4 |
$20,037,600 |
$7,374,242
$1,452,726 |
$11,210,632 |
| 5 |
$21,039,250 |
$7,744,853
$1,525,346 |
$11,769,051 |
| 6 |
$22,091,500 |
$8,134,185
$1,601,634 |
$12,355,681 |
| 7 |
$23,195,500 |
$8,542,665
$1,681,674 |
$12,971,161 |
| 8 |
$24,355,850 |
$8,971,995
$1,765,799 |
$13,618,056 |
| 9 |
$25,573,700 |
$9,422,599
$1,854,093 |
$14,297,008 |
| 10 |
$26,852,500 |
$9,895,755
$1,946,806 |
$15,009,939 |
| 11 |
$28,194,550 |
$10,392,314
$2,044,105 |
$15,758,131 |
| 12 |
$29,604,450 |
$10,913,977
$2,146,323 |
$16,544,150 |
| 13 |
$31,084,500 |
$11,461,595
$2,253,626 |
$17,369,279 |
| 14 |
$32,639,300 |
$12,036,871
$2,366,349 |
$18,236,080 |
| 15 |
$34,271,150 |
$12,640,656
$2,484,658 |
$19,145,836 |
| 16 |
$35,984,650 |
$13,274,651
$2,608,887 |
$20,101,112 |
| 17 |
$37,783,250 |
$13,940,133
$2,739,286 |
$21,103,831 |
| 18 |
$39,672,700 |
$14,639,229
$2,876,271 |
$22,157,200 |
| 19 |
$41,656,450 |
$15,373,217
$3,020,093 |
$23,263,140 |
| 20 |
$43,739,100 |
$16,143,797
$3,171,085 |
$24,424,218 |
| 21 |
$45,926,400 |
$16,953,098
$3,329,664 |
$25,643,638 |
| 22 |
$48,222,950 |
$17,802,822
$3,496,164 |
$26,923,964 |
| 23 |
$50,633,350 |
$18,694,670
$3,670,918 |
$28,267,762 |
| 24 |
$53,165,650 |
$19,631,621
$3,854,510 |
$29,679,519 |
| 25 |
$55,823,300 |
$20,614,951
$4,047,189 |
$31,161,160 |
| 26 |
$58,615,500 |
$21,648,065
$4,249,624 |
$32,717,811 |
| 27 |
$61,545,700 |
$22,732,239
$4,462,063 |
$34,351,398 |
| 28 |
$64,623,100 |
$23,870,877
$4,685,175 |
$36,067,048 |
| 29 |
$67,854,600 |
$25,066,532
$4,919,459 |
$37,868,609 |
| 30 |
$71,247,100 |
$26,321,757
$5,165,415 |
$39,759,928 |
|
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