Jackpot Analysis Minnesota Mega Millions

Jackpot Analysis for Minnesota Mega Millions
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 DateFri 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