The jackpot for the MEGA Millions draw on Fri Oct 16, 2026, is projected to be $403 Million, with an option for a cash payout of $162.1 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 Oct 16, 2026 |
|---|
| Draw Date | Fri Oct 16, 2026 | | Projected Jackpot | $403,000,000 | | Cash Value | $162,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $162,100,000 | | Federal Tax(24%) | $38,904,000 | | Additional Federal Tax | $21,033,330 | | State Tax(7.25%) | $11,752,250 | | Net Lumpsum Payment | $90,410,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,065,553 |
$2,204,585
$439,753 |
$3,421,215 |
| 2 |
$6,369,012 |
$2,316,865
$461,753 |
$3,590,394 |
| 3 |
$6,687,382 |
$2,434,662
$484,835 |
$3,767,885 |
| 4 |
$7,021,872 |
$2,558,423
$509,086 |
$3,954,363 |
| 5 |
$7,372,885 |
$2,688,298
$534,534 |
$4,150,053 |
| 6 |
$7,741,630 |
$2,824,733
$561,268 |
$4,355,629 |
| 7 |
$8,128,510 |
$2,967,879
$589,317 |
$4,571,314 |
| 8 |
$8,535,137 |
$3,118,331
$618,797 |
$4,798,009 |
| 9 |
$8,961,914 |
$3,276,239
$649,739 |
$5,035,936 |
| 10 |
$9,410,050 |
$3,442,049
$682,229 |
$5,285,772 |
| 11 |
$9,880,351 |
$3,616,060
$716,325 |
$5,547,966 |
| 12 |
$10,374,429 |
$3,798,869
$752,146 |
$5,823,414 |
| 13 |
$10,893,090 |
$3,990,774
$789,749 |
$6,112,567 |
| 14 |
$11,437,946 |
$4,192,370
$829,251 |
$6,416,325 |
| 15 |
$12,009,803 |
$4,403,957
$870,711 |
$6,735,135 |
| 16 |
$12,610,273 |
$4,626,131
$914,245 |
$7,069,897 |
| 17 |
$13,240,565 |
$4,859,339
$959,941 |
$7,421,285 |
| 18 |
$13,902,694 |
$5,104,327
$1,007,945 |
$7,790,422 |
| 19 |
$14,597,869 |
$5,361,542
$1,058,346 |
$8,177,981 |
| 20 |
$15,327,702 |
$5,631,580
$1,111,258 |
$8,584,864 |
| 21 |
$16,094,208 |
$5,915,187
$1,166,830 |
$9,012,191 |
| 22 |
$16,898,999 |
$6,212,960
$1,225,177 |
$9,460,862 |
| 23 |
$17,743,687 |
$6,525,495
$1,286,417 |
$9,931,775 |
| 24 |
$18,631,093 |
$6,853,835
$1,350,754 |
$10,426,504 |
| 25 |
$19,562,426 |
$7,198,428
$1,418,276 |
$10,945,722 |
| 26 |
$20,540,910 |
$7,560,467
$1,489,216 |
$11,491,227 |
| 27 |
$21,567,754 |
$7,940,399
$1,563,662 |
$12,063,693 |
| 28 |
$22,646,182 |
$8,339,418
$1,641,848 |
$12,664,916 |
| 29 |
$23,778,612 |
$8,758,417
$1,723,949 |
$13,296,246 |
| 30 |
$24,967,462 |
$9,198,291
$1,810,141 |
$13,959,030 |
|
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