The jackpot for the MEGA Millions draw on Tue Dec 24, 2024, is projected to be $944 Million, with an option for a cash payout of $429.4 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 North Carolina residents, the state will deduct 4.75% from your lottery earnings.
| North Carolina MEGA Millions Jackpot/Cash Option for Tue Dec 24, 2024 |
|---|
| Draw Date | Tue Dec 24, 2024 | | Projected Jackpot | $944,000,000 | | Cash Value | $429,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $429,400,000 | | Federal Tax(24%) | $103,056,000 | | Additional Federal Tax | $55,782,330 | | State Tax(4.75%) | $20,396,500 | | Net Lumpsum Payment | $250,165,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,208,144 |
$5,217,344
$674,887 |
$8,315,913 |
| 2 |
$14,918,976 |
$5,480,352
$708,651 |
$8,729,973 |
| 3 |
$15,664,736 |
$5,756,283
$744,075 |
$9,164,378 |
| 4 |
$16,448,256 |
$6,046,185
$781,292 |
$9,620,779 |
| 5 |
$17,270,480 |
$6,350,408
$820,348 |
$10,099,724 |
| 6 |
$18,134,240 |
$6,669,999
$861,376 |
$10,602,865 |
| 7 |
$19,040,480 |
$7,005,308
$904,423 |
$11,130,749 |
| 8 |
$19,992,976 |
$7,357,732
$949,666 |
$11,685,578 |
| 9 |
$20,992,672 |
$7,727,619
$997,152 |
$12,267,901 |
| 10 |
$22,042,400 |
$8,116,018
$1,047,014 |
$12,879,368 |
| 11 |
$23,144,048 |
$8,523,628
$1,099,342 |
$13,521,078 |
| 12 |
$24,301,392 |
$8,951,845
$1,154,316 |
$14,195,231 |
| 13 |
$25,516,320 |
$9,401,369
$1,212,025 |
$14,902,926 |
| 14 |
$26,792,608 |
$9,873,595
$1,272,649 |
$15,646,364 |
| 15 |
$28,132,144 |
$10,369,224
$1,336,277 |
$16,426,643 |
| 16 |
$29,538,704 |
$10,889,651
$1,403,088 |
$17,245,965 |
| 17 |
$31,015,120 |
$11,435,925
$1,473,218 |
$18,105,977 |
| 18 |
$32,566,112 |
$12,009,792
$1,546,890 |
$19,009,430 |
| 19 |
$34,194,512 |
$12,612,300
$1,624,239 |
$19,957,973 |
| 20 |
$35,904,096 |
$13,244,846
$1,705,445 |
$20,953,805 |
| 21 |
$37,699,584 |
$13,909,176
$1,790,730 |
$21,999,678 |
| 22 |
$39,584,752 |
$14,606,689
$1,880,276 |
$23,097,787 |
| 23 |
$41,563,376 |
$15,338,780
$1,974,260 |
$24,250,336 |
| 24 |
$43,642,064 |
$16,107,894
$2,072,998 |
$25,461,172 |
| 25 |
$45,823,648 |
$16,915,080
$2,176,623 |
$26,731,945 |
| 26 |
$48,115,680 |
$17,763,132
$2,285,495 |
$28,067,053 |
| 27 |
$50,520,992 |
$18,653,097
$2,399,747 |
$29,468,148 |
| 28 |
$53,047,136 |
$19,587,771
$2,519,739 |
$30,939,626 |
| 29 |
$55,699,776 |
$20,569,248
$2,645,739 |
$32,484,789 |
| 30 |
$58,484,576 |
$21,599,624
$2,778,017 |
$34,106,935 |
|
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