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 Oklahoma residents, the state will deduct 4.75% from your lottery earnings.
| Oklahoma 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(4.75%) | $24,514,750 | | Net Lumpsum Payment | $300,667,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$822,161 |
$10,121,958 |
| 2 |
$18,174,600 |
$6,684,932
$863,294 |
$10,626,374 |
| 3 |
$19,083,100 |
$7,021,077
$906,447 |
$11,155,576 |
| 4 |
$20,037,600 |
$7,374,242
$951,786 |
$11,711,572 |
| 5 |
$21,039,250 |
$7,744,853
$999,364 |
$12,295,033 |
| 6 |
$22,091,500 |
$8,134,185
$1,049,346 |
$12,907,969 |
| 7 |
$23,195,500 |
$8,542,665
$1,101,786 |
$13,551,049 |
| 8 |
$24,355,850 |
$8,971,995
$1,156,903 |
$14,226,952 |
| 9 |
$25,573,700 |
$9,422,599
$1,214,751 |
$14,936,350 |
| 10 |
$26,852,500 |
$9,895,755
$1,275,494 |
$15,681,251 |
| 11 |
$28,194,550 |
$10,392,314
$1,339,241 |
$16,462,995 |
| 12 |
$29,604,450 |
$10,913,977
$1,406,211 |
$17,284,262 |
| 13 |
$31,084,500 |
$11,461,595
$1,476,514 |
$18,146,391 |
| 14 |
$32,639,300 |
$12,036,871
$1,550,367 |
$19,052,062 |
| 15 |
$34,271,150 |
$12,640,656
$1,627,880 |
$20,002,614 |
| 16 |
$35,984,650 |
$13,274,651
$1,709,271 |
$21,000,728 |
| 17 |
$37,783,250 |
$13,940,133
$1,794,704 |
$22,048,413 |
| 18 |
$39,672,700 |
$14,639,229
$1,884,453 |
$23,149,018 |
| 19 |
$41,656,450 |
$15,373,217
$1,978,681 |
$24,304,552 |
| 20 |
$43,739,100 |
$16,143,797
$2,077,607 |
$25,517,696 |
| 21 |
$45,926,400 |
$16,953,098
$2,181,504 |
$26,791,798 |
| 22 |
$48,222,950 |
$17,802,822
$2,290,590 |
$28,129,538 |
| 23 |
$50,633,350 |
$18,694,670
$2,405,084 |
$29,533,596 |
| 24 |
$53,165,650 |
$19,631,621
$2,525,368 |
$31,008,661 |
| 25 |
$55,823,300 |
$20,614,951
$2,651,607 |
$32,556,742 |
| 26 |
$58,615,500 |
$21,648,065
$2,784,236 |
$34,183,199 |
| 27 |
$61,545,700 |
$22,732,239
$2,923,421 |
$35,890,040 |
| 28 |
$64,623,100 |
$23,870,877
$3,069,597 |
$37,682,626 |
| 29 |
$67,854,600 |
$25,066,532
$3,223,094 |
$39,564,974 |
| 30 |
$71,247,100 |
$26,321,757
$3,384,237 |
$41,541,106 |
|
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