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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $15,844,270 | | Net Lumpsum Payment | $309,338,400 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$531,376 |
$10,412,743 |
| 2 |
$18,174,600 |
$6,684,932
$557,960 |
$10,931,708 |
| 3 |
$19,083,100 |
$7,021,077
$585,851 |
$11,476,172 |
| 4 |
$20,037,600 |
$7,374,242
$615,154 |
$12,048,204 |
| 5 |
$21,039,250 |
$7,744,853
$645,905 |
$12,648,492 |
| 6 |
$22,091,500 |
$8,134,185
$678,209 |
$13,279,106 |
| 7 |
$23,195,500 |
$8,542,665
$712,102 |
$13,940,733 |
| 8 |
$24,355,850 |
$8,971,995
$747,725 |
$14,636,130 |
| 9 |
$25,573,700 |
$9,422,599
$785,113 |
$15,365,988 |
| 10 |
$26,852,500 |
$9,895,755
$824,372 |
$16,132,373 |
| 11 |
$28,194,550 |
$10,392,314
$865,573 |
$16,936,663 |
| 12 |
$29,604,450 |
$10,913,977
$908,857 |
$17,781,616 |
| 13 |
$31,084,500 |
$11,461,595
$954,294 |
$18,668,611 |
| 14 |
$32,639,300 |
$12,036,871
$1,002,027 |
$19,600,402 |
| 15 |
$34,271,150 |
$12,640,656
$1,052,124 |
$20,578,370 |
| 16 |
$35,984,650 |
$13,274,651
$1,104,729 |
$21,605,270 |
| 17 |
$37,783,250 |
$13,940,133
$1,159,946 |
$22,683,171 |
| 18 |
$39,672,700 |
$14,639,229
$1,217,952 |
$23,815,519 |
| 19 |
$41,656,450 |
$15,373,217
$1,278,853 |
$25,004,380 |
| 20 |
$43,739,100 |
$16,143,797
$1,342,790 |
$26,252,513 |
| 21 |
$45,926,400 |
$16,953,098
$1,409,940 |
$27,563,362 |
| 22 |
$48,222,950 |
$17,802,822
$1,480,445 |
$28,939,683 |
| 23 |
$50,633,350 |
$18,694,670
$1,554,444 |
$30,384,236 |
| 24 |
$53,165,650 |
$19,631,621
$1,632,185 |
$31,901,844 |
| 25 |
$55,823,300 |
$20,614,951
$1,713,775 |
$33,494,574 |
| 26 |
$58,615,500 |
$21,648,065
$1,799,496 |
$35,167,939 |
| 27 |
$61,545,700 |
$22,732,239
$1,889,453 |
$36,924,008 |
| 28 |
$64,623,100 |
$23,870,877
$1,983,929 |
$38,768,294 |
| 29 |
$67,854,600 |
$25,066,532
$2,083,136 |
$40,704,932 |
| 30 |
$71,247,100 |
$26,321,757
$2,187,286 |
$42,738,057 |
|
|
