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 those living in Texas, the bright side is you won't have to pay any state taxes on your lottery prize.
| Texas 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(0%) | $0 | | Net Lumpsum Payment | $270,561,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,208,144 |
$5,217,344
$0 |
$8,990,800 |
| 2 |
$14,918,976 |
$5,480,352
$0 |
$9,438,624 |
| 3 |
$15,664,736 |
$5,756,283
$0 |
$9,908,453 |
| 4 |
$16,448,256 |
$6,046,185
$0 |
$10,402,071 |
| 5 |
$17,270,480 |
$6,350,408
$0 |
$10,920,072 |
| 6 |
$18,134,240 |
$6,669,999
$0 |
$11,464,241 |
| 7 |
$19,040,480 |
$7,005,308
$0 |
$12,035,172 |
| 8 |
$19,992,976 |
$7,357,732
$0 |
$12,635,244 |
| 9 |
$20,992,672 |
$7,727,619
$0 |
$13,265,053 |
| 10 |
$22,042,400 |
$8,116,018
$0 |
$13,926,382 |
| 11 |
$23,144,048 |
$8,523,628
$0 |
$14,620,420 |
| 12 |
$24,301,392 |
$8,951,845
$0 |
$15,349,547 |
| 13 |
$25,516,320 |
$9,401,369
$0 |
$16,114,951 |
| 14 |
$26,792,608 |
$9,873,595
$0 |
$16,919,013 |
| 15 |
$28,132,144 |
$10,369,224
$0 |
$17,762,920 |
| 16 |
$29,538,704 |
$10,889,651
$0 |
$18,649,053 |
| 17 |
$31,015,120 |
$11,435,925
$0 |
$19,579,195 |
| 18 |
$32,566,112 |
$12,009,792
$0 |
$20,556,320 |
| 19 |
$34,194,512 |
$12,612,300
$0 |
$21,582,212 |
| 20 |
$35,904,096 |
$13,244,846
$0 |
$22,659,250 |
| 21 |
$37,699,584 |
$13,909,176
$0 |
$23,790,408 |
| 22 |
$39,584,752 |
$14,606,689
$0 |
$24,978,063 |
| 23 |
$41,563,376 |
$15,338,780
$0 |
$26,224,596 |
| 24 |
$43,642,064 |
$16,107,894
$0 |
$27,534,170 |
| 25 |
$45,823,648 |
$16,915,080
$0 |
$28,908,568 |
| 26 |
$48,115,680 |
$17,763,132
$0 |
$30,352,548 |
| 27 |
$50,520,992 |
$18,653,097
$0 |
$31,867,895 |
| 28 |
$53,047,136 |
$19,587,771
$0 |
$33,459,365 |
| 29 |
$55,699,776 |
$20,569,248
$0 |
$35,130,528 |
| 30 |
$58,484,576 |
$21,599,624
$0 |
$36,884,952 |
|
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