The jackpot for the MEGA Millions draw on Tue Oct 8, 2024, is projected to be $129 Million, with an option for a cash payout of $62.3 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 California, the bright side is you won't have to pay any state taxes on your lottery prize.
| California MEGA Millions Jackpot/Cash Option for Tue Oct 8, 2024 |
|---|
| Draw Date | Tue Oct 8, 2024 | | Projected Jackpot | $129,000,000 | | Cash Value | $62,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $62,300,000 | | Federal Tax(24%) | $14,952,000 | | Additional Federal Tax | $8,059,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $39,288,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,941,579 |
$678,715
$0 |
$1,262,864 |
| 2 |
$2,038,716 |
$714,655
$0 |
$1,324,061 |
| 3 |
$2,140,626 |
$752,362
$0 |
$1,388,264 |
| 4 |
$2,247,696 |
$791,978
$0 |
$1,455,718 |
| 5 |
$2,360,055 |
$833,551
$0 |
$1,526,504 |
| 6 |
$2,478,090 |
$877,224
$0 |
$1,600,866 |
| 7 |
$2,601,930 |
$923,044
$0 |
$1,678,886 |
| 8 |
$2,732,091 |
$971,204
$0 |
$1,760,887 |
| 9 |
$2,868,702 |
$1,021,750
$0 |
$1,846,952 |
| 10 |
$3,012,150 |
$1,074,826
$0 |
$1,937,324 |
| 11 |
$3,162,693 |
$1,130,527
$0 |
$2,032,166 |
| 12 |
$3,320,847 |
$1,189,044
$0 |
$2,131,803 |
| 13 |
$3,486,870 |
$1,250,472
$0 |
$2,236,398 |
| 14 |
$3,661,278 |
$1,315,003
$0 |
$2,346,275 |
| 15 |
$3,844,329 |
$1,382,732
$0 |
$2,461,597 |
| 16 |
$4,036,539 |
$1,453,850
$0 |
$2,582,689 |
| 17 |
$4,238,295 |
$1,528,500
$0 |
$2,709,795 |
| 18 |
$4,450,242 |
$1,606,920
$0 |
$2,843,322 |
| 19 |
$4,672,767 |
$1,689,254
$0 |
$2,983,513 |
| 20 |
$4,906,386 |
$1,775,693
$0 |
$3,130,693 |
| 21 |
$5,151,744 |
$1,866,476
$0 |
$3,285,268 |
| 22 |
$5,409,357 |
$1,961,792
$0 |
$3,447,565 |
| 23 |
$5,679,741 |
$2,061,835
$0 |
$3,617,906 |
| 24 |
$5,963,799 |
$2,166,936
$0 |
$3,796,863 |
| 25 |
$6,261,918 |
$2,277,240
$0 |
$3,984,678 |
| 26 |
$6,575,130 |
$2,393,128
$0 |
$4,182,002 |
| 27 |
$6,903,822 |
$2,514,745
$0 |
$4,389,077 |
| 28 |
$7,249,026 |
$2,642,470
$0 |
$4,606,556 |
| 29 |
$7,611,516 |
$2,776,591
$0 |
$4,834,925 |
| 30 |
$7,992,066 |
$2,917,395
$0 |
$5,074,671 |
|
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