Jackpot Analysis Pennsylvania Mega Millions

Jackpot Analysis for Pennsylvania Mega Millions
The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Nov 1, 2024
Draw DateFri Nov 1, 2024
Projected Jackpot$281,000,000
Cash Value$129,800,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$129,800,000
Federal Tax(24%)$31,152,000
Additional Federal Tax$16,834,330
State Tax(3.07%)$3,984,860
Net Lumpsum Payment$77,828,810
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $4,229,331 $1,525,183
$129,840
$2,574,308
2 $4,440,924 $1,603,472
$136,336
$2,701,116
3 $4,662,914 $1,685,609
$143,151
$2,834,154
4 $4,896,144 $1,771,904
$150,312
$2,973,928
5 $5,140,895 $1,862,462
$157,825
$3,120,608
6 $5,398,010 $1,957,594
$165,719
$3,274,697
7 $5,667,770 $2,057,405
$174,001
$3,436,364
8 $5,951,299 $2,162,311
$182,705
$3,606,283
9 $6,248,878 $2,272,415
$191,841
$3,784,622
10 $6,561,350 $2,388,030
$201,433
$3,971,887
11 $6,889,277 $2,509,363
$211,501
$4,168,413
12 $7,233,783 $2,636,830
$222,077
$4,374,876
13 $7,595,430 $2,770,639
$233,180
$4,591,611
14 $7,975,342 $2,911,207
$244,843
$4,819,292
15 $8,374,081 $3,058,740
$257,084
$5,058,257
16 $8,792,771 $3,213,656
$269,938
$5,309,177
17 $9,232,255 $3,376,265
$283,430
$5,572,560
18 $9,693,938 $3,547,087
$297,604
$5,849,247
19 $10,178,663 $3,726,436
$312,485
$6,139,742
20 $10,687,554 $3,914,725
$328,108
$6,444,721
21 $11,222,016 $4,112,476
$344,516
$6,765,024
22 $11,783,173 $4,320,104
$361,743
$7,101,326
23 $12,372,149 $4,538,026
$379,825
$7,454,298
24 $12,990,911 $4,766,967
$398,821
$7,825,123
25 $13,640,302 $5,007,242
$418,757
$8,214,303
26 $14,322,570 $5,259,681
$439,703
$8,623,186
27 $15,038,558 $5,524,597
$461,684
$9,052,277
28 $15,790,514 $5,802,821
$484,769
$9,502,924
29 $16,580,124 $6,094,976
$509,010
$9,976,138
30 $17,409,074 $6,401,688
$534,459
$10,472,927