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 |
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Draw Date | Fri Nov 1, 2024 | Projected Jackpot | $281,000,000 | Cash Value | $129,800,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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 |
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