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 Vermont residents, the state will deduct 6% from your lottery earnings.
| Vermont MEGA Millions Jackpot/Cash Option for Fri Nov 1, 2024 |
|---|
| Draw Date | Fri 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(6%) | $7,788,000 | | Net Lumpsum Payment | $74,025,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$253,760 |
$2,450,388 |
| 2 |
$4,440,924 |
$1,603,472
$266,455 |
$2,570,997 |
| 3 |
$4,662,914 |
$1,685,609
$279,775 |
$2,697,530 |
| 4 |
$4,896,144 |
$1,771,904
$293,769 |
$2,830,471 |
| 5 |
$5,140,895 |
$1,862,462
$308,454 |
$2,969,979 |
| 6 |
$5,398,010 |
$1,957,594
$323,881 |
$3,116,535 |
| 7 |
$5,667,770 |
$2,057,405
$340,066 |
$3,270,299 |
| 8 |
$5,951,299 |
$2,162,311
$357,078 |
$3,431,910 |
| 9 |
$6,248,878 |
$2,272,415
$374,933 |
$3,601,530 |
| 10 |
$6,561,350 |
$2,388,030
$393,681 |
$3,779,639 |
| 11 |
$6,889,277 |
$2,509,363
$413,357 |
$3,966,557 |
| 12 |
$7,233,783 |
$2,636,830
$434,027 |
$4,162,926 |
| 13 |
$7,595,430 |
$2,770,639
$455,726 |
$4,369,065 |
| 14 |
$7,975,342 |
$2,911,207
$478,521 |
$4,585,614 |
| 15 |
$8,374,081 |
$3,058,740
$502,445 |
$4,812,896 |
| 16 |
$8,792,771 |
$3,213,656
$527,566 |
$5,051,549 |
| 17 |
$9,232,255 |
$3,376,265
$553,935 |
$5,302,055 |
| 18 |
$9,693,938 |
$3,547,087
$581,636 |
$5,565,215 |
| 19 |
$10,178,663 |
$3,726,436
$610,720 |
$5,841,507 |
| 20 |
$10,687,554 |
$3,914,725
$641,253 |
$6,131,576 |
| 21 |
$11,222,016 |
$4,112,476
$673,321 |
$6,436,219 |
| 22 |
$11,783,173 |
$4,320,104
$706,990 |
$6,756,079 |
| 23 |
$12,372,149 |
$4,538,026
$742,329 |
$7,091,794 |
| 24 |
$12,990,911 |
$4,766,967
$779,455 |
$7,444,489 |
| 25 |
$13,640,302 |
$5,007,242
$818,418 |
$7,814,642 |
| 26 |
$14,322,570 |
$5,259,681
$859,354 |
$8,203,535 |
| 27 |
$15,038,558 |
$5,524,597
$902,313 |
$8,611,648 |
| 28 |
$15,790,514 |
$5,802,821
$947,431 |
$9,040,262 |
| 29 |
$16,580,124 |
$6,094,976
$994,807 |
$9,490,341 |
| 30 |
$17,409,074 |
$6,401,688
$1,044,544 |
$9,962,842 |
|
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