The jackpot for the MEGA Millions draw on Tue Oct 1, 2024, is projected to be $93 Million, with an option for a cash payout of $46 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 Massachusetts residents, the state will deduct 5% from your lottery earnings.
| Massachusetts MEGA Millions Jackpot/Cash Option for Tue Oct 1, 2024 |
|---|
| Draw Date | Tue Oct 1, 2024 | | Projected Jackpot | $93,000,000 | | Cash Value | $46,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $46,000,000 | | Federal Tax(24%) | $11,040,000 | | Additional Federal Tax | $5,940,330 | | State Tax(5%) | $2,300,000 | | Net Lumpsum Payment | $26,719,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$69,987 |
$851,521 |
| 2 |
$1,469,772 |
$504,146
$73,489 |
$892,137 |
| 3 |
$1,543,242 |
$531,330
$77,162 |
$934,750 |
| 4 |
$1,620,432 |
$559,890
$81,022 |
$979,520 |
| 5 |
$1,701,435 |
$589,861
$85,072 |
$1,026,502 |
| 6 |
$1,786,530 |
$621,346
$89,327 |
$1,075,857 |
| 7 |
$1,875,810 |
$654,380
$93,791 |
$1,127,639 |
| 8 |
$1,969,647 |
$689,100
$98,482 |
$1,182,065 |
| 9 |
$2,068,134 |
$725,540
$103,407 |
$1,239,187 |
| 10 |
$2,171,550 |
$763,804
$108,578 |
$1,299,168 |
| 11 |
$2,280,081 |
$803,960
$114,004 |
$1,362,117 |
| 12 |
$2,394,099 |
$846,147
$119,705 |
$1,428,247 |
| 13 |
$2,513,790 |
$890,433
$125,690 |
$1,497,667 |
| 14 |
$2,639,526 |
$936,955
$131,976 |
$1,570,595 |
| 15 |
$2,771,493 |
$985,783
$138,575 |
$1,647,135 |
| 16 |
$2,910,063 |
$1,037,054
$145,503 |
$1,727,506 |
| 17 |
$3,055,515 |
$1,090,871
$152,776 |
$1,811,868 |
| 18 |
$3,208,314 |
$1,147,407
$160,416 |
$1,900,491 |
| 19 |
$3,368,739 |
$1,206,764
$168,437 |
$1,993,538 |
| 20 |
$3,537,162 |
$1,269,080
$176,858 |
$2,091,224 |
| 21 |
$3,714,048 |
$1,334,528
$185,702 |
$2,193,818 |
| 22 |
$3,899,769 |
$1,403,245
$194,988 |
$2,301,536 |
| 23 |
$4,094,697 |
$1,475,368
$204,735 |
$2,414,594 |
| 24 |
$4,299,483 |
$1,551,139
$214,974 |
$2,533,370 |
| 25 |
$4,514,406 |
$1,630,661
$225,720 |
$2,658,025 |
| 26 |
$4,740,210 |
$1,714,208
$237,011 |
$2,788,991 |
| 27 |
$4,977,174 |
$1,801,885
$248,859 |
$2,926,430 |
| 28 |
$5,226,042 |
$1,893,966
$261,302 |
$3,070,774 |
| 29 |
$5,487,372 |
$1,990,658
$274,369 |
$3,222,345 |
| 30 |
$5,761,722 |
$2,092,168
$288,086 |
$3,381,468 |
|
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