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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $1,412,200 | | Net Lumpsum Payment | $27,607,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$42,972 |
$878,536 |
| 2 |
$1,469,772 |
$504,146
$45,122 |
$920,504 |
| 3 |
$1,543,242 |
$531,330
$47,378 |
$964,534 |
| 4 |
$1,620,432 |
$559,890
$49,747 |
$1,010,795 |
| 5 |
$1,701,435 |
$589,861
$52,234 |
$1,059,340 |
| 6 |
$1,786,530 |
$621,346
$54,846 |
$1,110,338 |
| 7 |
$1,875,810 |
$654,380
$57,587 |
$1,163,843 |
| 8 |
$1,969,647 |
$689,100
$60,468 |
$1,220,079 |
| 9 |
$2,068,134 |
$725,540
$63,492 |
$1,279,102 |
| 10 |
$2,171,550 |
$763,804
$66,667 |
$1,341,079 |
| 11 |
$2,280,081 |
$803,960
$69,998 |
$1,406,123 |
| 12 |
$2,394,099 |
$846,147
$73,499 |
$1,474,453 |
| 13 |
$2,513,790 |
$890,433
$77,173 |
$1,546,184 |
| 14 |
$2,639,526 |
$936,955
$81,033 |
$1,621,538 |
| 15 |
$2,771,493 |
$985,783
$85,085 |
$1,700,625 |
| 16 |
$2,910,063 |
$1,037,054
$89,339 |
$1,783,670 |
| 17 |
$3,055,515 |
$1,090,871
$93,804 |
$1,870,840 |
| 18 |
$3,208,314 |
$1,147,407
$98,495 |
$1,962,412 |
| 19 |
$3,368,739 |
$1,206,764
$103,420 |
$2,058,555 |
| 20 |
$3,537,162 |
$1,269,080
$108,591 |
$2,159,491 |
| 21 |
$3,714,048 |
$1,334,528
$114,021 |
$2,265,499 |
| 22 |
$3,899,769 |
$1,403,245
$119,723 |
$2,376,801 |
| 23 |
$4,094,697 |
$1,475,368
$125,707 |
$2,493,622 |
| 24 |
$4,299,483 |
$1,551,139
$131,994 |
$2,616,350 |
| 25 |
$4,514,406 |
$1,630,661
$138,592 |
$2,745,153 |
| 26 |
$4,740,210 |
$1,714,208
$145,524 |
$2,880,478 |
| 27 |
$4,977,174 |
$1,801,885
$152,799 |
$3,022,490 |
| 28 |
$5,226,042 |
$1,893,966
$160,439 |
$3,171,637 |
| 29 |
$5,487,372 |
$1,990,658
$168,462 |
$3,328,252 |
| 30 |
$5,761,722 |
$2,092,168
$176,885 |
$3,492,669 |
|
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