Jackpot Analysis Georgia Mega Millions

Jackpot Analysis for Georgia 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.

Georgia 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(5.75%)$7,463,500
Net Lumpsum Payment$74,350,170
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $4,229,331 $1,525,183
$243,187
$2,460,961
2 $4,440,924 $1,603,472
$255,353
$2,582,099
3 $4,662,914 $1,685,609
$268,118
$2,709,187
4 $4,896,144 $1,771,904
$281,528
$2,842,712
5 $5,140,895 $1,862,462
$295,601
$2,982,832
6 $5,398,010 $1,957,594
$310,386
$3,130,030
7 $5,667,770 $2,057,405
$325,897
$3,284,468
8 $5,951,299 $2,162,311
$342,200
$3,446,788
9 $6,248,878 $2,272,415
$359,310
$3,617,153
10 $6,561,350 $2,388,030
$377,278
$3,796,042
11 $6,889,277 $2,509,363
$396,133
$3,983,781
12 $7,233,783 $2,636,830
$415,943
$4,181,010
13 $7,595,430 $2,770,639
$436,737
$4,388,054
14 $7,975,342 $2,911,207
$458,582
$4,605,553
15 $8,374,081 $3,058,740
$481,510
$4,833,831
16 $8,792,771 $3,213,656
$505,584
$5,073,531
17 $9,232,255 $3,376,265
$530,855
$5,325,135
18 $9,693,938 $3,547,087
$557,401
$5,589,450
19 $10,178,663 $3,726,436
$585,273
$5,866,954
20 $10,687,554 $3,914,725
$614,534
$6,158,295
21 $11,222,016 $4,112,476
$645,266
$6,464,274
22 $11,783,173 $4,320,104
$677,532
$6,785,537
23 $12,372,149 $4,538,026
$711,399
$7,122,724
24 $12,990,911 $4,766,967
$746,977
$7,476,967
25 $13,640,302 $5,007,242
$784,317
$7,848,743
26 $14,322,570 $5,259,681
$823,548
$8,239,341
27 $15,038,558 $5,524,597
$864,717
$8,649,244
28 $15,790,514 $5,802,821
$907,955
$9,079,738
29 $16,580,124 $6,094,976
$953,357
$9,531,791
30 $17,409,074 $6,401,688
$1,001,022
$10,006,364