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 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(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 |
|
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