The jackpot for the MEGA Millions draw on Fri Dec 6, 2024, is projected to be $579 Million, with an option for a cash payout of $276.6 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 Fri Dec 6, 2024 |
|---|
| Draw Date | Fri Dec 6, 2024 | | Projected Jackpot | $579,000,000 | | Cash Value | $276,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $276,600,000 | | Federal Tax(24%) | $66,384,000 | | Additional Federal Tax | $35,918,330 | | State Tax(5%) | $13,830,000 | | Net Lumpsum Payment | $160,467,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,714,529 |
$3,184,706
$435,726 |
$5,094,097 |
| 2 |
$9,150,516 |
$3,346,021
$457,526 |
$5,346,969 |
| 3 |
$9,607,926 |
$3,515,263
$480,396 |
$5,612,267 |
| 4 |
$10,088,496 |
$3,693,074
$504,425 |
$5,890,997 |
| 5 |
$10,592,805 |
$3,879,668
$529,640 |
$6,183,497 |
| 6 |
$11,122,590 |
$4,075,689
$556,130 |
$6,490,771 |
| 7 |
$11,678,430 |
$4,281,349
$583,922 |
$6,813,159 |
| 8 |
$12,262,641 |
$4,497,508
$613,132 |
$7,152,001 |
| 9 |
$12,875,802 |
$4,724,377
$643,790 |
$7,507,635 |
| 10 |
$13,519,650 |
$4,962,601
$675,983 |
$7,881,066 |
| 11 |
$14,195,343 |
$5,212,607
$709,767 |
$8,272,969 |
| 12 |
$14,905,197 |
$5,475,253
$745,260 |
$8,684,684 |
| 13 |
$15,650,370 |
$5,750,967
$782,519 |
$9,116,884 |
| 14 |
$16,433,178 |
$6,040,606
$821,659 |
$9,570,913 |
| 15 |
$17,254,779 |
$6,344,599
$862,739 |
$10,047,441 |
| 16 |
$18,117,489 |
$6,663,801
$905,874 |
$10,547,814 |
| 17 |
$19,023,045 |
$6,998,857
$951,152 |
$11,073,036 |
| 18 |
$19,974,342 |
$7,350,837
$998,717 |
$11,624,788 |
| 19 |
$20,973,117 |
$7,720,384
$1,048,656 |
$12,204,077 |
| 20 |
$22,021,686 |
$8,108,354
$1,101,084 |
$12,812,248 |
| 21 |
$23,122,944 |
$8,515,820
$1,156,147 |
$13,450,977 |
| 22 |
$24,279,207 |
$8,943,637
$1,213,960 |
$14,121,610 |
| 23 |
$25,492,791 |
$9,392,663
$1,274,640 |
$14,825,488 |
| 24 |
$26,767,749 |
$9,864,398
$1,338,387 |
$15,564,964 |
| 25 |
$28,105,818 |
$10,359,483
$1,405,291 |
$16,341,044 |
| 26 |
$29,511,630 |
$10,879,633
$1,475,582 |
$17,156,415 |
| 27 |
$30,986,922 |
$11,425,492
$1,549,346 |
$18,012,084 |
| 28 |
$32,536,326 |
$11,998,771
$1,626,816 |
$18,910,739 |
| 29 |
$34,163,316 |
$12,600,757
$1,708,166 |
$19,854,393 |
| 30 |
$35,871,366 |
$13,232,736
$1,793,568 |
$20,845,062 |
|
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