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 Oklahoma residents, the state will deduct 4.75% from your lottery earnings.
| Oklahoma 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(4.75%) | $6,165,500 | | Net Lumpsum Payment | $75,648,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$200,893 |
$2,503,255 |
| 2 |
$4,440,924 |
$1,603,472
$210,944 |
$2,626,508 |
| 3 |
$4,662,914 |
$1,685,609
$221,488 |
$2,755,817 |
| 4 |
$4,896,144 |
$1,771,904
$232,567 |
$2,891,673 |
| 5 |
$5,140,895 |
$1,862,462
$244,193 |
$3,034,240 |
| 6 |
$5,398,010 |
$1,957,594
$256,405 |
$3,184,011 |
| 7 |
$5,667,770 |
$2,057,405
$269,219 |
$3,341,146 |
| 8 |
$5,951,299 |
$2,162,311
$282,687 |
$3,506,301 |
| 9 |
$6,248,878 |
$2,272,415
$296,822 |
$3,679,641 |
| 10 |
$6,561,350 |
$2,388,030
$311,664 |
$3,861,656 |
| 11 |
$6,889,277 |
$2,509,363
$327,241 |
$4,052,673 |
| 12 |
$7,233,783 |
$2,636,830
$343,605 |
$4,253,348 |
| 13 |
$7,595,430 |
$2,770,639
$360,783 |
$4,464,008 |
| 14 |
$7,975,342 |
$2,911,207
$378,829 |
$4,685,306 |
| 15 |
$8,374,081 |
$3,058,740
$397,769 |
$4,917,572 |
| 16 |
$8,792,771 |
$3,213,656
$417,657 |
$5,161,458 |
| 17 |
$9,232,255 |
$3,376,265
$438,532 |
$5,417,458 |
| 18 |
$9,693,938 |
$3,547,087
$460,462 |
$5,686,389 |
| 19 |
$10,178,663 |
$3,726,436
$483,486 |
$5,968,741 |
| 20 |
$10,687,554 |
$3,914,725
$507,659 |
$6,265,170 |
| 21 |
$11,222,016 |
$4,112,476
$533,046 |
$6,576,494 |
| 22 |
$11,783,173 |
$4,320,104
$559,701 |
$6,903,368 |
| 23 |
$12,372,149 |
$4,538,026
$587,677 |
$7,246,446 |
| 24 |
$12,990,911 |
$4,766,967
$617,068 |
$7,606,876 |
| 25 |
$13,640,302 |
$5,007,242
$647,914 |
$7,985,146 |
| 26 |
$14,322,570 |
$5,259,681
$680,322 |
$8,382,567 |
| 27 |
$15,038,558 |
$5,524,597
$714,332 |
$8,799,629 |
| 28 |
$15,790,514 |
$5,802,821
$750,049 |
$9,237,644 |
| 29 |
$16,580,124 |
$6,094,976
$787,556 |
$9,697,592 |
| 30 |
$17,409,074 |
$6,401,688
$826,931 |
$10,180,455 |
|
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