The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 Fri Nov 29, 2024 |
|---|
| Draw Date | Fri Nov 29, 2024 | | Projected Jackpot | $514,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(3.07%) | $7,398,700 | | Net Lumpsum Payment | $144,470,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$237,502 |
$4,675,982 |
| 2 |
$8,123,256 |
$2,965,935
$249,384 |
$4,907,937 |
| 3 |
$8,529,316 |
$3,116,177
$261,850 |
$5,151,289 |
| 4 |
$8,955,936 |
$3,274,027
$274,947 |
$5,406,962 |
| 5 |
$9,403,630 |
$3,439,673
$288,691 |
$5,675,266 |
| 6 |
$9,873,940 |
$3,613,688
$303,130 |
$5,957,122 |
| 7 |
$10,367,380 |
$3,796,261
$318,279 |
$6,252,840 |
| 8 |
$10,886,006 |
$3,988,153
$334,200 |
$6,563,653 |
| 9 |
$11,430,332 |
$4,189,553
$350,911 |
$6,889,868 |
| 10 |
$12,001,900 |
$4,401,033
$368,458 |
$7,232,409 |
| 11 |
$12,601,738 |
$4,622,973
$386,873 |
$7,591,892 |
| 12 |
$13,231,902 |
$4,856,134
$406,219 |
$7,969,549 |
| 13 |
$13,893,420 |
$5,100,896
$426,528 |
$8,365,996 |
| 14 |
$14,588,348 |
$5,358,019
$447,862 |
$8,782,467 |
| 15 |
$15,317,714 |
$5,627,885
$470,254 |
$9,219,575 |
| 16 |
$16,083,574 |
$5,911,253
$493,766 |
$9,678,555 |
| 17 |
$16,887,470 |
$6,208,694
$518,445 |
$10,160,331 |
| 18 |
$17,731,972 |
$6,521,160
$544,372 |
$10,666,440 |
| 19 |
$18,618,622 |
$6,849,221
$571,592 |
$11,197,809 |
| 20 |
$19,549,476 |
$7,193,637
$600,169 |
$11,755,670 |
| 21 |
$20,527,104 |
$7,555,359
$630,182 |
$12,341,563 |
| 22 |
$21,553,562 |
$7,935,148
$661,694 |
$12,956,720 |
| 23 |
$22,630,906 |
$8,333,766
$694,769 |
$13,602,371 |
| 24 |
$23,762,734 |
$8,752,542
$729,516 |
$14,280,676 |
| 25 |
$24,950,588 |
$9,192,048
$765,983 |
$14,992,557 |
| 26 |
$26,198,580 |
$9,653,805
$804,296 |
$15,740,479 |
| 27 |
$27,508,252 |
$10,138,384
$844,503 |
$16,525,365 |
| 28 |
$28,883,716 |
$10,647,305
$886,730 |
$17,349,681 |
| 29 |
$30,328,056 |
$11,181,711
$931,071 |
$18,215,274 |
| 30 |
$31,844,356 |
$11,742,742
$977,622 |
$19,123,992 |
|
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