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 Vermont residents, the state will deduct 6% from your lottery earnings.
| Vermont 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(6%) | $14,460,000 | | Net Lumpsum Payment | $137,409,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$464,173 |
$4,449,311 |
| 2 |
$8,123,256 |
$2,965,935
$487,395 |
$4,669,926 |
| 3 |
$8,529,316 |
$3,116,177
$511,759 |
$4,901,380 |
| 4 |
$8,955,936 |
$3,274,027
$537,356 |
$5,144,553 |
| 5 |
$9,403,630 |
$3,439,673
$564,218 |
$5,399,739 |
| 6 |
$9,873,940 |
$3,613,688
$592,436 |
$5,667,816 |
| 7 |
$10,367,380 |
$3,796,261
$622,043 |
$5,949,076 |
| 8 |
$10,886,006 |
$3,988,153
$653,160 |
$6,244,693 |
| 9 |
$11,430,332 |
$4,189,553
$685,820 |
$6,554,959 |
| 10 |
$12,001,900 |
$4,401,033
$720,114 |
$6,880,753 |
| 11 |
$12,601,738 |
$4,622,973
$756,104 |
$7,222,661 |
| 12 |
$13,231,902 |
$4,856,134
$793,914 |
$7,581,854 |
| 13 |
$13,893,420 |
$5,100,896
$833,605 |
$7,958,919 |
| 14 |
$14,588,348 |
$5,358,019
$875,301 |
$8,355,028 |
| 15 |
$15,317,714 |
$5,627,885
$919,063 |
$8,770,766 |
| 16 |
$16,083,574 |
$5,911,253
$965,014 |
$9,207,307 |
| 17 |
$16,887,470 |
$6,208,694
$1,013,248 |
$9,665,528 |
| 18 |
$17,731,972 |
$6,521,160
$1,063,918 |
$10,146,894 |
| 19 |
$18,618,622 |
$6,849,221
$1,117,117 |
$10,652,284 |
| 20 |
$19,549,476 |
$7,193,637
$1,172,969 |
$11,182,870 |
| 21 |
$20,527,104 |
$7,555,359
$1,231,626 |
$11,740,119 |
| 22 |
$21,553,562 |
$7,935,148
$1,293,214 |
$12,325,200 |
| 23 |
$22,630,906 |
$8,333,766
$1,357,854 |
$12,939,286 |
| 24 |
$23,762,734 |
$8,752,542
$1,425,764 |
$13,584,428 |
| 25 |
$24,950,588 |
$9,192,048
$1,497,035 |
$14,261,505 |
| 26 |
$26,198,580 |
$9,653,805
$1,571,915 |
$14,972,860 |
| 27 |
$27,508,252 |
$10,138,384
$1,650,495 |
$15,719,373 |
| 28 |
$28,883,716 |
$10,647,305
$1,733,023 |
$16,503,388 |
| 29 |
$30,328,056 |
$11,181,711
$1,819,683 |
$17,326,662 |
| 30 |
$31,844,356 |
$11,742,742
$1,910,661 |
$18,190,953 |
|
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