Georgia Lottery

GALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Georgia, your state will take 5.75% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Georgia MEGA Millions Jackpot/Cash Option for Fri Jan 10, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 10, 2025	$77,000,000	$34,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,100,000
Federal Tax(24%)	$8,184,000
Additional Federal Tax	$4,393,330
State Tax(5.75%)	$1,960,750
Net Lumpsum Payment	$19,561,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$66,638	$703,156
2	$1,216,908	-$410,586 -$69,972	$736,350
3	$1,277,738	-$433,093 -$73,470	$771,175
4	$1,341,648	-$456,740 -$77,145	$807,763
5	$1,408,715	-$481,555 -$81,001	$846,159
6	$1,479,170	-$507,623 -$85,052	$886,495
7	$1,553,090	-$534,974 -$89,303	$928,813
8	$1,630,783	-$563,720 -$93,770	$973,293
9	$1,712,326	-$593,891 -$98,459	$1,019,976
10	$1,797,950	-$625,572 -$103,382	$1,068,996
11	$1,887,809	-$658,820 -$108,549	$1,120,440
12	$1,982,211	-$693,748 -$113,977	$1,174,486
13	$2,081,310	-$730,415 -$119,675	$1,231,220
14	$2,185,414	-$768,934 -$125,661	$1,290,819
15	$2,294,677	-$809,361 -$131,944	$1,353,372
16	$2,409,407	-$851,811 -$138,541	$1,419,055
17	$2,529,835	-$896,369 -$145,466	$1,488,000
18	$2,656,346	-$943,178 -$152,740	$1,560,428
19	$2,789,171	-$992,324 -$160,377	$1,636,470
20	$2,928,618	-$1,043,919 -$168,396	$1,716,303
21	$3,075,072	-$1,098,107 -$176,817	$1,800,148
22	$3,228,841	-$1,155,002 -$185,658	$1,888,181
23	$3,390,233	-$1,214,717 -$194,938	$1,980,578
24	$3,559,787	-$1,277,452 -$204,688	$2,077,647
25	$3,737,734	-$1,343,292 -$214,920	$2,179,522
26	$3,924,690	-$1,412,466 -$225,670	$2,286,554
27	$4,120,886	-$1,485,058 -$236,951	$2,398,877
28	$4,326,938	-$1,561,297 -$248,799	$2,516,842
29	$4,543,308	-$1,641,354 -$261,240	$2,640,714
30	$4,770,458	-$1,725,400 -$274,301	$2,770,757