Georgia Lottery

GALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 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 Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(5.75%)	$1,374,250
Net Lumpsum Payment	$13,722,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$40,675	$444,655
2	$742,788	-$235,162 -$42,710	$464,916
3	$779,918	-$248,900 -$44,845	$486,173
4	$818,928	-$263,334 -$47,088	$508,506
5	$859,865	-$278,480 -$49,442	$531,943
6	$902,870	-$294,392 -$51,915	$556,563
7	$947,990	-$311,087 -$54,509	$582,394
8	$995,413	-$328,633 -$57,236	$609,544
9	$1,045,186	-$347,049 -$60,098	$638,039
10	$1,097,450	-$366,387 -$63,103	$667,960
11	$1,152,299	-$386,681 -$66,257	$699,361
12	$1,209,921	-$408,001 -$69,570	$732,350
13	$1,270,410	-$430,382 -$73,049	$766,979
14	$1,333,954	-$453,893 -$76,702	$803,359
15	$1,400,647	-$478,570 -$80,537	$841,540
16	$1,470,677	-$504,481 -$84,564	$881,632
17	$1,544,185	-$531,679 -$88,791	$923,715
18	$1,621,406	-$560,251 -$93,231	$967,924
19	$1,702,481	-$590,248 -$97,893	$1,014,340
20	$1,787,598	-$621,742 -$102,787	$1,063,069
21	$1,876,992	-$654,817 -$107,927	$1,114,248
22	$1,970,851	-$689,545 -$113,324	$1,167,982
23	$2,069,363	-$725,995 -$118,988	$1,224,380
24	$2,172,857	-$764,287 -$124,939	$1,283,631
25	$2,281,474	-$804,476 -$131,185	$1,345,813
26	$2,395,590	-$846,699 -$137,746	$1,411,145
27	$2,515,346	-$891,008 -$144,632	$1,479,706
28	$2,641,118	-$937,544 -$151,864	$1,551,710
29	$2,773,188	-$986,410 -$159,458	$1,627,320
30	$2,911,838	-$1,037,710 -$167,431	$1,706,697