Idaho Lottery

IDLottery 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 Idaho, your state will take 5.8% 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.

Idaho 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(5.8%)	$1,386,200
Net Lumpsum Payment	$13,710,470

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$41,029	$444,301
2	$742,788	-$235,162 -$43,082	$464,544
3	$779,918	-$248,900 -$45,235	$485,783
4	$818,928	-$263,334 -$47,498	$508,096
5	$859,865	-$278,480 -$49,872	$531,513
6	$902,870	-$294,392 -$52,366	$556,112
7	$947,990	-$311,087 -$54,983	$581,920
8	$995,413	-$328,633 -$57,734	$609,046
9	$1,045,186	-$347,049 -$60,621	$637,516
10	$1,097,450	-$366,387 -$63,652	$667,411
11	$1,152,299	-$386,681 -$66,833	$698,785
12	$1,209,921	-$408,001 -$70,175	$731,745
13	$1,270,410	-$430,382 -$73,684	$766,344
14	$1,333,954	-$453,893 -$77,369	$802,692
15	$1,400,647	-$478,570 -$81,238	$840,839
16	$1,470,677	-$504,481 -$85,299	$880,897
17	$1,544,185	-$531,679 -$89,563	$922,943
18	$1,621,406	-$560,251 -$94,042	$967,113
19	$1,702,481	-$590,248 -$98,744	$1,013,489
20	$1,787,598	-$621,742 -$103,681	$1,062,175
21	$1,876,992	-$654,817 -$108,866	$1,113,309
22	$1,970,851	-$689,545 -$114,309	$1,166,997
23	$2,069,363	-$725,995 -$120,023	$1,223,345
24	$2,172,857	-$764,287 -$126,026	$1,282,544
25	$2,281,474	-$804,476 -$132,325	$1,344,673
26	$2,395,590	-$846,699 -$138,944	$1,409,947
27	$2,515,346	-$891,008 -$145,890	$1,478,448
28	$2,641,118	-$937,544 -$153,185	$1,550,389
29	$2,773,188	-$986,410 -$160,845	$1,625,933
30	$2,911,838	-$1,037,710 -$168,887	$1,705,241