Indiana Lottery

INLottery 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 Indiana, your state will take 3.15% 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.

Indiana 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(3.15%)	$752,850
Net Lumpsum Payment	$14,343,820

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$22,283	$463,047
2	$742,788	-$235,162 -$23,398	$484,228
3	$779,918	-$248,900 -$24,567	$506,451
4	$818,928	-$263,334 -$25,796	$529,798
5	$859,865	-$278,480 -$27,086	$554,299
6	$902,870	-$294,392 -$28,440	$580,038
7	$947,990	-$311,087 -$29,862	$607,041
8	$995,413	-$328,633 -$31,356	$635,424
9	$1,045,186	-$347,049 -$32,923	$665,214
10	$1,097,450	-$366,387 -$34,570	$696,493
11	$1,152,299	-$386,681 -$36,297	$729,321
12	$1,209,921	-$408,001 -$38,113	$763,807
13	$1,270,410	-$430,382 -$40,018	$800,010
14	$1,333,954	-$453,893 -$42,020	$838,041
15	$1,400,647	-$478,570 -$44,120	$877,957
16	$1,470,677	-$504,481 -$46,326	$919,870
17	$1,544,185	-$531,679 -$48,642	$963,864
18	$1,621,406	-$560,251 -$51,074	$1,010,081
19	$1,702,481	-$590,248 -$53,628	$1,058,605
20	$1,787,598	-$621,742 -$56,309	$1,109,547
21	$1,876,992	-$654,817 -$59,125	$1,163,050
22	$1,970,851	-$689,545 -$62,082	$1,219,224
23	$2,069,363	-$725,995 -$65,185	$1,278,183
24	$2,172,857	-$764,287 -$68,445	$1,340,125
25	$2,281,474	-$804,476 -$71,866	$1,405,132
26	$2,395,590	-$846,699 -$75,461	$1,473,430
27	$2,515,346	-$891,008 -$79,233	$1,545,105
28	$2,641,118	-$937,544 -$83,195	$1,620,379
29	$2,773,188	-$986,410 -$87,355	$1,699,423
30	$2,911,838	-$1,037,710 -$91,723	$1,782,405