Minnesota Lottery

MNLottery 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 Minnesota, your state will take 7.25% 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.

Minnesota 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(7.25%)	$1,732,750
Net Lumpsum Payment	$13,363,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$51,286	$434,044
2	$742,788	-$235,162 -$53,852	$453,774
3	$779,918	-$248,900 -$56,544	$474,474
4	$818,928	-$263,334 -$59,372	$496,222
5	$859,865	-$278,480 -$62,340	$519,045
6	$902,870	-$294,392 -$65,458	$543,020
7	$947,990	-$311,087 -$68,729	$568,174
8	$995,413	-$328,633 -$72,167	$594,613
9	$1,045,186	-$347,049 -$75,776	$622,361
10	$1,097,450	-$366,387 -$79,565	$651,498
11	$1,152,299	-$386,681 -$83,542	$682,076
12	$1,209,921	-$408,001 -$87,719	$714,201
13	$1,270,410	-$430,382 -$92,105	$747,923
14	$1,333,954	-$453,893 -$96,712	$783,349
15	$1,400,647	-$478,570 -$101,547	$820,530
16	$1,470,677	-$504,481 -$106,624	$859,572
17	$1,544,185	-$531,679 -$111,953	$900,553
18	$1,621,406	-$560,251 -$117,552	$943,603
19	$1,702,481	-$590,248 -$123,430	$988,803
20	$1,787,598	-$621,742 -$129,601	$1,036,255
21	$1,876,992	-$654,817 -$136,082	$1,086,093
22	$1,970,851	-$689,545 -$142,887	$1,138,419
23	$2,069,363	-$725,995 -$150,029	$1,193,339
24	$2,172,857	-$764,287 -$157,532	$1,251,038
25	$2,281,474	-$804,476 -$165,407	$1,311,591
26	$2,395,590	-$846,699 -$173,680	$1,375,211
27	$2,515,346	-$891,008 -$182,363	$1,441,975
28	$2,641,118	-$937,544 -$191,481	$1,512,093
29	$2,773,188	-$986,410 -$201,056	$1,585,722
30	$2,911,838	-$1,037,710 -$211,108	$1,663,020