North Carolina Lottery

NCLottery 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 North Carolina, your state will take 4.75% 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.

North Carolina 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(4.75%)	$1,135,250
Net Lumpsum Payment	$13,961,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$33,601	$451,729
2	$742,788	-$235,162 -$35,282	$472,344
3	$779,918	-$248,900 -$37,046	$493,972
4	$818,928	-$263,334 -$38,899	$516,695
5	$859,865	-$278,480 -$40,844	$540,541
6	$902,870	-$294,392 -$42,886	$565,592
7	$947,990	-$311,087 -$45,030	$591,873
8	$995,413	-$328,633 -$47,282	$619,498
9	$1,045,186	-$347,049 -$49,646	$648,491
10	$1,097,450	-$366,387 -$52,129	$678,934
11	$1,152,299	-$386,681 -$54,734	$710,884
12	$1,209,921	-$408,001 -$57,471	$744,449
13	$1,270,410	-$430,382 -$60,344	$779,684
14	$1,333,954	-$453,893 -$63,363	$816,698
15	$1,400,647	-$478,570 -$66,531	$855,546
16	$1,470,677	-$504,481 -$69,857	$896,339
17	$1,544,185	-$531,679 -$73,349	$939,157
18	$1,621,406	-$560,251 -$77,017	$984,138
19	$1,702,481	-$590,248 -$80,868	$1,031,365
20	$1,787,598	-$621,742 -$84,911	$1,080,945
21	$1,876,992	-$654,817 -$89,157	$1,133,018
22	$1,970,851	-$689,545 -$93,615	$1,187,691
23	$2,069,363	-$725,995 -$98,295	$1,245,073
24	$2,172,857	-$764,287 -$103,211	$1,305,359
25	$2,281,474	-$804,476 -$108,370	$1,368,628
26	$2,395,590	-$846,699 -$113,791	$1,435,100
27	$2,515,346	-$891,008 -$119,479	$1,504,859
28	$2,641,118	-$937,544 -$125,453	$1,578,121
29	$2,773,188	-$986,410 -$131,726	$1,655,052
30	$2,911,838	-$1,037,710 -$138,312	$1,735,816