Ohio Lottery

OHLottery 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 Ohio, your state will take 3.99% 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.

Ohio 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(3.99%)	$953,610
Net Lumpsum Payment	$14,143,060

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$28,225	$457,105
2	$742,788	-$235,162 -$29,637	$477,989
3	$779,918	-$248,900 -$31,119	$499,899
4	$818,928	-$263,334 -$32,675	$522,919
5	$859,865	-$278,480 -$34,309	$547,076
6	$902,870	-$294,392 -$36,025	$572,453
7	$947,990	-$311,087 -$37,825	$599,078
8	$995,413	-$328,633 -$39,717	$627,063
9	$1,045,186	-$347,049 -$41,703	$656,434
10	$1,097,450	-$366,387 -$43,788	$687,275
11	$1,152,299	-$386,681 -$45,977	$719,641
12	$1,209,921	-$408,001 -$48,276	$753,644
13	$1,270,410	-$430,382 -$50,689	$789,339
14	$1,333,954	-$453,893 -$53,225	$826,836
15	$1,400,647	-$478,570 -$55,886	$866,191
16	$1,470,677	-$504,481 -$58,680	$907,516
17	$1,544,185	-$531,679 -$61,613	$950,893
18	$1,621,406	-$560,251 -$64,694	$996,461
19	$1,702,481	-$590,248 -$67,929	$1,044,304
20	$1,787,598	-$621,742 -$71,325	$1,094,531
21	$1,876,992	-$654,817 -$74,892	$1,147,283
22	$1,970,851	-$689,545 -$78,637	$1,202,669
23	$2,069,363	-$725,995 -$82,568	$1,260,800
24	$2,172,857	-$764,287 -$86,697	$1,321,873
25	$2,281,474	-$804,476 -$91,031	$1,385,967
26	$2,395,590	-$846,699 -$95,584	$1,453,307
27	$2,515,346	-$891,008 -$100,362	$1,523,976
28	$2,641,118	-$937,544 -$105,381	$1,598,193
29	$2,773,188	-$986,410 -$110,650	$1,676,128
30	$2,911,838	-$1,037,710 -$116,182	$1,757,946