Pennsylvania Lottery

PALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 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 Pennsylvania, your state will take 3.07% 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.

Pennsylvania MEGA Millions Jackpot/Cash Option for Fri Jan 10, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 10, 2025	$77,000,000	$34,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,100,000
Federal Tax(24%)	$8,184,000
Additional Federal Tax	$4,393,330
State Tax(3.07%)	$1,046,870
Net Lumpsum Payment	$20,475,800

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$35,579	$734,215
2	$1,216,908	-$410,586 -$37,359	$768,963
3	$1,277,738	-$433,093 -$39,227	$805,418
4	$1,341,648	-$456,740 -$41,189	$843,719
5	$1,408,715	-$481,555 -$43,248	$883,912
6	$1,479,170	-$507,623 -$45,411	$926,136
7	$1,553,090	-$534,974 -$47,680	$970,436
8	$1,630,783	-$563,720 -$50,065	$1,016,998
9	$1,712,326	-$593,891 -$52,568	$1,065,867
10	$1,797,950	-$625,572 -$55,197	$1,117,181
11	$1,887,809	-$658,820 -$57,956	$1,171,033
12	$1,982,211	-$693,748 -$60,854	$1,227,609
13	$2,081,310	-$730,415 -$63,896	$1,286,999
14	$2,185,414	-$768,934 -$67,092	$1,349,388
15	$2,294,677	-$809,361 -$70,447	$1,414,869
16	$2,409,407	-$851,811 -$73,969	$1,483,627
17	$2,529,835	-$896,369 -$77,666	$1,555,800
18	$2,656,346	-$943,178 -$81,550	$1,631,618
19	$2,789,171	-$992,324 -$85,628	$1,711,219
20	$2,928,618	-$1,043,919 -$89,909	$1,794,790
21	$3,075,072	-$1,098,107 -$94,405	$1,882,560
22	$3,228,841	-$1,155,002 -$99,125	$1,974,714
23	$3,390,233	-$1,214,717 -$104,080	$2,071,436
24	$3,559,787	-$1,277,452 -$109,285	$2,173,050
25	$3,737,734	-$1,343,292 -$114,748	$2,279,694
26	$3,924,690	-$1,412,466 -$120,488	$2,391,736
27	$4,120,886	-$1,485,058 -$126,511	$2,509,317
28	$4,326,938	-$1,561,297 -$132,837	$2,632,804
29	$4,543,308	-$1,641,354 -$139,480	$2,762,474
30	$4,770,458	-$1,725,400 -$146,453	$2,898,605