Pennsylvania Lottery

PALottery 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 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 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(3.07%)	$733,730
Net Lumpsum Payment	$14,362,940

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$21,717	$463,613
2	$742,788	-$235,162 -$22,804	$484,822
3	$779,918	-$248,900 -$23,943	$507,075
4	$818,928	-$263,334 -$25,141	$530,453
5	$859,865	-$278,480 -$26,398	$554,987
6	$902,870	-$294,392 -$27,718	$580,760
7	$947,990	-$311,087 -$29,103	$607,800
8	$995,413	-$328,633 -$30,559	$636,221
9	$1,045,186	-$347,049 -$32,087	$666,050
10	$1,097,450	-$366,387 -$33,692	$697,371
11	$1,152,299	-$386,681 -$35,376	$730,242
12	$1,209,921	-$408,001 -$37,145	$764,775
13	$1,270,410	-$430,382 -$39,002	$801,026
14	$1,333,954	-$453,893 -$40,952	$839,109
15	$1,400,647	-$478,570 -$43,000	$879,077
16	$1,470,677	-$504,481 -$45,150	$921,046
17	$1,544,185	-$531,679 -$47,406	$965,100
18	$1,621,406	-$560,251 -$49,777	$1,011,378
19	$1,702,481	-$590,248 -$52,266	$1,059,967
20	$1,787,598	-$621,742 -$54,879	$1,110,977
21	$1,876,992	-$654,817 -$57,624	$1,164,551
22	$1,970,851	-$689,545 -$60,505	$1,220,801
23	$2,069,363	-$725,995 -$63,529	$1,279,839
24	$2,172,857	-$764,287 -$66,707	$1,341,863
25	$2,281,474	-$804,476 -$70,041	$1,406,957
26	$2,395,590	-$846,699 -$73,545	$1,475,346
27	$2,515,346	-$891,008 -$77,221	$1,547,117
28	$2,641,118	-$937,544 -$81,082	$1,622,492
29	$2,773,188	-$986,410 -$85,137	$1,701,641
30	$2,911,838	-$1,037,710 -$89,393	$1,784,735