Vermont Lottery

VTLottery 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 Vermont, your state will take 6% 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.

Vermont 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(6%)	$1,434,000
Net Lumpsum Payment	$13,662,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$42,444	$442,886
2	$742,788	-$235,162 -$44,567	$463,059
3	$779,918	-$248,900 -$46,795	$484,223
4	$818,928	-$263,334 -$49,136	$506,458
5	$859,865	-$278,480 -$51,592	$529,793
6	$902,870	-$294,392 -$54,172	$554,306
7	$947,990	-$311,087 -$56,879	$580,024
8	$995,413	-$328,633 -$59,725	$607,055
9	$1,045,186	-$347,049 -$62,711	$635,426
10	$1,097,450	-$366,387 -$65,847	$665,216
11	$1,152,299	-$386,681 -$69,138	$696,480
12	$1,209,921	-$408,001 -$72,595	$729,325
13	$1,270,410	-$430,382 -$76,225	$763,803
14	$1,333,954	-$453,893 -$80,037	$800,024
15	$1,400,647	-$478,570 -$84,039	$838,038
16	$1,470,677	-$504,481 -$88,241	$877,955
17	$1,544,185	-$531,679 -$92,651	$919,855
18	$1,621,406	-$560,251 -$97,284	$963,871
19	$1,702,481	-$590,248 -$102,149	$1,010,084
20	$1,787,598	-$621,742 -$107,256	$1,058,600
21	$1,876,992	-$654,817 -$112,620	$1,109,555
22	$1,970,851	-$689,545 -$118,251	$1,163,055
23	$2,069,363	-$725,995 -$124,162	$1,219,206
24	$2,172,857	-$764,287 -$130,371	$1,278,199
25	$2,281,474	-$804,476 -$136,888	$1,340,110
26	$2,395,590	-$846,699 -$143,735	$1,405,156
27	$2,515,346	-$891,008 -$150,921	$1,473,417
28	$2,641,118	-$937,544 -$158,467	$1,545,107
29	$2,773,188	-$986,410 -$166,391	$1,620,387
30	$2,911,838	-$1,037,710 -$174,710	$1,699,418