The jackpot for the MEGA Millions draw on Tue Sep 10, 2024, is projected to be $800 Million, with an option for a cash payout of $401.8 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania MEGA Millions Jackpot/Cash Option for Tue Sep 10, 2024 |
|---|
| Draw Date | Tue Sep 10, 2024 | | Projected Jackpot | $800,000,000 | | Cash Value | $401,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $401,800,000 | | Federal Tax(24%) | $96,432,000 | | Additional Federal Tax | $52,194,330 | | State Tax(3.07%) | $12,335,260 | | Net Lumpsum Payment | $240,838,410 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$12,040,800 |
$4,415,426
$369,653 |
$7,255,721 |
| 2 |
$12,643,200 |
$4,638,314
$388,146 |
$7,616,740 |
| 3 |
$13,275,200 |
$4,872,154
$407,549 |
$7,995,497 |
| 4 |
$13,939,200 |
$5,117,834
$427,933 |
$8,393,433 |
| 5 |
$14,636,000 |
$5,375,650
$449,325 |
$8,811,025 |
| 6 |
$15,368,000 |
$5,646,490
$471,798 |
$9,249,712 |
| 7 |
$16,136,000 |
$5,930,650
$495,375 |
$9,709,975 |
| 8 |
$16,943,200 |
$6,229,314
$520,156 |
$10,193,730 |
| 9 |
$17,790,400 |
$6,542,778
$546,165 |
$10,701,457 |
| 10 |
$18,680,000 |
$6,871,930
$573,476 |
$11,234,594 |
| 11 |
$19,613,600 |
$7,217,362
$602,138 |
$11,794,100 |
| 12 |
$20,594,400 |
$7,580,258
$632,248 |
$12,381,894 |
| 13 |
$21,624,000 |
$7,961,210
$663,857 |
$12,998,933 |
| 14 |
$22,705,600 |
$8,361,402
$697,062 |
$13,647,136 |
| 15 |
$23,840,800 |
$8,781,426
$731,913 |
$14,327,461 |
| 16 |
$25,032,800 |
$9,222,466
$768,507 |
$15,041,827 |
| 17 |
$26,284,000 |
$9,685,410
$806,919 |
$15,791,671 |
| 18 |
$27,598,400 |
$10,171,738
$847,271 |
$16,579,391 |
| 19 |
$28,978,400 |
$10,682,338
$889,637 |
$17,406,425 |
| 20 |
$30,427,200 |
$11,218,394
$934,115 |
$18,274,691 |
| 21 |
$31,948,800 |
$11,781,386
$980,828 |
$19,186,586 |
| 22 |
$33,546,400 |
$12,372,498
$1,029,874 |
$20,144,028 |
| 23 |
$35,223,200 |
$12,992,914
$1,081,352 |
$21,148,934 |
| 24 |
$36,984,800 |
$13,644,706
$1,135,433 |
$22,204,661 |
| 25 |
$38,833,600 |
$14,328,762
$1,192,192 |
$23,312,646 |
| 26 |
$40,776,000 |
$15,047,450
$1,251,823 |
$24,476,727 |
| 27 |
$42,814,400 |
$15,801,658
$1,314,402 |
$25,698,340 |
| 28 |
$44,955,200 |
$16,593,754
$1,380,125 |
$26,981,321 |
| 29 |
$47,203,200 |
$17,425,514
$1,449,138 |
$28,328,548 |
| 30 |
$49,563,200 |
$18,298,714
$1,521,590 |
$29,742,896 |
|
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