Jackpot Analysis Washington Mega Millions

Jackpot Analysis for Washington Mega Millions
The jackpot for the MEGA Millions draw on Fri Nov 8, 2024, is projected to be $334 Million, with an option for a cash payout of $155.7 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 those living in Washington, the bright side is you won't have to pay any state taxes on your lottery prize.

Washington MEGA Millions Jackpot/Cash Option for Fri Nov 8, 2024
Draw DateFri Nov 8, 2024
Projected Jackpot$334,000,000
Cash Value$155,700,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$155,700,000
Federal Tax(24%)$37,368,000
Additional Federal Tax$20,201,330
State Tax(0%)$0
Net Lumpsum Payment$98,130,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $5,027,034 $1,820,333
$0
$3,206,701
2 $5,278,536 $1,913,389
$0
$3,365,147
3 $5,542,396 $2,011,017
$0
$3,531,379
4 $5,819,616 $2,113,588
$0
$3,706,028
5 $6,110,530 $2,221,226
$0
$3,889,304
6 $6,416,140 $2,334,302
$0
$4,081,838
7 $6,736,780 $2,452,939
$0
$4,283,841
8 $7,073,786 $2,577,631
$0
$4,496,155
9 $7,427,492 $2,708,502
$0
$4,718,990
10 $7,798,900 $2,845,923
$0
$4,952,977
11 $8,188,678 $2,990,141
$0
$5,198,537
12 $8,598,162 $3,141,650
$0
$5,456,512
13 $9,028,020 $3,300,698
$0
$5,727,322
14 $9,479,588 $3,467,778
$0
$6,011,810
15 $9,953,534 $3,643,138
$0
$6,310,396
16 $10,451,194 $3,827,272
$0
$6,623,922
17 $10,973,570 $4,020,551
$0
$6,953,019
18 $11,522,332 $4,223,593
$0
$7,298,739
19 $12,098,482 $4,436,769
$0
$7,661,713
20 $12,703,356 $4,660,572
$0
$8,042,784
21 $13,338,624 $4,895,621
$0
$8,443,003
22 $14,005,622 $5,142,411
$0
$8,863,211
23 $14,705,686 $5,401,434
$0
$9,304,252
24 $15,441,154 $5,673,557
$0
$9,767,597
25 $16,213,028 $5,959,151
$0
$10,253,877
26 $17,023,980 $6,259,203
$0
$10,764,777
27 $17,875,012 $6,574,085
$0
$11,300,927
28 $18,768,796 $6,904,785
$0
$11,864,011
29 $19,707,336 $7,252,045
$0
$12,455,291
30 $20,692,636 $7,616,606
$0
$13,076,030