Massachusetts(MA) MEGA Millions Prize Analysis for Tue Feb 13, 2024

Updated: Saturday, February 10th, 2024 12:42 AM

The estimated jackpot for MEGA Millions on Tue Feb 13, 2024 is $425 million. The cash option is $202 million. The MEGA Millions prize analysis tells you how much you would get after tax withholdings.

As legally required by the state of Massachusetts, taxes are withheld on lottery winnings of $600.00 or more. For prizes over $5,000.00, US citizens and resident aliens with a social security number are subject to a 25% deduction to their prizes, which represents federal taxes. The Massachusetts state tax rate for lottery winning is 5%.

Prize Analysis for $202 Million Cash Option - The federal tax that must be withheld is $50,500,000.00. Massachusetts state tax withholding amounts to $10,100,000.00. A single winner will receive $141,400,000.00 after tax deduction.
Prize Analysis for $425 Million Annuity - The winner gets paid in 30 equal annual installments in the amount of $14,166,666.67 per yearl. The federal tax withholding amounts to $3,541,666.67 per year. Massachusetts state tax withholding amounts to $708,333.33 per year. A single winner will receive an annual payment in the amount of $9,916,666.67 after tax deduction.

For detailed information on Massachusetts MEGA Millions Lottery Winning Taxes and Prizes Analysis, see the data listed below.

Massachusetts(MA) MEGA Millions Prize Analysis for Tue Feb 13, 2024
Tue Feb 13, 2024	Jackpot: $425 Million	Cash: $202 Million

Cash Option - $202 Million
Gross Cash Payment	25% Federal Withholding	State Withholding	Lump-Sum Net Payment
$202,000,000.00	-$50,500,000.00	-$10,100,000.00	$141,400,000.00

Annuity - $425 Million in 30 Annual Payments
Gross Annual Payment	25% Federal Annual Withholding	State Annual Withholding	Net Annual Payment
$14,166,666.67	-$3,541,666.67	-$708,333.33	$9,916,666.67
Total Gross Payment	25% Federal Total Withholding	State Total Withholding	Total Net Payment
$425,000,000.00	-$106,250,000.00	-$21,250,000.00	$297,500,000.00

Past Prize Analysis for MEGA-Millions

More Prize Analysis for Massachusetts(MA) MEGA Millions

Massachusetts MEGA Millions

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$453,000,000
Change: +$33,000,000