The jackpot for the MEGA Millions draw on Tue Jan 14, 2025, is projected to be $95 Million, with an option for a cash payout of $41.6 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 California, the bright side is you won't have to pay any state taxes on your lottery prize.
| California MEGA Millions Jackpot/Cash Option for Tue Jan 14, 2025 |
|---|
| Draw Date | Tue Jan 14, 2025 | | Projected Jackpot | $95,000,000 | | Cash Value | $41,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,600,000 | | Federal Tax(24%) | $9,984,000 | | Additional Federal Tax | $5,368,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $26,247,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,429,845 |
$489,373
$0 |
$940,472 |
| 2 |
$1,501,380 |
$515,841
$0 |
$985,539 |
| 3 |
$1,576,430 |
$543,609
$0 |
$1,032,821 |
| 4 |
$1,655,280 |
$572,784
$0 |
$1,082,496 |
| 5 |
$1,738,025 |
$603,400
$0 |
$1,134,625 |
| 6 |
$1,824,950 |
$635,562
$0 |
$1,189,388 |
| 7 |
$1,916,150 |
$669,306
$0 |
$1,246,844 |
| 8 |
$2,012,005 |
$704,772
$0 |
$1,307,233 |
| 9 |
$2,112,610 |
$741,996
$0 |
$1,370,614 |
| 10 |
$2,218,250 |
$781,083
$0 |
$1,437,167 |
| 11 |
$2,329,115 |
$822,103
$0 |
$1,507,012 |
| 12 |
$2,445,585 |
$865,197
$0 |
$1,580,388 |
| 13 |
$2,567,850 |
$910,435
$0 |
$1,657,415 |
| 14 |
$2,696,290 |
$957,958
$0 |
$1,738,332 |
| 15 |
$2,831,095 |
$1,007,836
$0 |
$1,823,259 |
| 16 |
$2,972,645 |
$1,060,209
$0 |
$1,912,436 |
| 17 |
$3,121,225 |
$1,115,184
$0 |
$2,006,041 |
| 18 |
$3,277,310 |
$1,172,935
$0 |
$2,104,375 |
| 19 |
$3,441,185 |
$1,233,569
$0 |
$2,207,616 |
| 20 |
$3,613,230 |
$1,297,225
$0 |
$2,316,005 |
| 21 |
$3,793,920 |
$1,364,081
$0 |
$2,429,839 |
| 22 |
$3,983,635 |
$1,434,275
$0 |
$2,549,360 |
| 23 |
$4,182,755 |
$1,507,950
$0 |
$2,674,805 |
| 24 |
$4,391,945 |
$1,585,350
$0 |
$2,806,595 |
| 25 |
$4,611,490 |
$1,666,582
$0 |
$2,944,908 |
| 26 |
$4,842,150 |
$1,751,926
$0 |
$3,090,224 |
| 27 |
$5,084,210 |
$1,841,488
$0 |
$3,242,722 |
| 28 |
$5,338,430 |
$1,935,549
$0 |
$3,402,881 |
| 29 |
$5,605,380 |
$2,034,321
$0 |
$3,571,059 |
| 30 |
$5,885,630 |
$2,138,013
$0 |
$3,747,617 |
|
|
