The jackpot for the MEGA Millions draw on Tue Jan 7, 2025, is projected to be $62 Million, with an option for a cash payout of $27.7 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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC MEGA Millions Jackpot/Cash Option for Tue Jan 7, 2025 |
|---|
| Draw Date | Tue Jan 7, 2025 | | Projected Jackpot | $62,000,000 | | Cash Value | $27,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $27,700,000 | | Federal Tax(24%) | $6,648,000 | | Additional Federal Tax | $3,561,330 | | State Tax(10.75%) | $2,977,750 | | Net Lumpsum Payment | $14,512,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$933,162 |
$305,600
$100,315 |
$527,247 |
| 2 |
$979,848 |
$322,874
$105,334 |
$551,640 |
| 3 |
$1,028,828 |
$340,997
$110,599 |
$577,232 |
| 4 |
$1,080,288 |
$360,037
$116,131 |
$604,120 |
| 5 |
$1,134,290 |
$380,018
$121,936 |
$632,336 |
| 6 |
$1,191,020 |
$401,008
$128,035 |
$661,977 |
| 7 |
$1,250,540 |
$423,030
$134,433 |
$693,077 |
| 8 |
$1,313,098 |
$446,177
$141,158 |
$725,763 |
| 9 |
$1,378,756 |
$470,470
$148,216 |
$760,070 |
| 10 |
$1,447,700 |
$495,979
$155,628 |
$796,093 |
| 11 |
$1,520,054 |
$522,750
$163,406 |
$833,898 |
| 12 |
$1,596,066 |
$550,875
$171,577 |
$873,614 |
| 13 |
$1,675,860 |
$580,399
$180,155 |
$915,306 |
| 14 |
$1,759,684 |
$611,413
$189,166 |
$959,105 |
| 15 |
$1,847,662 |
$643,965
$198,624 |
$1,005,073 |
| 16 |
$1,940,042 |
$678,146
$208,555 |
$1,053,341 |
| 17 |
$2,037,010 |
$714,024
$218,979 |
$1,104,007 |
| 18 |
$2,138,876 |
$751,715
$229,929 |
$1,157,232 |
| 19 |
$2,245,826 |
$791,286
$241,426 |
$1,213,114 |
| 20 |
$2,358,108 |
$832,830
$253,497 |
$1,271,781 |
| 21 |
$2,476,032 |
$876,462
$266,173 |
$1,333,397 |
| 22 |
$2,599,846 |
$922,273
$279,483 |
$1,398,090 |
| 23 |
$2,729,798 |
$970,356
$293,453 |
$1,465,989 |
| 24 |
$2,866,322 |
$1,020,870
$308,130 |
$1,537,322 |
| 25 |
$3,009,604 |
$1,073,884
$323,532 |
$1,612,188 |
| 26 |
$3,160,140 |
$1,129,582
$339,715 |
$1,690,843 |
| 27 |
$3,318,116 |
$1,188,033
$356,697 |
$1,773,386 |
| 28 |
$3,484,028 |
$1,249,421
$374,533 |
$1,860,074 |
| 29 |
$3,658,248 |
$1,313,882
$393,262 |
$1,951,104 |
| 30 |
$3,841,148 |
$1,381,555
$412,923 |
$2,046,670 |
|
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