The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia MEGA Millions Jackpot/Cash Option for Fri Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(5.75%) | $2,432,250 | | Net Lumpsum Payment | $24,256,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$81,351 |
$849,639 |
| 2 |
$1,485,576 |
$509,994
$85,421 |
$890,161 |
| 3 |
$1,559,836 |
$537,470
$89,691 |
$932,675 |
| 4 |
$1,637,856 |
$566,337
$94,177 |
$977,342 |
| 5 |
$1,719,730 |
$596,630
$98,884 |
$1,024,216 |
| 6 |
$1,805,740 |
$628,454
$103,830 |
$1,073,456 |
| 7 |
$1,895,980 |
$661,843
$109,019 |
$1,125,118 |
| 8 |
$1,990,826 |
$696,936
$114,472 |
$1,179,418 |
| 9 |
$2,090,372 |
$733,768
$120,196 |
$1,236,408 |
| 10 |
$2,194,900 |
$772,443
$126,207 |
$1,296,250 |
| 11 |
$2,304,598 |
$813,032
$132,514 |
$1,359,052 |
| 12 |
$2,419,842 |
$855,672
$139,141 |
$1,425,029 |
| 13 |
$2,540,820 |
$900,434
$146,097 |
$1,494,289 |
| 14 |
$2,667,908 |
$947,456
$153,405 |
$1,567,047 |
| 15 |
$2,801,294 |
$996,809
$161,074 |
$1,643,411 |
| 16 |
$2,941,354 |
$1,048,631
$169,128 |
$1,723,595 |
| 17 |
$3,088,370 |
$1,103,027
$177,581 |
$1,807,762 |
| 18 |
$3,242,812 |
$1,160,171
$186,462 |
$1,896,179 |
| 19 |
$3,404,962 |
$1,220,166
$195,785 |
$1,989,011 |
| 20 |
$3,575,196 |
$1,283,153
$205,574 |
$2,086,469 |
| 21 |
$3,753,984 |
$1,349,304
$215,854 |
$2,188,826 |
| 22 |
$3,941,702 |
$1,418,760
$226,648 |
$2,296,294 |
| 23 |
$4,138,726 |
$1,491,659
$237,977 |
$2,409,090 |
| 24 |
$4,345,714 |
$1,568,245
$249,879 |
$2,527,590 |
| 25 |
$4,562,948 |
$1,648,621
$262,370 |
$2,651,957 |
| 26 |
$4,791,180 |
$1,733,067
$275,493 |
$2,782,620 |
| 27 |
$5,030,692 |
$1,821,686
$289,265 |
$2,919,741 |
| 28 |
$5,282,236 |
$1,914,758
$303,729 |
$3,063,749 |
| 29 |
$5,546,376 |
$2,012,490
$318,917 |
$3,214,969 |
| 30 |
$5,823,676 |
$2,115,091
$334,861 |
$3,373,724 |
|
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