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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $2,453,400 | | Net Lumpsum Payment | $24,235,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$82,058 |
$848,932 |
| 2 |
$1,485,576 |
$509,994
$86,163 |
$889,419 |
| 3 |
$1,559,836 |
$537,470
$90,470 |
$931,896 |
| 4 |
$1,637,856 |
$566,337
$94,996 |
$976,523 |
| 5 |
$1,719,730 |
$596,630
$99,744 |
$1,023,356 |
| 6 |
$1,805,740 |
$628,454
$104,733 |
$1,072,553 |
| 7 |
$1,895,980 |
$661,843
$109,967 |
$1,124,170 |
| 8 |
$1,990,826 |
$696,936
$115,468 |
$1,178,422 |
| 9 |
$2,090,372 |
$733,768
$121,242 |
$1,235,362 |
| 10 |
$2,194,900 |
$772,443
$127,304 |
$1,295,153 |
| 11 |
$2,304,598 |
$813,032
$133,667 |
$1,357,899 |
| 12 |
$2,419,842 |
$855,672
$140,351 |
$1,423,819 |
| 13 |
$2,540,820 |
$900,434
$147,368 |
$1,493,018 |
| 14 |
$2,667,908 |
$947,456
$154,739 |
$1,565,713 |
| 15 |
$2,801,294 |
$996,809
$162,475 |
$1,642,010 |
| 16 |
$2,941,354 |
$1,048,631
$170,599 |
$1,722,124 |
| 17 |
$3,088,370 |
$1,103,027
$179,125 |
$1,806,218 |
| 18 |
$3,242,812 |
$1,160,171
$188,083 |
$1,894,558 |
| 19 |
$3,404,962 |
$1,220,166
$197,488 |
$1,987,308 |
| 20 |
$3,575,196 |
$1,283,153
$207,361 |
$2,084,682 |
| 21 |
$3,753,984 |
$1,349,304
$217,731 |
$2,186,949 |
| 22 |
$3,941,702 |
$1,418,760
$228,619 |
$2,294,323 |
| 23 |
$4,138,726 |
$1,491,659
$240,046 |
$2,407,021 |
| 24 |
$4,345,714 |
$1,568,245
$252,051 |
$2,525,418 |
| 25 |
$4,562,948 |
$1,648,621
$264,651 |
$2,649,676 |
| 26 |
$4,791,180 |
$1,733,067
$277,888 |
$2,780,225 |
| 27 |
$5,030,692 |
$1,821,686
$291,780 |
$2,917,226 |
| 28 |
$5,282,236 |
$1,914,758
$306,370 |
$3,061,108 |
| 29 |
$5,546,376 |
$2,012,490
$321,690 |
$3,212,196 |
| 30 |
$5,823,676 |
$2,115,091
$337,773 |
$3,370,812 |
|
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