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 Illinois residents, the state will deduct 4.95% from your lottery earnings.
| Illinois 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(4.95%) | $2,093,850 | | Net Lumpsum Payment | $24,594,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$70,032 |
$860,958 |
| 2 |
$1,485,576 |
$509,994
$73,536 |
$902,046 |
| 3 |
$1,559,836 |
$537,470
$77,212 |
$945,154 |
| 4 |
$1,637,856 |
$566,337
$81,074 |
$990,445 |
| 5 |
$1,719,730 |
$596,630
$85,127 |
$1,037,973 |
| 6 |
$1,805,740 |
$628,454
$89,384 |
$1,087,902 |
| 7 |
$1,895,980 |
$661,843
$93,851 |
$1,140,286 |
| 8 |
$1,990,826 |
$696,936
$98,546 |
$1,195,344 |
| 9 |
$2,090,372 |
$733,768
$103,473 |
$1,253,131 |
| 10 |
$2,194,900 |
$772,443
$108,648 |
$1,313,809 |
| 11 |
$2,304,598 |
$813,032
$114,078 |
$1,377,488 |
| 12 |
$2,419,842 |
$855,672
$119,782 |
$1,444,388 |
| 13 |
$2,540,820 |
$900,434
$125,771 |
$1,514,615 |
| 14 |
$2,667,908 |
$947,456
$132,061 |
$1,588,391 |
| 15 |
$2,801,294 |
$996,809
$138,664 |
$1,665,821 |
| 16 |
$2,941,354 |
$1,048,631
$145,597 |
$1,747,126 |
| 17 |
$3,088,370 |
$1,103,027
$152,874 |
$1,832,469 |
| 18 |
$3,242,812 |
$1,160,171
$160,519 |
$1,922,122 |
| 19 |
$3,404,962 |
$1,220,166
$168,546 |
$2,016,250 |
| 20 |
$3,575,196 |
$1,283,153
$176,972 |
$2,115,071 |
| 21 |
$3,753,984 |
$1,349,304
$185,822 |
$2,218,858 |
| 22 |
$3,941,702 |
$1,418,760
$195,114 |
$2,327,828 |
| 23 |
$4,138,726 |
$1,491,659
$204,867 |
$2,442,200 |
| 24 |
$4,345,714 |
$1,568,245
$215,113 |
$2,562,356 |
| 25 |
$4,562,948 |
$1,648,621
$225,866 |
$2,688,461 |
| 26 |
$4,791,180 |
$1,733,067
$237,163 |
$2,820,950 |
| 27 |
$5,030,692 |
$1,821,686
$249,019 |
$2,959,987 |
| 28 |
$5,282,236 |
$1,914,758
$261,471 |
$3,106,007 |
| 29 |
$5,546,376 |
$2,012,490
$274,546 |
$3,259,340 |
| 30 |
$5,823,676 |
$2,115,091
$288,272 |
$3,420,313 |
|
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