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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
| Indiana 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(3.15%) | $1,332,450 | | Net Lumpsum Payment | $25,356,220 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$44,566 |
$886,424 |
| 2 |
$1,485,576 |
$509,994
$46,796 |
$928,786 |
| 3 |
$1,559,836 |
$537,470
$49,135 |
$973,231 |
| 4 |
$1,637,856 |
$566,337
$51,592 |
$1,019,927 |
| 5 |
$1,719,730 |
$596,630
$54,171 |
$1,068,929 |
| 6 |
$1,805,740 |
$628,454
$56,881 |
$1,120,405 |
| 7 |
$1,895,980 |
$661,843
$59,723 |
$1,174,414 |
| 8 |
$1,990,826 |
$696,936
$62,711 |
$1,231,179 |
| 9 |
$2,090,372 |
$733,768
$65,847 |
$1,290,757 |
| 10 |
$2,194,900 |
$772,443
$69,139 |
$1,353,318 |
| 11 |
$2,304,598 |
$813,032
$72,595 |
$1,418,971 |
| 12 |
$2,419,842 |
$855,672
$76,225 |
$1,487,945 |
| 13 |
$2,540,820 |
$900,434
$80,036 |
$1,560,350 |
| 14 |
$2,667,908 |
$947,456
$84,039 |
$1,636,413 |
| 15 |
$2,801,294 |
$996,809
$88,241 |
$1,716,244 |
| 16 |
$2,941,354 |
$1,048,631
$92,653 |
$1,800,070 |
| 17 |
$3,088,370 |
$1,103,027
$97,284 |
$1,888,059 |
| 18 |
$3,242,812 |
$1,160,171
$102,149 |
$1,980,492 |
| 19 |
$3,404,962 |
$1,220,166
$107,256 |
$2,077,540 |
| 20 |
$3,575,196 |
$1,283,153
$112,619 |
$2,179,424 |
| 21 |
$3,753,984 |
$1,349,304
$118,250 |
$2,286,430 |
| 22 |
$3,941,702 |
$1,418,760
$124,164 |
$2,398,778 |
| 23 |
$4,138,726 |
$1,491,659
$130,370 |
$2,516,697 |
| 24 |
$4,345,714 |
$1,568,245
$136,890 |
$2,640,579 |
| 25 |
$4,562,948 |
$1,648,621
$143,733 |
$2,770,594 |
| 26 |
$4,791,180 |
$1,733,067
$150,922 |
$2,907,191 |
| 27 |
$5,030,692 |
$1,821,686
$158,467 |
$3,050,539 |
| 28 |
$5,282,236 |
$1,914,758
$166,390 |
$3,201,088 |
| 29 |
$5,546,376 |
$2,012,490
$174,711 |
$3,359,175 |
| 30 |
$5,823,676 |
$2,115,091
$183,446 |
$3,525,139 |
|
|
