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 Maine residents, the state will deduct 5% from your lottery earnings.
| Maine 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%) | $2,115,000 | | Net Lumpsum Payment | $24,573,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$70,740 |
$860,250 |
| 2 |
$1,485,576 |
$509,994
$74,279 |
$901,303 |
| 3 |
$1,559,836 |
$537,470
$77,992 |
$944,374 |
| 4 |
$1,637,856 |
$566,337
$81,893 |
$989,626 |
| 5 |
$1,719,730 |
$596,630
$85,987 |
$1,037,113 |
| 6 |
$1,805,740 |
$628,454
$90,287 |
$1,086,999 |
| 7 |
$1,895,980 |
$661,843
$94,799 |
$1,139,338 |
| 8 |
$1,990,826 |
$696,936
$99,541 |
$1,194,349 |
| 9 |
$2,090,372 |
$733,768
$104,519 |
$1,252,085 |
| 10 |
$2,194,900 |
$772,443
$109,745 |
$1,312,712 |
| 11 |
$2,304,598 |
$813,032
$115,230 |
$1,376,336 |
| 12 |
$2,419,842 |
$855,672
$120,992 |
$1,443,178 |
| 13 |
$2,540,820 |
$900,434
$127,041 |
$1,513,345 |
| 14 |
$2,667,908 |
$947,456
$133,395 |
$1,587,057 |
| 15 |
$2,801,294 |
$996,809
$140,065 |
$1,664,420 |
| 16 |
$2,941,354 |
$1,048,631
$147,068 |
$1,745,655 |
| 17 |
$3,088,370 |
$1,103,027
$154,419 |
$1,830,924 |
| 18 |
$3,242,812 |
$1,160,171
$162,141 |
$1,920,500 |
| 19 |
$3,404,962 |
$1,220,166
$170,248 |
$2,014,548 |
| 20 |
$3,575,196 |
$1,283,153
$178,760 |
$2,113,283 |
| 21 |
$3,753,984 |
$1,349,304
$187,699 |
$2,216,981 |
| 22 |
$3,941,702 |
$1,418,760
$197,085 |
$2,325,857 |
| 23 |
$4,138,726 |
$1,491,659
$206,936 |
$2,440,131 |
| 24 |
$4,345,714 |
$1,568,245
$217,286 |
$2,560,183 |
| 25 |
$4,562,948 |
$1,648,621
$228,147 |
$2,686,180 |
| 26 |
$4,791,180 |
$1,733,067
$239,559 |
$2,818,554 |
| 27 |
$5,030,692 |
$1,821,686
$251,535 |
$2,957,471 |
| 28 |
$5,282,236 |
$1,914,758
$264,112 |
$3,103,366 |
| 29 |
$5,546,376 |
$2,012,490
$277,319 |
$3,256,567 |
| 30 |
$5,823,676 |
$2,115,091
$291,184 |
$3,417,401 |
|
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