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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan 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(4.25%) | $1,797,750 | | Net Lumpsum Payment | $24,890,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$60,129 |
$870,861 |
| 2 |
$1,485,576 |
$509,994
$63,137 |
$912,445 |
| 3 |
$1,559,836 |
$537,470
$66,293 |
$956,073 |
| 4 |
$1,637,856 |
$566,337
$69,609 |
$1,001,910 |
| 5 |
$1,719,730 |
$596,630
$73,089 |
$1,050,011 |
| 6 |
$1,805,740 |
$628,454
$76,744 |
$1,100,542 |
| 7 |
$1,895,980 |
$661,843
$80,579 |
$1,153,558 |
| 8 |
$1,990,826 |
$696,936
$84,610 |
$1,209,280 |
| 9 |
$2,090,372 |
$733,768
$88,841 |
$1,267,763 |
| 10 |
$2,194,900 |
$772,443
$93,283 |
$1,329,174 |
| 11 |
$2,304,598 |
$813,032
$97,945 |
$1,393,621 |
| 12 |
$2,419,842 |
$855,672
$102,843 |
$1,461,327 |
| 13 |
$2,540,820 |
$900,434
$107,985 |
$1,532,401 |
| 14 |
$2,667,908 |
$947,456
$113,386 |
$1,607,066 |
| 15 |
$2,801,294 |
$996,809
$119,055 |
$1,685,430 |
| 16 |
$2,941,354 |
$1,048,631
$125,008 |
$1,767,715 |
| 17 |
$3,088,370 |
$1,103,027
$131,256 |
$1,854,087 |
| 18 |
$3,242,812 |
$1,160,171
$137,820 |
$1,944,821 |
| 19 |
$3,404,962 |
$1,220,166
$144,711 |
$2,040,085 |
| 20 |
$3,575,196 |
$1,283,153
$151,946 |
$2,140,097 |
| 21 |
$3,753,984 |
$1,349,304
$159,544 |
$2,245,136 |
| 22 |
$3,941,702 |
$1,418,760
$167,522 |
$2,355,420 |
| 23 |
$4,138,726 |
$1,491,659
$175,896 |
$2,471,171 |
| 24 |
$4,345,714 |
$1,568,245
$184,693 |
$2,592,776 |
| 25 |
$4,562,948 |
$1,648,621
$193,925 |
$2,720,402 |
| 26 |
$4,791,180 |
$1,733,067
$203,625 |
$2,854,488 |
| 27 |
$5,030,692 |
$1,821,686
$213,804 |
$2,995,202 |
| 28 |
$5,282,236 |
$1,914,758
$224,495 |
$3,142,983 |
| 29 |
$5,546,376 |
$2,012,490
$235,721 |
$3,298,165 |
| 30 |
$5,823,676 |
$2,115,091
$247,506 |
$3,461,079 |
|
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