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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
Minnesota MEGA Millions Jackpot/Cash Option for Fri Feb 7, 2025 |
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Draw Date | Fri Feb 7, 2025 | Projected Jackpot | $94,000,000 | Cash Value | $42,300,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $42,300,000 | Federal Tax(24%) | $10,152,000 | Additional Federal Tax | $5,459,330 | State Tax(7.25%) | $3,066,750 | Net Lumpsum Payment | $23,621,920 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,414,794 |
$483,804 $102,573 |
$828,417 |
2 |
$1,485,576 |
$509,994 $107,704 |
$867,878 |
3 |
$1,559,836 |
$537,470 $113,088 |
$909,278 |
4 |
$1,637,856 |
$566,337 $118,745 |
$952,774 |
5 |
$1,719,730 |
$596,630 $124,680 |
$998,420 |
6 |
$1,805,740 |
$628,454 $130,916 |
$1,046,370 |
7 |
$1,895,980 |
$661,843 $137,459 |
$1,096,678 |
8 |
$1,990,826 |
$696,936 $144,335 |
$1,149,555 |
9 |
$2,090,372 |
$733,768 $151,552 |
$1,205,052 |
10 |
$2,194,900 |
$772,443 $159,130 |
$1,263,327 |
11 |
$2,304,598 |
$813,032 $167,083 |
$1,324,483 |
12 |
$2,419,842 |
$855,672 $175,439 |
$1,388,731 |
13 |
$2,540,820 |
$900,434 $184,209 |
$1,456,177 |
14 |
$2,667,908 |
$947,456 $193,423 |
$1,527,029 |
15 |
$2,801,294 |
$996,809 $203,094 |
$1,601,391 |
16 |
$2,941,354 |
$1,048,631 $213,248 |
$1,679,475 |
17 |
$3,088,370 |
$1,103,027 $223,907 |
$1,761,436 |
18 |
$3,242,812 |
$1,160,171 $235,104 |
$1,847,537 |
19 |
$3,404,962 |
$1,220,166 $246,860 |
$1,937,936 |
20 |
$3,575,196 |
$1,283,153 $259,202 |
$2,032,841 |
21 |
$3,753,984 |
$1,349,304 $272,164 |
$2,132,516 |
22 |
$3,941,702 |
$1,418,760 $285,773 |
$2,237,169 |
23 |
$4,138,726 |
$1,491,659 $300,058 |
$2,347,009 |
24 |
$4,345,714 |
$1,568,245 $315,064 |
$2,462,405 |
25 |
$4,562,948 |
$1,648,621 $330,814 |
$2,583,513 |
26 |
$4,791,180 |
$1,733,067 $347,361 |
$2,710,752 |
27 |
$5,030,692 |
$1,821,686 $364,725 |
$2,844,281 |
28 |
$5,282,236 |
$1,914,758 $382,962 |
$2,984,516 |
29 |
$5,546,376 |
$2,012,490 $402,112 |
$3,131,774 |
30 |
$5,823,676 |
$2,115,091 $422,217 |
$3,286,368 |
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