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 |
|---|
| 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(7.25%) | $3,066,750 | | Net Lumpsum Payment | $23,621,920 |
| Annuity Payment in 30 Installations |
|---|
| 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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