The jackpot for the MEGA Millions draw on Fri Jan 24, 2025, is projected to be $28 Million, with an option for a cash payout of $12.5 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 Jan 24, 2025 |
|---|
| Draw Date | Fri Jan 24, 2025 | | Projected Jackpot | $28,000,000 | | Cash Value | $12,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $12,500,000 | | Federal Tax(24%) | $3,000,000 | | Additional Federal Tax | $1,585,330 | | State Tax(7.25%) | $906,250 | | Net Lumpsum Payment | $7,008,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$30,554 |
$274,615 |
| 2 |
$442,512 |
$124,060
$32,082 |
$286,370 |
| 3 |
$464,632 |
$132,244
$33,686 |
$298,702 |
| 4 |
$487,872 |
$140,843
$35,371 |
$311,658 |
| 5 |
$512,260 |
$149,867
$37,139 |
$325,254 |
| 6 |
$537,880 |
$159,346
$38,996 |
$339,538 |
| 7 |
$564,760 |
$169,292
$40,945 |
$354,523 |
| 8 |
$593,012 |
$179,745
$42,993 |
$370,274 |
| 9 |
$622,664 |
$190,716
$45,143 |
$386,805 |
| 10 |
$653,800 |
$202,236
$47,401 |
$404,163 |
| 11 |
$686,476 |
$214,327
$49,770 |
$422,379 |
| 12 |
$720,804 |
$227,028
$52,258 |
$441,518 |
| 13 |
$756,840 |
$240,361
$54,871 |
$461,608 |
| 14 |
$794,696 |
$254,368
$57,615 |
$482,713 |
| 15 |
$834,428 |
$269,069
$60,496 |
$504,863 |
| 16 |
$876,148 |
$284,505
$63,521 |
$528,122 |
| 17 |
$919,940 |
$300,708
$66,696 |
$552,536 |
| 18 |
$965,944 |
$317,730
$70,031 |
$578,183 |
| 19 |
$1,014,244 |
$335,601
$73,533 |
$605,110 |
| 20 |
$1,064,952 |
$354,363
$77,209 |
$633,380 |
| 21 |
$1,118,208 |
$374,067
$81,070 |
$663,071 |
| 22 |
$1,174,124 |
$394,756
$85,124 |
$694,244 |
| 23 |
$1,232,812 |
$416,471
$89,379 |
$726,962 |
| 24 |
$1,294,468 |
$439,284
$93,849 |
$761,335 |
| 25 |
$1,359,176 |
$463,226
$98,540 |
$797,410 |
| 26 |
$1,427,160 |
$488,380
$103,469 |
$835,311 |
| 27 |
$1,498,504 |
$514,777
$108,642 |
$875,085 |
| 28 |
$1,573,432 |
$542,500
$114,074 |
$916,858 |
| 29 |
$1,652,112 |
$571,612
$119,778 |
$960,722 |
| 30 |
$1,734,712 |
$602,174
$125,767 |
$1,006,771 |
|
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