The jackpot for the MEGA Millions draw on Tue Jan 7, 2025, is projected to be $62 Million, with an option for a cash payout of $27.7 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 Montana residents, the state will deduct 6.75% from your lottery earnings.
| Montana MEGA Millions Jackpot/Cash Option for Tue Jan 7, 2025 |
|---|
| Draw Date | Tue Jan 7, 2025 | | Projected Jackpot | $62,000,000 | | Cash Value | $27,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $27,700,000 | | Federal Tax(24%) | $6,648,000 | | Additional Federal Tax | $3,561,330 | | State Tax(6.75%) | $1,869,750 | | Net Lumpsum Payment | $15,620,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$933,162 |
$305,600
$62,988 |
$564,574 |
| 2 |
$979,848 |
$322,874
$66,140 |
$590,834 |
| 3 |
$1,028,828 |
$340,997
$69,446 |
$618,385 |
| 4 |
$1,080,288 |
$360,037
$72,919 |
$647,332 |
| 5 |
$1,134,290 |
$380,018
$76,565 |
$677,707 |
| 6 |
$1,191,020 |
$401,008
$80,394 |
$709,618 |
| 7 |
$1,250,540 |
$423,030
$84,411 |
$743,099 |
| 8 |
$1,313,098 |
$446,177
$88,634 |
$778,287 |
| 9 |
$1,378,756 |
$470,470
$93,066 |
$815,220 |
| 10 |
$1,447,700 |
$495,979
$97,720 |
$854,001 |
| 11 |
$1,520,054 |
$522,750
$102,604 |
$894,700 |
| 12 |
$1,596,066 |
$550,875
$107,734 |
$937,457 |
| 13 |
$1,675,860 |
$580,399
$113,121 |
$982,340 |
| 14 |
$1,759,684 |
$611,413
$118,779 |
$1,029,492 |
| 15 |
$1,847,662 |
$643,965
$124,717 |
$1,078,980 |
| 16 |
$1,940,042 |
$678,146
$130,953 |
$1,130,943 |
| 17 |
$2,037,010 |
$714,024
$137,498 |
$1,185,488 |
| 18 |
$2,138,876 |
$751,715
$144,374 |
$1,242,787 |
| 19 |
$2,245,826 |
$791,286
$151,593 |
$1,302,947 |
| 20 |
$2,358,108 |
$832,830
$159,172 |
$1,366,106 |
| 21 |
$2,476,032 |
$876,462
$167,132 |
$1,432,438 |
| 22 |
$2,599,846 |
$922,273
$175,490 |
$1,502,083 |
| 23 |
$2,729,798 |
$970,356
$184,261 |
$1,575,181 |
| 24 |
$2,866,322 |
$1,020,870
$193,477 |
$1,651,975 |
| 25 |
$3,009,604 |
$1,073,884
$203,148 |
$1,732,572 |
| 26 |
$3,160,140 |
$1,129,582
$213,309 |
$1,817,249 |
| 27 |
$3,318,116 |
$1,188,033
$223,973 |
$1,906,110 |
| 28 |
$3,484,028 |
$1,249,421
$235,172 |
$1,999,435 |
| 29 |
$3,658,248 |
$1,313,882
$246,932 |
$2,097,434 |
| 30 |
$3,841,148 |
$1,381,555
$259,277 |
$2,200,316 |
|
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