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 North Carolina residents, the state will deduct 4.75% from your lottery earnings.
| North Carolina 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(4.75%) | $2,009,250 | | Net Lumpsum Payment | $24,679,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$67,203 |
$863,787 |
| 2 |
$1,485,576 |
$509,994
$70,565 |
$905,017 |
| 3 |
$1,559,836 |
$537,470
$74,092 |
$948,274 |
| 4 |
$1,637,856 |
$566,337
$77,798 |
$993,721 |
| 5 |
$1,719,730 |
$596,630
$81,687 |
$1,041,413 |
| 6 |
$1,805,740 |
$628,454
$85,773 |
$1,091,513 |
| 7 |
$1,895,980 |
$661,843
$90,059 |
$1,144,078 |
| 8 |
$1,990,826 |
$696,936
$94,564 |
$1,199,326 |
| 9 |
$2,090,372 |
$733,768
$99,293 |
$1,257,311 |
| 10 |
$2,194,900 |
$772,443
$104,258 |
$1,318,199 |
| 11 |
$2,304,598 |
$813,032
$109,468 |
$1,382,098 |
| 12 |
$2,419,842 |
$855,672
$114,942 |
$1,449,228 |
| 13 |
$2,540,820 |
$900,434
$120,689 |
$1,519,697 |
| 14 |
$2,667,908 |
$947,456
$126,726 |
$1,593,726 |
| 15 |
$2,801,294 |
$996,809
$133,061 |
$1,671,424 |
| 16 |
$2,941,354 |
$1,048,631
$139,714 |
$1,753,009 |
| 17 |
$3,088,370 |
$1,103,027
$146,698 |
$1,838,645 |
| 18 |
$3,242,812 |
$1,160,171
$154,034 |
$1,928,607 |
| 19 |
$3,404,962 |
$1,220,166
$161,736 |
$2,023,060 |
| 20 |
$3,575,196 |
$1,283,153
$169,822 |
$2,122,221 |
| 21 |
$3,753,984 |
$1,349,304
$178,314 |
$2,226,366 |
| 22 |
$3,941,702 |
$1,418,760
$187,231 |
$2,335,711 |
| 23 |
$4,138,726 |
$1,491,659
$196,589 |
$2,450,478 |
| 24 |
$4,345,714 |
$1,568,245
$206,421 |
$2,571,048 |
| 25 |
$4,562,948 |
$1,648,621
$216,740 |
$2,697,587 |
| 26 |
$4,791,180 |
$1,733,067
$227,581 |
$2,830,532 |
| 27 |
$5,030,692 |
$1,821,686
$238,958 |
$2,970,048 |
| 28 |
$5,282,236 |
$1,914,758
$250,906 |
$3,116,572 |
| 29 |
$5,546,376 |
$2,012,490
$263,453 |
$3,270,433 |
| 30 |
$5,823,676 |
$2,115,091
$276,625 |
$3,431,960 |
|
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