The jackpot for the MEGA Millions draw on Fri Jan 3, 2025, is projected to be $42 Million, with an option for a cash payout of $18.8 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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio MEGA Millions Jackpot/Cash Option for Fri Jan 3, 2025 |
|---|
| Draw Date | Fri Jan 3, 2025 | | Projected Jackpot | $42,000,000 | | Cash Value | $18,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $18,800,000 | | Federal Tax(24%) | $4,512,000 | | Additional Federal Tax | $2,404,330 | | State Tax(3.99%) | $750,120 | | Net Lumpsum Payment | $11,133,550 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$632,142 |
$194,223
$25,222 |
$412,697 |
| 2 |
$663,768 |
$205,925
$26,484 |
$431,359 |
| 3 |
$696,948 |
$218,201
$27,808 |
$450,939 |
| 4 |
$731,808 |
$231,099
$29,199 |
$471,510 |
| 5 |
$768,390 |
$244,635
$30,659 |
$493,096 |
| 6 |
$806,820 |
$258,854
$32,192 |
$515,774 |
| 7 |
$847,140 |
$273,772
$33,801 |
$539,567 |
| 8 |
$889,518 |
$289,452
$35,492 |
$564,574 |
| 9 |
$933,996 |
$305,909
$37,266 |
$590,821 |
| 10 |
$980,700 |
$323,189
$39,130 |
$618,381 |
| 11 |
$1,029,714 |
$341,325
$41,086 |
$647,303 |
| 12 |
$1,081,206 |
$360,377
$43,140 |
$677,689 |
| 13 |
$1,135,260 |
$380,377
$45,297 |
$709,586 |
| 14 |
$1,192,044 |
$401,387
$47,563 |
$743,094 |
| 15 |
$1,251,642 |
$423,438
$49,941 |
$778,263 |
| 16 |
$1,314,222 |
$446,593
$52,437 |
$815,192 |
| 17 |
$1,379,910 |
$470,897
$55,058 |
$853,955 |
| 18 |
$1,448,916 |
$496,429
$57,812 |
$894,675 |
| 19 |
$1,521,366 |
$523,236
$60,703 |
$937,427 |
| 20 |
$1,597,428 |
$551,379
$63,737 |
$982,312 |
| 21 |
$1,677,312 |
$580,936
$66,925 |
$1,029,451 |
| 22 |
$1,761,186 |
$611,969
$70,271 |
$1,078,946 |
| 23 |
$1,849,218 |
$644,541
$73,784 |
$1,130,893 |
| 24 |
$1,941,702 |
$678,760
$77,474 |
$1,185,468 |
| 25 |
$2,038,764 |
$714,673
$81,347 |
$1,242,744 |
| 26 |
$2,140,740 |
$752,404
$85,416 |
$1,302,920 |
| 27 |
$2,247,756 |
$792,000
$89,685 |
$1,366,071 |
| 28 |
$2,360,148 |
$833,585
$94,170 |
$1,432,393 |
| 29 |
$2,478,168 |
$877,253
$98,879 |
$1,502,036 |
| 30 |
$2,602,068 |
$923,096
$103,823 |
$1,575,149 |
|
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