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 Oklahoma residents, the state will deduct 4.75% from your lottery earnings.
| Oklahoma 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(4.75%) | $893,000 | | Net Lumpsum Payment | $10,990,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$632,142 |
$194,223
$30,027 |
$407,892 |
| 2 |
$663,768 |
$205,925
$31,529 |
$426,314 |
| 3 |
$696,948 |
$218,201
$33,105 |
$445,642 |
| 4 |
$731,808 |
$231,099
$34,761 |
$465,948 |
| 5 |
$768,390 |
$244,635
$36,499 |
$487,256 |
| 6 |
$806,820 |
$258,854
$38,324 |
$509,642 |
| 7 |
$847,140 |
$273,772
$40,239 |
$533,129 |
| 8 |
$889,518 |
$289,452
$42,252 |
$557,814 |
| 9 |
$933,996 |
$305,909
$44,365 |
$583,722 |
| 10 |
$980,700 |
$323,189
$46,583 |
$610,928 |
| 11 |
$1,029,714 |
$341,325
$48,911 |
$639,478 |
| 12 |
$1,081,206 |
$360,377
$51,357 |
$669,472 |
| 13 |
$1,135,260 |
$380,377
$53,925 |
$700,958 |
| 14 |
$1,192,044 |
$401,387
$56,622 |
$734,035 |
| 15 |
$1,251,642 |
$423,438
$59,453 |
$768,751 |
| 16 |
$1,314,222 |
$446,593
$62,426 |
$805,203 |
| 17 |
$1,379,910 |
$470,897
$65,546 |
$843,467 |
| 18 |
$1,448,916 |
$496,429
$68,824 |
$883,663 |
| 19 |
$1,521,366 |
$523,236
$72,265 |
$925,865 |
| 20 |
$1,597,428 |
$551,379
$75,878 |
$970,171 |
| 21 |
$1,677,312 |
$580,936
$79,672 |
$1,016,704 |
| 22 |
$1,761,186 |
$611,969
$83,656 |
$1,065,561 |
| 23 |
$1,849,218 |
$644,541
$87,838 |
$1,116,839 |
| 24 |
$1,941,702 |
$678,760
$92,231 |
$1,170,711 |
| 25 |
$2,038,764 |
$714,673
$96,841 |
$1,227,250 |
| 26 |
$2,140,740 |
$752,404
$101,685 |
$1,286,651 |
| 27 |
$2,247,756 |
$792,000
$106,768 |
$1,348,988 |
| 28 |
$2,360,148 |
$833,585
$112,107 |
$1,414,456 |
| 29 |
$2,478,168 |
$877,253
$117,713 |
$1,483,202 |
| 30 |
$2,602,068 |
$923,096
$123,598 |
$1,555,374 |
|
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