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 Oregon residents, the state will deduct 8% from your lottery earnings.
| Oregon 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(8%) | $1,504,000 | | Net Lumpsum Payment | $10,379,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$632,142 |
$194,223
$50,571 |
$387,348 |
| 2 |
$663,768 |
$205,925
$53,101 |
$404,742 |
| 3 |
$696,948 |
$218,201
$55,756 |
$422,991 |
| 4 |
$731,808 |
$231,099
$58,545 |
$442,164 |
| 5 |
$768,390 |
$244,635
$61,471 |
$462,284 |
| 6 |
$806,820 |
$258,854
$64,546 |
$483,420 |
| 7 |
$847,140 |
$273,772
$67,771 |
$505,597 |
| 8 |
$889,518 |
$289,452
$71,161 |
$528,905 |
| 9 |
$933,996 |
$305,909
$74,720 |
$553,367 |
| 10 |
$980,700 |
$323,189
$78,456 |
$579,055 |
| 11 |
$1,029,714 |
$341,325
$82,377 |
$606,012 |
| 12 |
$1,081,206 |
$360,377
$86,496 |
$634,333 |
| 13 |
$1,135,260 |
$380,377
$90,821 |
$664,062 |
| 14 |
$1,192,044 |
$401,387
$95,364 |
$695,293 |
| 15 |
$1,251,642 |
$423,438
$100,131 |
$728,073 |
| 16 |
$1,314,222 |
$446,593
$105,138 |
$762,491 |
| 17 |
$1,379,910 |
$470,897
$110,393 |
$798,620 |
| 18 |
$1,448,916 |
$496,429
$115,913 |
$836,574 |
| 19 |
$1,521,366 |
$523,236
$121,709 |
$876,421 |
| 20 |
$1,597,428 |
$551,379
$127,794 |
$918,255 |
| 21 |
$1,677,312 |
$580,936
$134,185 |
$962,191 |
| 22 |
$1,761,186 |
$611,969
$140,895 |
$1,008,322 |
| 23 |
$1,849,218 |
$644,541
$147,937 |
$1,056,740 |
| 24 |
$1,941,702 |
$678,760
$155,336 |
$1,107,606 |
| 25 |
$2,038,764 |
$714,673
$163,101 |
$1,160,990 |
| 26 |
$2,140,740 |
$752,404
$171,259 |
$1,217,077 |
| 27 |
$2,247,756 |
$792,000
$179,820 |
$1,275,936 |
| 28 |
$2,360,148 |
$833,585
$188,812 |
$1,337,751 |
| 29 |
$2,478,168 |
$877,253
$198,253 |
$1,402,662 |
| 30 |
$2,602,068 |
$923,096
$208,165 |
$1,470,807 |
|
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