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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $577,160 | | Net Lumpsum Payment | $11,306,510 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$632,142 |
$194,223
$19,407 |
$418,512 |
| 2 |
$663,768 |
$205,925
$20,378 |
$437,465 |
| 3 |
$696,948 |
$218,201
$21,396 |
$457,351 |
| 4 |
$731,808 |
$231,099
$22,467 |
$478,242 |
| 5 |
$768,390 |
$244,635
$23,590 |
$500,165 |
| 6 |
$806,820 |
$258,854
$24,769 |
$523,197 |
| 7 |
$847,140 |
$273,772
$26,007 |
$547,361 |
| 8 |
$889,518 |
$289,452
$27,308 |
$572,758 |
| 9 |
$933,996 |
$305,909
$28,674 |
$599,413 |
| 10 |
$980,700 |
$323,189
$30,107 |
$627,404 |
| 11 |
$1,029,714 |
$341,325
$31,612 |
$656,777 |
| 12 |
$1,081,206 |
$360,377
$33,193 |
$687,636 |
| 13 |
$1,135,260 |
$380,377
$34,852 |
$720,031 |
| 14 |
$1,192,044 |
$401,387
$36,596 |
$754,061 |
| 15 |
$1,251,642 |
$423,438
$38,425 |
$789,779 |
| 16 |
$1,314,222 |
$446,593
$40,347 |
$827,282 |
| 17 |
$1,379,910 |
$470,897
$42,363 |
$866,650 |
| 18 |
$1,448,916 |
$496,429
$44,482 |
$908,005 |
| 19 |
$1,521,366 |
$523,236
$46,706 |
$951,424 |
| 20 |
$1,597,428 |
$551,379
$49,041 |
$997,008 |
| 21 |
$1,677,312 |
$580,936
$51,493 |
$1,044,883 |
| 22 |
$1,761,186 |
$611,969
$54,068 |
$1,095,149 |
| 23 |
$1,849,218 |
$644,541
$56,771 |
$1,147,906 |
| 24 |
$1,941,702 |
$678,760
$59,610 |
$1,203,332 |
| 25 |
$2,038,764 |
$714,673
$62,590 |
$1,261,501 |
| 26 |
$2,140,740 |
$752,404
$65,721 |
$1,322,615 |
| 27 |
$2,247,756 |
$792,000
$69,006 |
$1,386,750 |
| 28 |
$2,360,148 |
$833,585
$72,457 |
$1,454,106 |
| 29 |
$2,478,168 |
$877,253
$76,080 |
$1,524,835 |
| 30 |
$2,602,068 |
$923,096
$79,883 |
$1,599,089 |
|
|
