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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $1,298,610 | | Net Lumpsum Payment | $25,390,060 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$43,434 |
$887,556 |
| 2 |
$1,485,576 |
$509,994
$45,607 |
$929,975 |
| 3 |
$1,559,836 |
$537,470
$47,887 |
$974,479 |
| 4 |
$1,637,856 |
$566,337
$50,282 |
$1,021,237 |
| 5 |
$1,719,730 |
$596,630
$52,796 |
$1,070,304 |
| 6 |
$1,805,740 |
$628,454
$55,436 |
$1,121,850 |
| 7 |
$1,895,980 |
$661,843
$58,207 |
$1,175,930 |
| 8 |
$1,990,826 |
$696,936
$61,118 |
$1,232,772 |
| 9 |
$2,090,372 |
$733,768
$64,174 |
$1,292,430 |
| 10 |
$2,194,900 |
$772,443
$67,383 |
$1,355,074 |
| 11 |
$2,304,598 |
$813,032
$70,751 |
$1,420,815 |
| 12 |
$2,419,842 |
$855,672
$74,289 |
$1,489,881 |
| 13 |
$2,540,820 |
$900,434
$78,003 |
$1,562,383 |
| 14 |
$2,667,908 |
$947,456
$81,905 |
$1,638,547 |
| 15 |
$2,801,294 |
$996,809
$86,000 |
$1,718,485 |
| 16 |
$2,941,354 |
$1,048,631
$90,300 |
$1,802,423 |
| 17 |
$3,088,370 |
$1,103,027
$94,813 |
$1,890,530 |
| 18 |
$3,242,812 |
$1,160,171
$99,554 |
$1,983,087 |
| 19 |
$3,404,962 |
$1,220,166
$104,532 |
$2,080,264 |
| 20 |
$3,575,196 |
$1,283,153
$109,759 |
$2,182,284 |
| 21 |
$3,753,984 |
$1,349,304
$115,247 |
$2,289,433 |
| 22 |
$3,941,702 |
$1,418,760
$121,010 |
$2,401,932 |
| 23 |
$4,138,726 |
$1,491,659
$127,059 |
$2,520,008 |
| 24 |
$4,345,714 |
$1,568,245
$133,413 |
$2,644,056 |
| 25 |
$4,562,948 |
$1,648,621
$140,083 |
$2,774,244 |
| 26 |
$4,791,180 |
$1,733,067
$147,089 |
$2,911,024 |
| 27 |
$5,030,692 |
$1,821,686
$154,442 |
$3,054,564 |
| 28 |
$5,282,236 |
$1,914,758
$162,165 |
$3,205,313 |
| 29 |
$5,546,376 |
$2,012,490
$170,274 |
$3,363,612 |
| 30 |
$5,823,676 |
$2,115,091
$178,787 |
$3,529,798 |
|
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