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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $1,692,000 | | Net Lumpsum Payment | $24,996,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$56,592 |
$874,398 |
| 2 |
$1,485,576 |
$509,994
$59,423 |
$916,159 |
| 3 |
$1,559,836 |
$537,470
$62,393 |
$959,973 |
| 4 |
$1,637,856 |
$566,337
$65,514 |
$1,006,005 |
| 5 |
$1,719,730 |
$596,630
$68,789 |
$1,054,311 |
| 6 |
$1,805,740 |
$628,454
$72,230 |
$1,105,056 |
| 7 |
$1,895,980 |
$661,843
$75,839 |
$1,158,298 |
| 8 |
$1,990,826 |
$696,936
$79,633 |
$1,214,257 |
| 9 |
$2,090,372 |
$733,768
$83,615 |
$1,272,989 |
| 10 |
$2,194,900 |
$772,443
$87,796 |
$1,334,661 |
| 11 |
$2,304,598 |
$813,032
$92,184 |
$1,399,382 |
| 12 |
$2,419,842 |
$855,672
$96,794 |
$1,467,376 |
| 13 |
$2,540,820 |
$900,434
$101,633 |
$1,538,753 |
| 14 |
$2,667,908 |
$947,456
$106,716 |
$1,613,736 |
| 15 |
$2,801,294 |
$996,809
$112,052 |
$1,692,433 |
| 16 |
$2,941,354 |
$1,048,631
$117,654 |
$1,775,069 |
| 17 |
$3,088,370 |
$1,103,027
$123,535 |
$1,861,808 |
| 18 |
$3,242,812 |
$1,160,171
$129,712 |
$1,952,929 |
| 19 |
$3,404,962 |
$1,220,166
$136,198 |
$2,048,598 |
| 20 |
$3,575,196 |
$1,283,153
$143,008 |
$2,149,035 |
| 21 |
$3,753,984 |
$1,349,304
$150,159 |
$2,254,521 |
| 22 |
$3,941,702 |
$1,418,760
$157,668 |
$2,365,274 |
| 23 |
$4,138,726 |
$1,491,659
$165,549 |
$2,481,518 |
| 24 |
$4,345,714 |
$1,568,245
$173,829 |
$2,603,640 |
| 25 |
$4,562,948 |
$1,648,621
$182,518 |
$2,731,809 |
| 26 |
$4,791,180 |
$1,733,067
$191,647 |
$2,866,466 |
| 27 |
$5,030,692 |
$1,821,686
$201,228 |
$3,007,778 |
| 28 |
$5,282,236 |
$1,914,758
$211,289 |
$3,156,189 |
| 29 |
$5,546,376 |
$2,012,490
$221,855 |
$3,312,031 |
| 30 |
$5,823,676 |
$2,115,091
$232,947 |
$3,475,638 |
|
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