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 Wisconsin residents, the state will deduct 7.65% from your lottery earnings.
| Wisconsin 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(7.65%) | $1,438,200 | | Net Lumpsum Payment | $10,445,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$632,142 |
$194,223
$48,359 |
$389,560 |
| 2 |
$663,768 |
$205,925
$50,778 |
$407,065 |
| 3 |
$696,948 |
$218,201
$53,317 |
$425,430 |
| 4 |
$731,808 |
$231,099
$55,983 |
$444,726 |
| 5 |
$768,390 |
$244,635
$58,782 |
$464,973 |
| 6 |
$806,820 |
$258,854
$61,722 |
$486,244 |
| 7 |
$847,140 |
$273,772
$64,806 |
$508,562 |
| 8 |
$889,518 |
$289,452
$68,048 |
$532,018 |
| 9 |
$933,996 |
$305,909
$71,451 |
$556,636 |
| 10 |
$980,700 |
$323,189
$75,024 |
$582,487 |
| 11 |
$1,029,714 |
$341,325
$78,773 |
$609,616 |
| 12 |
$1,081,206 |
$360,377
$82,712 |
$638,117 |
| 13 |
$1,135,260 |
$380,377
$86,847 |
$668,036 |
| 14 |
$1,192,044 |
$401,387
$91,191 |
$699,466 |
| 15 |
$1,251,642 |
$423,438
$95,751 |
$732,453 |
| 16 |
$1,314,222 |
$446,593
$100,538 |
$767,091 |
| 17 |
$1,379,910 |
$470,897
$105,563 |
$803,450 |
| 18 |
$1,448,916 |
$496,429
$110,842 |
$841,645 |
| 19 |
$1,521,366 |
$523,236
$116,384 |
$881,746 |
| 20 |
$1,597,428 |
$551,379
$122,203 |
$923,846 |
| 21 |
$1,677,312 |
$580,936
$128,314 |
$968,062 |
| 22 |
$1,761,186 |
$611,969
$134,731 |
$1,014,486 |
| 23 |
$1,849,218 |
$644,541
$141,465 |
$1,063,212 |
| 24 |
$1,941,702 |
$678,760
$148,540 |
$1,114,402 |
| 25 |
$2,038,764 |
$714,673
$155,965 |
$1,168,126 |
| 26 |
$2,140,740 |
$752,404
$163,767 |
$1,224,569 |
| 27 |
$2,247,756 |
$792,000
$171,953 |
$1,283,803 |
| 28 |
$2,360,148 |
$833,585
$180,551 |
$1,346,012 |
| 29 |
$2,478,168 |
$877,253
$189,580 |
$1,411,335 |
| 30 |
$2,602,068 |
$923,096
$199,058 |
$1,479,914 |
|
|
