The jackpot for the MEGA Millions draw on Fri Feb 28, 2025, is projected to be $197 Million, with an option for a cash payout of $91.9 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 those living in California, the bright side is you won't have to pay any state taxes on your lottery prize.
| California MEGA Millions Jackpot/Cash Option for Fri Feb 28, 2025 |
|---|
| Draw Date | Fri Feb 28, 2025 | | Projected Jackpot | $197,000,000 | | Cash Value | $91,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $91,900,000 | | Federal Tax(24%) | $22,056,000 | | Additional Federal Tax | $11,907,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $57,936,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$0 |
$1,907,649 |
| 2 |
$3,113,388 |
$1,112,284
$0 |
$2,001,104 |
| 3 |
$3,269,018 |
$1,169,867
$0 |
$2,099,151 |
| 4 |
$3,432,528 |
$1,230,366
$0 |
$2,202,162 |
| 5 |
$3,604,115 |
$1,293,853
$0 |
$2,310,262 |
| 6 |
$3,784,370 |
$1,360,547
$0 |
$2,423,823 |
| 7 |
$3,973,490 |
$1,430,522
$0 |
$2,542,968 |
| 8 |
$4,172,263 |
$1,504,068
$0 |
$2,668,195 |
| 9 |
$4,380,886 |
$1,581,258
$0 |
$2,799,628 |
| 10 |
$4,599,950 |
$1,662,312
$0 |
$2,937,638 |
| 11 |
$4,829,849 |
$1,747,375
$0 |
$3,082,474 |
| 12 |
$5,071,371 |
$1,836,738
$0 |
$3,234,633 |
| 13 |
$5,324,910 |
$1,930,547
$0 |
$3,394,363 |
| 14 |
$5,591,254 |
$2,029,094
$0 |
$3,562,160 |
| 15 |
$5,870,797 |
$2,132,525
$0 |
$3,738,272 |
| 16 |
$6,164,327 |
$2,241,131
$0 |
$3,923,196 |
| 17 |
$6,472,435 |
$2,355,131
$0 |
$4,117,304 |
| 18 |
$6,796,106 |
$2,474,890
$0 |
$4,321,216 |
| 19 |
$7,135,931 |
$2,600,625
$0 |
$4,535,306 |
| 20 |
$7,492,698 |
$2,732,629
$0 |
$4,760,069 |
| 21 |
$7,867,392 |
$2,871,265
$0 |
$4,996,127 |
| 22 |
$8,260,801 |
$3,016,827
$0 |
$5,243,974 |
| 23 |
$8,673,713 |
$3,169,604
$0 |
$5,504,109 |
| 24 |
$9,107,507 |
$3,330,108
$0 |
$5,777,399 |
| 25 |
$9,562,774 |
$3,498,557
$0 |
$6,064,217 |
| 26 |
$10,041,090 |
$3,675,534
$0 |
$6,365,556 |
| 27 |
$10,543,046 |
$3,861,257
$0 |
$6,681,789 |
| 28 |
$11,070,218 |
$4,056,311
$0 |
$7,013,907 |
| 29 |
$11,623,788 |
$4,261,132
$0 |
$7,362,656 |
| 30 |
$12,204,938 |
$4,476,157
$0 |
$7,728,781 |
|
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