Jackpot Analysis Florida Mega Millions

Jackpot Analysis for Florida Mega Millions
The jackpot for the MEGA Millions draw on Fri Apr 4, 2025, is projected to be $43 Million, with an option for a cash payout of $20 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 Florida, the bright side is you won't have to pay any state taxes on your lottery prize.

Florida MEGA Millions Jackpot/Cash Option for Fri Apr 4, 2025
Draw DateFri Apr 4, 2025
Projected Jackpot$43,000,000
Cash Value$20,000,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$20,000,000
Federal Tax(24%)$4,800,000
Additional Federal Tax$2,560,330
State Tax(0%)$0
Net Lumpsum Payment$12,639,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $647,193 $199,792
$0
$447,401
2 $679,572 $211,772
$0
$467,800
3 $713,542 $224,341
$0
$489,201
4 $749,232 $237,546
$0
$511,686
5 $786,685 $251,404
$0
$535,281
6 $826,030 $265,961
$0
$560,069
7 $867,310 $281,235
$0
$586,075
8 $910,697 $297,288
$0
$613,409
9 $956,234 $314,137
$0
$642,097
10 $1,004,050 $331,829
$0
$672,221
11 $1,054,231 $350,396
$0
$703,835
12 $1,106,949 $369,902
$0
$737,047
13 $1,162,290 $390,378
$0
$771,912
14 $1,220,426 $411,888
$0
$808,538
15 $1,281,443 $434,464
$0
$846,979
16 $1,345,513 $458,170
$0
$887,343
17 $1,412,765 $483,053
$0
$929,712
18 $1,483,414 $509,194
$0
$974,220
19 $1,557,589 $536,638
$0
$1,020,951
20 $1,635,462 $565,451
$0
$1,070,011
21 $1,717,248 $595,712
$0
$1,121,536
22 $1,803,119 $627,484
$0
$1,175,635
23 $1,893,247 $660,832
$0
$1,232,415
24 $1,987,933 $695,866
$0
$1,292,067
25 $2,087,306 $732,634
$0
$1,354,672
26 $2,191,710 $771,263
$0
$1,420,447
27 $2,301,274 $811,802
$0
$1,489,472
28 $2,416,342 $854,377
$0
$1,561,965
29 $2,537,172 $899,084
$0
$1,638,088
30 $2,664,022 $946,019
$0
$1,718,003