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 Illinois residents, the state will deduct 4.95% from your lottery earnings.
| Illinois 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(4.95%) | $4,549,050 | | Net Lumpsum Payment | $53,387,620 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$146,770 |
$1,760,879 |
| 2 |
$3,113,388 |
$1,112,284
$154,113 |
$1,846,991 |
| 3 |
$3,269,018 |
$1,169,867
$161,816 |
$1,937,335 |
| 4 |
$3,432,528 |
$1,230,366
$169,910 |
$2,032,252 |
| 5 |
$3,604,115 |
$1,293,853
$178,404 |
$2,131,858 |
| 6 |
$3,784,370 |
$1,360,547
$187,326 |
$2,236,497 |
| 7 |
$3,973,490 |
$1,430,522
$196,688 |
$2,346,280 |
| 8 |
$4,172,263 |
$1,504,068
$206,527 |
$2,461,668 |
| 9 |
$4,380,886 |
$1,581,258
$216,854 |
$2,582,774 |
| 10 |
$4,599,950 |
$1,662,312
$227,698 |
$2,709,940 |
| 11 |
$4,829,849 |
$1,747,375
$239,078 |
$2,843,396 |
| 12 |
$5,071,371 |
$1,836,738
$251,033 |
$2,983,600 |
| 13 |
$5,324,910 |
$1,930,547
$263,583 |
$3,130,780 |
| 14 |
$5,591,254 |
$2,029,094
$276,767 |
$3,285,393 |
| 15 |
$5,870,797 |
$2,132,525
$290,604 |
$3,447,668 |
| 16 |
$6,164,327 |
$2,241,131
$305,134 |
$3,618,062 |
| 17 |
$6,472,435 |
$2,355,131
$320,386 |
$3,796,918 |
| 18 |
$6,796,106 |
$2,474,890
$336,407 |
$3,984,809 |
| 19 |
$7,135,931 |
$2,600,625
$353,229 |
$4,182,077 |
| 20 |
$7,492,698 |
$2,732,629
$370,889 |
$4,389,180 |
| 21 |
$7,867,392 |
$2,871,265
$389,436 |
$4,606,691 |
| 22 |
$8,260,801 |
$3,016,827
$408,910 |
$4,835,064 |
| 23 |
$8,673,713 |
$3,169,604
$429,349 |
$5,074,760 |
| 24 |
$9,107,507 |
$3,330,108
$450,822 |
$5,326,577 |
| 25 |
$9,562,774 |
$3,498,557
$473,357 |
$5,590,860 |
| 26 |
$10,041,090 |
$3,675,534
$497,034 |
$5,868,522 |
| 27 |
$10,543,046 |
$3,861,257
$521,881 |
$6,159,908 |
| 28 |
$11,070,218 |
$4,056,311
$547,976 |
$6,465,931 |
| 29 |
$11,623,788 |
$4,261,132
$575,378 |
$6,787,278 |
| 30 |
$12,204,938 |
$4,476,157
$604,144 |
$7,124,637 |
|
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