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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
| Indiana 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(3.15%) | $2,894,850 | | Net Lumpsum Payment | $55,041,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$93,399 |
$1,814,250 |
| 2 |
$3,113,388 |
$1,112,284
$98,072 |
$1,903,032 |
| 3 |
$3,269,018 |
$1,169,867
$102,974 |
$1,996,177 |
| 4 |
$3,432,528 |
$1,230,366
$108,125 |
$2,094,037 |
| 5 |
$3,604,115 |
$1,293,853
$113,530 |
$2,196,732 |
| 6 |
$3,784,370 |
$1,360,547
$119,208 |
$2,304,615 |
| 7 |
$3,973,490 |
$1,430,522
$125,165 |
$2,417,803 |
| 8 |
$4,172,263 |
$1,504,068
$131,426 |
$2,536,769 |
| 9 |
$4,380,886 |
$1,581,258
$137,998 |
$2,661,630 |
| 10 |
$4,599,950 |
$1,662,312
$144,898 |
$2,792,740 |
| 11 |
$4,829,849 |
$1,747,375
$152,140 |
$2,930,334 |
| 12 |
$5,071,371 |
$1,836,738
$159,748 |
$3,074,885 |
| 13 |
$5,324,910 |
$1,930,547
$167,735 |
$3,226,628 |
| 14 |
$5,591,254 |
$2,029,094
$176,125 |
$3,386,035 |
| 15 |
$5,870,797 |
$2,132,525
$184,930 |
$3,553,342 |
| 16 |
$6,164,327 |
$2,241,131
$194,176 |
$3,729,020 |
| 17 |
$6,472,435 |
$2,355,131
$203,882 |
$3,913,422 |
| 18 |
$6,796,106 |
$2,474,890
$214,077 |
$4,107,139 |
| 19 |
$7,135,931 |
$2,600,625
$224,782 |
$4,310,524 |
| 20 |
$7,492,698 |
$2,732,629
$236,020 |
$4,524,049 |
| 21 |
$7,867,392 |
$2,871,265
$247,823 |
$4,748,304 |
| 22 |
$8,260,801 |
$3,016,827
$260,215 |
$4,983,759 |
| 23 |
$8,673,713 |
$3,169,604
$273,222 |
$5,230,887 |
| 24 |
$9,107,507 |
$3,330,108
$286,886 |
$5,490,513 |
| 25 |
$9,562,774 |
$3,498,557
$301,227 |
$5,762,990 |
| 26 |
$10,041,090 |
$3,675,534
$316,294 |
$6,049,262 |
| 27 |
$10,543,046 |
$3,861,257
$332,106 |
$6,349,683 |
| 28 |
$11,070,218 |
$4,056,311
$348,712 |
$6,665,195 |
| 29 |
$11,623,788 |
$4,261,132
$366,149 |
$6,996,507 |
| 30 |
$12,204,938 |
$4,476,157
$384,456 |
$7,344,325 |
|
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