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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan 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(4.25%) | $3,905,750 | | Net Lumpsum Payment | $54,030,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$126,014 |
$1,781,635 |
| 2 |
$3,113,388 |
$1,112,284
$132,319 |
$1,868,785 |
| 3 |
$3,269,018 |
$1,169,867
$138,933 |
$1,960,218 |
| 4 |
$3,432,528 |
$1,230,366
$145,882 |
$2,056,280 |
| 5 |
$3,604,115 |
$1,293,853
$153,175 |
$2,157,087 |
| 6 |
$3,784,370 |
$1,360,547
$160,836 |
$2,262,987 |
| 7 |
$3,973,490 |
$1,430,522
$168,873 |
$2,374,095 |
| 8 |
$4,172,263 |
$1,504,068
$177,321 |
$2,490,874 |
| 9 |
$4,380,886 |
$1,581,258
$186,188 |
$2,613,440 |
| 10 |
$4,599,950 |
$1,662,312
$195,498 |
$2,742,140 |
| 11 |
$4,829,849 |
$1,747,375
$205,269 |
$2,877,205 |
| 12 |
$5,071,371 |
$1,836,738
$215,533 |
$3,019,100 |
| 13 |
$5,324,910 |
$1,930,547
$226,309 |
$3,168,054 |
| 14 |
$5,591,254 |
$2,029,094
$237,628 |
$3,324,532 |
| 15 |
$5,870,797 |
$2,132,525
$249,509 |
$3,488,763 |
| 16 |
$6,164,327 |
$2,241,131
$261,984 |
$3,661,212 |
| 17 |
$6,472,435 |
$2,355,131
$275,078 |
$3,842,226 |
| 18 |
$6,796,106 |
$2,474,890
$288,835 |
$4,032,381 |
| 19 |
$7,135,931 |
$2,600,625
$303,277 |
$4,232,029 |
| 20 |
$7,492,698 |
$2,732,629
$318,440 |
$4,441,629 |
| 21 |
$7,867,392 |
$2,871,265
$334,364 |
$4,661,763 |
| 22 |
$8,260,801 |
$3,016,827
$351,084 |
$4,892,890 |
| 23 |
$8,673,713 |
$3,169,604
$368,633 |
$5,135,476 |
| 24 |
$9,107,507 |
$3,330,108
$387,069 |
$5,390,330 |
| 25 |
$9,562,774 |
$3,498,557
$406,418 |
$5,657,799 |
| 26 |
$10,041,090 |
$3,675,534
$426,746 |
$5,938,810 |
| 27 |
$10,543,046 |
$3,861,257
$448,079 |
$6,233,710 |
| 28 |
$11,070,218 |
$4,056,311
$470,484 |
$6,543,423 |
| 29 |
$11,623,788 |
$4,261,132
$494,011 |
$6,868,645 |
| 30 |
$12,204,938 |
$4,476,157
$518,710 |
$7,210,071 |
|
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