The jackpot for the MEGA Millions draw on Tue Apr 29, 2025, is projected to be $70 Million, with an option for a cash payout of $31.8 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 Tue Apr 29, 2025 |
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Draw Date | Tue Apr 29, 2025 | Projected Jackpot | $70,000,000 | Cash Value | $31,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $31,800,000 | Federal Tax(24%) | $7,632,000 | Additional Federal Tax | $4,094,330 | State Tax(4.25%) | $1,351,500 | Net Lumpsum Payment | $18,722,170 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,053,570 |
$350,151 $44,777 |
$658,642 |
2 |
$1,106,280 |
$369,654 $47,017 |
$689,609 |
3 |
$1,161,580 |
$390,115 $49,367 |
$722,098 |
4 |
$1,219,680 |
$411,612 $51,836 |
$756,232 |
5 |
$1,280,650 |
$434,171 $54,428 |
$792,051 |
6 |
$1,344,700 |
$457,869 $57,150 |
$829,681 |
7 |
$1,411,900 |
$482,733 $60,006 |
$869,161 |
8 |
$1,482,530 |
$508,866 $63,008 |
$910,656 |
9 |
$1,556,660 |
$536,295 $66,158 |
$954,207 |
10 |
$1,634,500 |
$565,095 $69,466 |
$999,939 |
11 |
$1,716,190 |
$595,321 $72,938 |
$1,047,931 |
12 |
$1,802,010 |
$627,074 $76,585 |
$1,098,351 |
13 |
$1,892,100 |
$660,407 $80,414 |
$1,151,279 |
14 |
$1,986,740 |
$695,424 $84,436 |
$1,206,880 |
15 |
$2,086,070 |
$732,176 $88,658 |
$1,265,236 |
16 |
$2,190,370 |
$770,767 $93,091 |
$1,326,512 |
17 |
$2,299,850 |
$811,275 $97,744 |
$1,390,831 |
18 |
$2,414,860 |
$853,829 $102,632 |
$1,458,399 |
19 |
$2,535,610 |
$898,506 $107,763 |
$1,529,341 |
20 |
$2,662,380 |
$945,411 $113,151 |
$1,603,818 |
21 |
$2,795,520 |
$994,673 $118,810 |
$1,682,037 |
22 |
$2,935,310 |
$1,046,395 $124,751 |
$1,764,164 |
23 |
$3,082,030 |
$1,100,681 $130,986 |
$1,850,363 |
24 |
$3,236,170 |
$1,157,713 $137,537 |
$1,940,920 |
25 |
$3,397,940 |
$1,217,568 $144,412 |
$2,035,960 |
26 |
$3,567,900 |
$1,280,453 $151,636 |
$2,135,811 |
27 |
$3,746,260 |
$1,346,447 $159,216 |
$2,240,597 |
28 |
$3,933,580 |
$1,415,755 $167,177 |
$2,350,648 |
29 |
$4,130,280 |
$1,488,534 $175,537 |
$2,466,209 |
30 |
$4,336,780 |
$1,564,939 $184,313 |
$2,587,528 |
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