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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $6,662,750 | | Net Lumpsum Payment | $51,273,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$214,966 |
$1,692,683 |
| 2 |
$3,113,388 |
$1,112,284
$225,721 |
$1,775,383 |
| 3 |
$3,269,018 |
$1,169,867
$237,004 |
$1,862,147 |
| 4 |
$3,432,528 |
$1,230,366
$248,858 |
$1,953,304 |
| 5 |
$3,604,115 |
$1,293,853
$261,298 |
$2,048,964 |
| 6 |
$3,784,370 |
$1,360,547
$274,367 |
$2,149,456 |
| 7 |
$3,973,490 |
$1,430,522
$288,078 |
$2,254,890 |
| 8 |
$4,172,263 |
$1,504,068
$302,489 |
$2,365,706 |
| 9 |
$4,380,886 |
$1,581,258
$317,614 |
$2,482,014 |
| 10 |
$4,599,950 |
$1,662,312
$333,496 |
$2,604,142 |
| 11 |
$4,829,849 |
$1,747,375
$350,164 |
$2,732,310 |
| 12 |
$5,071,371 |
$1,836,738
$367,674 |
$2,866,959 |
| 13 |
$5,324,910 |
$1,930,547
$386,056 |
$3,008,307 |
| 14 |
$5,591,254 |
$2,029,094
$405,366 |
$3,156,794 |
| 15 |
$5,870,797 |
$2,132,525
$425,633 |
$3,312,639 |
| 16 |
$6,164,327 |
$2,241,131
$446,914 |
$3,476,282 |
| 17 |
$6,472,435 |
$2,355,131
$469,252 |
$3,648,052 |
| 18 |
$6,796,106 |
$2,474,890
$492,718 |
$3,828,498 |
| 19 |
$7,135,931 |
$2,600,625
$517,355 |
$4,017,951 |
| 20 |
$7,492,698 |
$2,732,629
$543,221 |
$4,216,848 |
| 21 |
$7,867,392 |
$2,871,265
$570,386 |
$4,425,741 |
| 22 |
$8,260,801 |
$3,016,827
$598,908 |
$4,645,066 |
| 23 |
$8,673,713 |
$3,169,604
$628,844 |
$4,875,265 |
| 24 |
$9,107,507 |
$3,330,108
$660,294 |
$5,117,105 |
| 25 |
$9,562,774 |
$3,498,557
$693,301 |
$5,370,916 |
| 26 |
$10,041,090 |
$3,675,534
$727,979 |
$5,637,577 |
| 27 |
$10,543,046 |
$3,861,257
$764,371 |
$5,917,418 |
| 28 |
$11,070,218 |
$4,056,311
$802,591 |
$6,211,316 |
| 29 |
$11,623,788 |
$4,261,132
$842,725 |
$6,519,931 |
| 30 |
$12,204,938 |
$4,476,157
$884,858 |
$6,843,923 |
|
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