The jackpot for the MEGA Millions draw on Fri Jan 17, 2025, is projected to be $113 Million, with an option for a cash payout of $49.2 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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho MEGA Millions Jackpot/Cash Option for Fri Jan 17, 2025 |
|---|
| Draw Date | Fri Jan 17, 2025 | | Projected Jackpot | $113,000,000 | | Cash Value | $49,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $49,200,000 | | Federal Tax(24%) | $11,808,000 | | Additional Federal Tax | $6,356,330 | | State Tax(5.8%) | $2,853,600 | | Net Lumpsum Payment | $28,182,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$98,644 |
$1,012,506 |
| 2 |
$1,785,852 |
$621,096
$103,579 |
$1,061,177 |
| 3 |
$1,875,122 |
$654,126
$108,757 |
$1,112,239 |
| 4 |
$1,968,912 |
$688,828
$114,197 |
$1,165,887 |
| 5 |
$2,067,335 |
$725,244
$119,905 |
$1,222,186 |
| 6 |
$2,170,730 |
$763,500
$125,902 |
$1,281,328 |
| 7 |
$2,279,210 |
$803,638
$132,194 |
$1,343,378 |
| 8 |
$2,393,227 |
$845,824
$138,807 |
$1,408,596 |
| 9 |
$2,512,894 |
$890,101
$145,748 |
$1,477,045 |
| 10 |
$2,638,550 |
$936,594
$153,036 |
$1,548,920 |
| 11 |
$2,770,421 |
$985,386
$160,684 |
$1,624,351 |
| 12 |
$2,908,959 |
$1,036,645
$168,720 |
$1,703,594 |
| 13 |
$3,054,390 |
$1,090,455
$177,155 |
$1,786,780 |
| 14 |
$3,207,166 |
$1,146,982
$186,016 |
$1,874,168 |
| 15 |
$3,367,513 |
$1,206,310
$195,316 |
$1,965,887 |
| 16 |
$3,535,883 |
$1,268,607
$205,081 |
$2,062,195 |
| 17 |
$3,712,615 |
$1,333,998
$215,332 |
$2,163,285 |
| 18 |
$3,898,274 |
$1,402,692
$226,100 |
$2,269,482 |
| 19 |
$4,093,199 |
$1,474,814
$237,406 |
$2,380,979 |
| 20 |
$4,297,842 |
$1,550,532
$249,275 |
$2,498,035 |
| 21 |
$4,512,768 |
$1,630,055
$261,741 |
$2,620,972 |
| 22 |
$4,738,429 |
$1,713,549
$274,829 |
$2,750,051 |
| 23 |
$4,975,277 |
$1,801,183
$288,566 |
$2,885,528 |
| 24 |
$5,224,103 |
$1,893,248
$302,998 |
$3,027,857 |
| 25 |
$5,485,246 |
$1,989,871
$318,144 |
$3,177,231 |
| 26 |
$5,759,610 |
$2,091,386
$334,057 |
$3,334,167 |
| 27 |
$6,047,534 |
$2,197,918
$350,757 |
$3,498,859 |
| 28 |
$6,349,922 |
$2,309,802
$368,295 |
$3,671,825 |
| 29 |
$6,667,452 |
$2,427,288
$386,712 |
$3,853,452 |
| 30 |
$7,000,802 |
$2,550,627
$406,047 |
$4,044,128 |
|
|
