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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
| Indiana 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(3.15%) | $1,549,800 | | Net Lumpsum Payment | $29,485,870 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$53,574 |
$1,057,576 |
| 2 |
$1,785,852 |
$621,096
$56,254 |
$1,108,502 |
| 3 |
$1,875,122 |
$654,126
$59,066 |
$1,161,930 |
| 4 |
$1,968,912 |
$688,828
$62,021 |
$1,218,063 |
| 5 |
$2,067,335 |
$725,244
$65,121 |
$1,276,970 |
| 6 |
$2,170,730 |
$763,500
$68,378 |
$1,338,852 |
| 7 |
$2,279,210 |
$803,638
$71,795 |
$1,403,777 |
| 8 |
$2,393,227 |
$845,824
$75,387 |
$1,472,016 |
| 9 |
$2,512,894 |
$890,101
$79,156 |
$1,543,637 |
| 10 |
$2,638,550 |
$936,594
$83,114 |
$1,618,842 |
| 11 |
$2,770,421 |
$985,386
$87,268 |
$1,697,767 |
| 12 |
$2,908,959 |
$1,036,645
$91,632 |
$1,780,682 |
| 13 |
$3,054,390 |
$1,090,455
$96,213 |
$1,867,722 |
| 14 |
$3,207,166 |
$1,146,982
$101,026 |
$1,959,158 |
| 15 |
$3,367,513 |
$1,206,310
$106,077 |
$2,055,126 |
| 16 |
$3,535,883 |
$1,268,607
$111,380 |
$2,155,896 |
| 17 |
$3,712,615 |
$1,333,998
$116,947 |
$2,261,670 |
| 18 |
$3,898,274 |
$1,402,692
$122,796 |
$2,372,786 |
| 19 |
$4,093,199 |
$1,474,814
$128,936 |
$2,489,449 |
| 20 |
$4,297,842 |
$1,550,532
$135,382 |
$2,611,928 |
| 21 |
$4,512,768 |
$1,630,055
$142,152 |
$2,740,561 |
| 22 |
$4,738,429 |
$1,713,549
$149,261 |
$2,875,619 |
| 23 |
$4,975,277 |
$1,801,183
$156,721 |
$3,017,373 |
| 24 |
$5,224,103 |
$1,893,248
$164,559 |
$3,166,296 |
| 25 |
$5,485,246 |
$1,989,871
$172,785 |
$3,322,590 |
| 26 |
$5,759,610 |
$2,091,386
$181,428 |
$3,486,796 |
| 27 |
$6,047,534 |
$2,197,918
$190,497 |
$3,659,119 |
| 28 |
$6,349,922 |
$2,309,802
$200,023 |
$3,840,097 |
| 29 |
$6,667,452 |
$2,427,288
$210,025 |
$4,030,139 |
| 30 |
$7,000,802 |
$2,550,627
$220,525 |
$4,229,650 |
|
|
