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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan 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(4.25%) | $2,091,000 | | Net Lumpsum Payment | $28,944,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$72,282 |
$1,038,868 |
| 2 |
$1,785,852 |
$621,096
$75,899 |
$1,088,857 |
| 3 |
$1,875,122 |
$654,126
$79,693 |
$1,141,303 |
| 4 |
$1,968,912 |
$688,828
$83,679 |
$1,196,405 |
| 5 |
$2,067,335 |
$725,244
$87,862 |
$1,254,229 |
| 6 |
$2,170,730 |
$763,500
$92,256 |
$1,314,974 |
| 7 |
$2,279,210 |
$803,638
$96,866 |
$1,378,706 |
| 8 |
$2,393,227 |
$845,824
$101,712 |
$1,445,691 |
| 9 |
$2,512,894 |
$890,101
$106,798 |
$1,515,995 |
| 10 |
$2,638,550 |
$936,594
$112,138 |
$1,589,818 |
| 11 |
$2,770,421 |
$985,386
$117,743 |
$1,667,292 |
| 12 |
$2,908,959 |
$1,036,645
$123,631 |
$1,748,683 |
| 13 |
$3,054,390 |
$1,090,455
$129,812 |
$1,834,123 |
| 14 |
$3,207,166 |
$1,146,982
$136,305 |
$1,923,879 |
| 15 |
$3,367,513 |
$1,206,310
$143,119 |
$2,018,084 |
| 16 |
$3,535,883 |
$1,268,607
$150,275 |
$2,117,001 |
| 17 |
$3,712,615 |
$1,333,998
$157,786 |
$2,220,831 |
| 18 |
$3,898,274 |
$1,402,692
$165,677 |
$2,329,905 |
| 19 |
$4,093,199 |
$1,474,814
$173,961 |
$2,444,424 |
| 20 |
$4,297,842 |
$1,550,532
$182,658 |
$2,564,652 |
| 21 |
$4,512,768 |
$1,630,055
$191,793 |
$2,690,920 |
| 22 |
$4,738,429 |
$1,713,549
$201,383 |
$2,823,497 |
| 23 |
$4,975,277 |
$1,801,183
$211,449 |
$2,962,645 |
| 24 |
$5,224,103 |
$1,893,248
$222,024 |
$3,108,831 |
| 25 |
$5,485,246 |
$1,989,871
$233,123 |
$3,262,252 |
| 26 |
$5,759,610 |
$2,091,386
$244,783 |
$3,423,441 |
| 27 |
$6,047,534 |
$2,197,918
$257,020 |
$3,592,596 |
| 28 |
$6,349,922 |
$2,309,802
$269,872 |
$3,770,248 |
| 29 |
$6,667,452 |
$2,427,288
$283,367 |
$3,956,797 |
| 30 |
$7,000,802 |
$2,550,627
$297,534 |
$4,152,641 |
|
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