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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $3,567,000 | | Net Lumpsum Payment | $27,468,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$123,305 |
$987,845 |
| 2 |
$1,785,852 |
$621,096
$129,474 |
$1,035,282 |
| 3 |
$1,875,122 |
$654,126
$135,946 |
$1,085,050 |
| 4 |
$1,968,912 |
$688,828
$142,746 |
$1,137,338 |
| 5 |
$2,067,335 |
$725,244
$149,882 |
$1,192,209 |
| 6 |
$2,170,730 |
$763,500
$157,378 |
$1,249,852 |
| 7 |
$2,279,210 |
$803,638
$165,243 |
$1,310,329 |
| 8 |
$2,393,227 |
$845,824
$173,509 |
$1,373,894 |
| 9 |
$2,512,894 |
$890,101
$182,185 |
$1,440,608 |
| 10 |
$2,638,550 |
$936,594
$191,295 |
$1,510,661 |
| 11 |
$2,770,421 |
$985,386
$200,856 |
$1,584,179 |
| 12 |
$2,908,959 |
$1,036,645
$210,900 |
$1,661,414 |
| 13 |
$3,054,390 |
$1,090,455
$221,443 |
$1,742,492 |
| 14 |
$3,207,166 |
$1,146,982
$232,520 |
$1,827,664 |
| 15 |
$3,367,513 |
$1,206,310
$244,145 |
$1,917,058 |
| 16 |
$3,535,883 |
$1,268,607
$256,352 |
$2,010,924 |
| 17 |
$3,712,615 |
$1,333,998
$269,165 |
$2,109,452 |
| 18 |
$3,898,274 |
$1,402,692
$282,625 |
$2,212,957 |
| 19 |
$4,093,199 |
$1,474,814
$296,757 |
$2,321,628 |
| 20 |
$4,297,842 |
$1,550,532
$311,594 |
$2,435,716 |
| 21 |
$4,512,768 |
$1,630,055
$327,176 |
$2,555,537 |
| 22 |
$4,738,429 |
$1,713,549
$343,536 |
$2,681,344 |
| 23 |
$4,975,277 |
$1,801,183
$360,708 |
$2,813,386 |
| 24 |
$5,224,103 |
$1,893,248
$378,747 |
$2,952,108 |
| 25 |
$5,485,246 |
$1,989,871
$397,680 |
$3,097,695 |
| 26 |
$5,759,610 |
$2,091,386
$417,572 |
$3,250,652 |
| 27 |
$6,047,534 |
$2,197,918
$438,446 |
$3,411,170 |
| 28 |
$6,349,922 |
$2,309,802
$460,369 |
$3,579,751 |
| 29 |
$6,667,452 |
$2,427,288
$483,390 |
$3,756,774 |
| 30 |
$7,000,802 |
$2,550,627
$507,558 |
$3,942,617 |
|
|
