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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $1,963,080 | | Net Lumpsum Payment | $29,072,590 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$67,860 |
$1,043,290 |
| 2 |
$1,785,852 |
$621,096
$71,255 |
$1,093,501 |
| 3 |
$1,875,122 |
$654,126
$74,817 |
$1,146,179 |
| 4 |
$1,968,912 |
$688,828
$78,560 |
$1,201,524 |
| 5 |
$2,067,335 |
$725,244
$82,487 |
$1,259,604 |
| 6 |
$2,170,730 |
$763,500
$86,612 |
$1,320,618 |
| 7 |
$2,279,210 |
$803,638
$90,940 |
$1,384,632 |
| 8 |
$2,393,227 |
$845,824
$95,490 |
$1,451,913 |
| 9 |
$2,512,894 |
$890,101
$100,264 |
$1,522,529 |
| 10 |
$2,638,550 |
$936,594
$105,278 |
$1,596,678 |
| 11 |
$2,770,421 |
$985,386
$110,540 |
$1,674,495 |
| 12 |
$2,908,959 |
$1,036,645
$116,067 |
$1,756,247 |
| 13 |
$3,054,390 |
$1,090,455
$121,870 |
$1,842,065 |
| 14 |
$3,207,166 |
$1,146,982
$127,966 |
$1,932,218 |
| 15 |
$3,367,513 |
$1,206,310
$134,364 |
$2,026,839 |
| 16 |
$3,535,883 |
$1,268,607
$141,082 |
$2,126,194 |
| 17 |
$3,712,615 |
$1,333,998
$148,133 |
$2,230,484 |
| 18 |
$3,898,274 |
$1,402,692
$155,541 |
$2,340,041 |
| 19 |
$4,093,199 |
$1,474,814
$163,319 |
$2,455,066 |
| 20 |
$4,297,842 |
$1,550,532
$171,484 |
$2,575,826 |
| 21 |
$4,512,768 |
$1,630,055
$180,059 |
$2,702,654 |
| 22 |
$4,738,429 |
$1,713,549
$189,063 |
$2,835,817 |
| 23 |
$4,975,277 |
$1,801,183
$198,514 |
$2,975,580 |
| 24 |
$5,224,103 |
$1,893,248
$208,442 |
$3,122,413 |
| 25 |
$5,485,246 |
$1,989,871
$218,861 |
$3,276,514 |
| 26 |
$5,759,610 |
$2,091,386
$229,808 |
$3,438,416 |
| 27 |
$6,047,534 |
$2,197,918
$241,297 |
$3,608,319 |
| 28 |
$6,349,922 |
$2,309,802
$253,362 |
$3,786,758 |
| 29 |
$6,667,452 |
$2,427,288
$266,031 |
$3,974,133 |
| 30 |
$7,000,802 |
$2,550,627
$279,332 |
$4,170,843 |
|
|
