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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $1,510,440 | | Net Lumpsum Payment | $29,525,230 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$52,213 |
$1,058,937 |
| 2 |
$1,785,852 |
$621,096
$54,826 |
$1,109,930 |
| 3 |
$1,875,122 |
$654,126
$57,566 |
$1,163,430 |
| 4 |
$1,968,912 |
$688,828
$60,446 |
$1,219,638 |
| 5 |
$2,067,335 |
$725,244
$63,467 |
$1,278,624 |
| 6 |
$2,170,730 |
$763,500
$66,641 |
$1,340,589 |
| 7 |
$2,279,210 |
$803,638
$69,972 |
$1,405,600 |
| 8 |
$2,393,227 |
$845,824
$73,472 |
$1,473,931 |
| 9 |
$2,512,894 |
$890,101
$77,146 |
$1,545,647 |
| 10 |
$2,638,550 |
$936,594
$81,003 |
$1,620,953 |
| 11 |
$2,770,421 |
$985,386
$85,052 |
$1,699,983 |
| 12 |
$2,908,959 |
$1,036,645
$89,305 |
$1,783,009 |
| 13 |
$3,054,390 |
$1,090,455
$93,770 |
$1,870,165 |
| 14 |
$3,207,166 |
$1,146,982
$98,460 |
$1,961,724 |
| 15 |
$3,367,513 |
$1,206,310
$103,383 |
$2,057,820 |
| 16 |
$3,535,883 |
$1,268,607
$108,552 |
$2,158,724 |
| 17 |
$3,712,615 |
$1,333,998
$113,977 |
$2,264,640 |
| 18 |
$3,898,274 |
$1,402,692
$119,677 |
$2,375,905 |
| 19 |
$4,093,199 |
$1,474,814
$125,661 |
$2,492,724 |
| 20 |
$4,297,842 |
$1,550,532
$131,944 |
$2,615,366 |
| 21 |
$4,512,768 |
$1,630,055
$138,542 |
$2,744,171 |
| 22 |
$4,738,429 |
$1,713,549
$145,470 |
$2,879,410 |
| 23 |
$4,975,277 |
$1,801,183
$152,741 |
$3,021,353 |
| 24 |
$5,224,103 |
$1,893,248
$160,380 |
$3,170,475 |
| 25 |
$5,485,246 |
$1,989,871
$168,397 |
$3,326,978 |
| 26 |
$5,759,610 |
$2,091,386
$176,820 |
$3,491,404 |
| 27 |
$6,047,534 |
$2,197,918
$185,659 |
$3,663,957 |
| 28 |
$6,349,922 |
$2,309,802
$194,943 |
$3,845,177 |
| 29 |
$6,667,452 |
$2,427,288
$204,691 |
$4,035,473 |
| 30 |
$7,000,802 |
$2,550,627
$214,925 |
$4,235,250 |
|
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