The jackpot for the MEGA Millions draw on Tue Dec 31, 2024, is projected to be $20 Million, with an option for a cash payout of $9 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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho MEGA Millions Jackpot/Cash Option for Tue Dec 31, 2024 |
|---|
| Draw Date | Tue Dec 31, 2024 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,000,000 | | Federal Tax(24%) | $2,160,000 | | Additional Federal Tax | $1,130,330 | | State Tax(5.8%) | $522,000 | | Net Lumpsum Payment | $5,187,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$17,459 |
$211,853 |
| 2 |
$316,080 |
$77,280
$18,333 |
$220,467 |
| 3 |
$331,880 |
$83,126
$19,249 |
$229,505 |
| 4 |
$348,480 |
$89,268
$20,212 |
$239,000 |
| 5 |
$365,900 |
$95,713
$21,222 |
$248,965 |
| 6 |
$384,200 |
$102,484
$22,284 |
$259,432 |
| 7 |
$403,400 |
$109,588
$23,397 |
$270,415 |
| 8 |
$423,580 |
$117,055
$24,568 |
$281,957 |
| 9 |
$444,760 |
$124,892
$25,796 |
$294,072 |
| 10 |
$467,000 |
$133,120
$27,086 |
$306,794 |
| 11 |
$490,340 |
$141,756
$28,440 |
$320,144 |
| 12 |
$514,860 |
$150,829
$29,862 |
$334,169 |
| 13 |
$540,600 |
$160,352
$31,355 |
$348,893 |
| 14 |
$567,640 |
$170,357
$32,923 |
$364,360 |
| 15 |
$596,020 |
$180,858
$34,569 |
$380,593 |
| 16 |
$625,820 |
$191,884
$36,298 |
$397,638 |
| 17 |
$657,100 |
$203,457
$38,112 |
$415,531 |
| 18 |
$689,960 |
$215,616
$40,018 |
$434,326 |
| 19 |
$724,460 |
$228,381
$42,019 |
$454,060 |
| 20 |
$760,680 |
$241,782
$44,119 |
$474,779 |
| 21 |
$798,720 |
$255,857
$46,326 |
$496,537 |
| 22 |
$838,660 |
$270,635
$48,642 |
$519,383 |
| 23 |
$880,580 |
$286,145
$51,074 |
$543,361 |
| 24 |
$924,620 |
$302,440
$53,628 |
$568,552 |
| 25 |
$970,840 |
$319,541
$56,309 |
$594,990 |
| 26 |
$1,019,400 |
$337,508
$59,125 |
$622,767 |
| 27 |
$1,070,360 |
$356,364
$62,081 |
$651,915 |
| 28 |
$1,123,880 |
$376,166
$65,185 |
$682,529 |
| 29 |
$1,180,080 |
$396,960
$68,445 |
$714,675 |
| 30 |
$1,239,080 |
$418,790
$71,867 |
$748,423 |
|
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