The jackpot for the MEGA Millions draw on Fri May 16, 2025, is projected to be $122 Million, with an option for a cash payout of $54.8 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 those living in South Dakota, the bright side is you won't have to pay any state taxes on your lottery prize.
| South Dakota MEGA Millions Jackpot/Cash Option for Fri May 16, 2025 |
|---|
| Draw Date | Fri May 16, 2025 | | Projected Jackpot | $122,000,000 | | Cash Value | $54,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $54,800,000 | | Federal Tax(24%) | $13,152,000 | | Additional Federal Tax | $7,084,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $34,563,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,836,222 |
$639,733
$0 |
$1,196,489 |
| 2 |
$1,928,088 |
$673,723
$0 |
$1,254,365 |
| 3 |
$2,024,468 |
$709,384
$0 |
$1,315,084 |
| 4 |
$2,125,728 |
$746,850
$0 |
$1,378,878 |
| 5 |
$2,231,990 |
$786,167
$0 |
$1,445,823 |
| 6 |
$2,343,620 |
$827,470
$0 |
$1,516,150 |
| 7 |
$2,460,740 |
$870,804
$0 |
$1,589,936 |
| 8 |
$2,583,838 |
$916,350
$0 |
$1,667,488 |
| 9 |
$2,713,036 |
$964,154
$0 |
$1,748,882 |
| 10 |
$2,848,700 |
$1,014,349
$0 |
$1,834,351 |
| 11 |
$2,991,074 |
$1,067,028
$0 |
$1,924,046 |
| 12 |
$3,140,646 |
$1,122,369
$0 |
$2,018,277 |
| 13 |
$3,297,660 |
$1,180,465
$0 |
$2,117,195 |
| 14 |
$3,462,604 |
$1,241,494
$0 |
$2,221,110 |
| 15 |
$3,635,722 |
$1,305,548
$0 |
$2,330,174 |
| 16 |
$3,817,502 |
$1,372,806
$0 |
$2,444,696 |
| 17 |
$4,008,310 |
$1,443,405
$0 |
$2,564,905 |
| 18 |
$4,208,756 |
$1,517,570
$0 |
$2,691,186 |
| 19 |
$4,419,206 |
$1,595,437
$0 |
$2,823,769 |
| 20 |
$4,640,148 |
$1,677,185
$0 |
$2,962,963 |
| 21 |
$4,872,192 |
$1,763,041
$0 |
$3,109,151 |
| 22 |
$5,115,826 |
$1,853,186
$0 |
$3,262,640 |
| 23 |
$5,371,538 |
$1,947,799
$0 |
$3,423,739 |
| 24 |
$5,640,182 |
$2,047,198
$0 |
$3,592,984 |
| 25 |
$5,922,124 |
$2,151,516
$0 |
$3,770,608 |
| 26 |
$6,218,340 |
$2,261,116
$0 |
$3,957,224 |
| 27 |
$6,529,196 |
$2,376,133
$0 |
$4,153,063 |
| 28 |
$6,855,668 |
$2,496,928
$0 |
$4,358,740 |
| 29 |
$7,198,488 |
$2,623,771
$0 |
$4,574,717 |
| 30 |
$7,558,388 |
$2,756,934
$0 |
$4,801,454 |
|
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