The jackpot for the MEGA Millions draw on Fri Jan 24, 2025, is projected to be $28 Million, with an option for a cash payout of $12.5 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 Washington DC residents, the state will deduct 10.75% from your lottery earnings.
| Washington DC MEGA Millions Jackpot/Cash Option for Fri Jan 24, 2025 |
|---|
| Draw Date | Fri Jan 24, 2025 | | Projected Jackpot | $28,000,000 | | Cash Value | $12,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $12,500,000 | | Federal Tax(24%) | $3,000,000 | | Additional Federal Tax | $1,585,330 | | State Tax(10.75%) | $1,343,750 | | Net Lumpsum Payment | $6,570,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$45,304 |
$259,865 |
| 2 |
$442,512 |
$124,060
$47,570 |
$270,882 |
| 3 |
$464,632 |
$132,244
$49,948 |
$282,440 |
| 4 |
$487,872 |
$140,843
$52,446 |
$294,583 |
| 5 |
$512,260 |
$149,867
$55,068 |
$307,325 |
| 6 |
$537,880 |
$159,346
$57,822 |
$320,712 |
| 7 |
$564,760 |
$169,292
$60,712 |
$334,756 |
| 8 |
$593,012 |
$179,745
$63,749 |
$349,518 |
| 9 |
$622,664 |
$190,716
$66,936 |
$365,012 |
| 10 |
$653,800 |
$202,236
$70,284 |
$381,280 |
| 11 |
$686,476 |
$214,327
$73,796 |
$398,353 |
| 12 |
$720,804 |
$227,028
$77,486 |
$416,290 |
| 13 |
$756,840 |
$240,361
$81,360 |
$435,119 |
| 14 |
$794,696 |
$254,368
$85,430 |
$454,898 |
| 15 |
$834,428 |
$269,069
$89,701 |
$475,658 |
| 16 |
$876,148 |
$284,505
$94,186 |
$497,457 |
| 17 |
$919,940 |
$300,708
$98,894 |
$520,338 |
| 18 |
$965,944 |
$317,730
$103,839 |
$544,375 |
| 19 |
$1,014,244 |
$335,601
$109,031 |
$569,612 |
| 20 |
$1,064,952 |
$354,363
$114,482 |
$596,107 |
| 21 |
$1,118,208 |
$374,067
$120,207 |
$623,934 |
| 22 |
$1,174,124 |
$394,756
$126,218 |
$653,150 |
| 23 |
$1,232,812 |
$416,471
$132,527 |
$683,814 |
| 24 |
$1,294,468 |
$439,284
$139,155 |
$716,029 |
| 25 |
$1,359,176 |
$463,226
$146,111 |
$749,839 |
| 26 |
$1,427,160 |
$488,380
$153,420 |
$785,360 |
| 27 |
$1,498,504 |
$514,777
$161,089 |
$822,638 |
| 28 |
$1,573,432 |
$542,500
$169,144 |
$861,788 |
| 29 |
$1,652,112 |
$571,612
$177,602 |
$902,898 |
| 30 |
$1,734,712 |
$602,174
$186,482 |
$946,056 |
|
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