The jackpot for the MEGA Millions draw on Fri Jan 31, 2025, is projected to be $59 Million, with an option for a cash payout of $26.5 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 Georgia residents, the state will deduct 5.75% from your lottery earnings.
| Georgia MEGA Millions Jackpot/Cash Option for Fri Jan 31, 2025 |
|---|
| Draw Date | Fri Jan 31, 2025 | | Projected Jackpot | $59,000,000 | | Cash Value | $26,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,500,000 | | Federal Tax(24%) | $6,360,000 | | Additional Federal Tax | $3,405,330 | | State Tax(5.75%) | $1,523,750 | | Net Lumpsum Payment | $15,210,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$51,061 |
$548,054 |
| 2 |
$932,436 |
$305,332
$53,615 |
$573,489 |
| 3 |
$979,046 |
$322,577
$56,295 |
$600,174 |
| 4 |
$1,028,016 |
$340,696
$59,111 |
$628,209 |
| 5 |
$1,079,405 |
$359,710
$62,066 |
$657,629 |
| 6 |
$1,133,390 |
$379,685
$65,170 |
$688,535 |
| 7 |
$1,190,030 |
$400,641
$68,427 |
$720,962 |
| 8 |
$1,249,561 |
$422,668
$71,850 |
$755,043 |
| 9 |
$1,312,042 |
$445,786
$75,442 |
$790,814 |
| 10 |
$1,377,650 |
$470,061
$79,215 |
$828,374 |
| 11 |
$1,446,503 |
$495,536
$83,174 |
$867,793 |
| 12 |
$1,518,837 |
$522,300
$87,333 |
$909,204 |
| 13 |
$1,594,770 |
$550,395
$91,699 |
$952,676 |
| 14 |
$1,674,538 |
$579,909
$96,286 |
$998,343 |
| 15 |
$1,758,259 |
$610,886
$101,100 |
$1,046,273 |
| 16 |
$1,846,169 |
$643,413
$106,155 |
$1,096,601 |
| 17 |
$1,938,445 |
$677,555
$111,461 |
$1,149,429 |
| 18 |
$2,035,382 |
$713,422
$117,034 |
$1,204,926 |
| 19 |
$2,137,157 |
$751,078
$122,887 |
$1,263,192 |
| 20 |
$2,244,006 |
$790,613
$129,030 |
$1,324,363 |
| 21 |
$2,356,224 |
$832,133
$135,483 |
$1,388,608 |
| 22 |
$2,474,047 |
$875,728
$142,258 |
$1,456,061 |
| 23 |
$2,597,711 |
$921,483
$149,368 |
$1,526,860 |
| 24 |
$2,727,629 |
$969,553
$156,839 |
$1,601,237 |
| 25 |
$2,863,978 |
$1,020,002
$164,679 |
$1,679,297 |
| 26 |
$3,007,230 |
$1,073,005
$172,916 |
$1,761,309 |
| 27 |
$3,157,562 |
$1,128,628
$181,560 |
$1,847,374 |
| 28 |
$3,315,446 |
$1,187,045
$190,638 |
$1,937,763 |
| 29 |
$3,481,236 |
$1,248,388
$200,171 |
$2,032,677 |
| 30 |
$3,655,286 |
$1,312,786
$210,179 |
$2,132,321 |
|
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