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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $725,000 | | Net Lumpsum Payment | $7,189,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$24,443 |
$280,726 |
| 2 |
$442,512 |
$124,060
$25,666 |
$292,786 |
| 3 |
$464,632 |
$132,244
$26,949 |
$305,439 |
| 4 |
$487,872 |
$140,843
$28,297 |
$318,732 |
| 5 |
$512,260 |
$149,867
$29,711 |
$332,682 |
| 6 |
$537,880 |
$159,346
$31,197 |
$347,337 |
| 7 |
$564,760 |
$169,292
$32,756 |
$362,712 |
| 8 |
$593,012 |
$179,745
$34,395 |
$378,872 |
| 9 |
$622,664 |
$190,716
$36,115 |
$395,833 |
| 10 |
$653,800 |
$202,236
$37,920 |
$413,644 |
| 11 |
$686,476 |
$214,327
$39,816 |
$432,333 |
| 12 |
$720,804 |
$227,028
$41,807 |
$451,969 |
| 13 |
$756,840 |
$240,361
$43,897 |
$472,582 |
| 14 |
$794,696 |
$254,368
$46,092 |
$494,236 |
| 15 |
$834,428 |
$269,069
$48,397 |
$516,962 |
| 16 |
$876,148 |
$284,505
$50,817 |
$540,826 |
| 17 |
$919,940 |
$300,708
$53,357 |
$565,875 |
| 18 |
$965,944 |
$317,730
$56,025 |
$592,189 |
| 19 |
$1,014,244 |
$335,601
$58,826 |
$619,817 |
| 20 |
$1,064,952 |
$354,363
$61,767 |
$648,822 |
| 21 |
$1,118,208 |
$374,067
$64,856 |
$679,285 |
| 22 |
$1,174,124 |
$394,756
$68,099 |
$711,269 |
| 23 |
$1,232,812 |
$416,471
$71,503 |
$744,838 |
| 24 |
$1,294,468 |
$439,284
$75,079 |
$780,105 |
| 25 |
$1,359,176 |
$463,226
$78,832 |
$817,118 |
| 26 |
$1,427,160 |
$488,380
$82,775 |
$856,005 |
| 27 |
$1,498,504 |
$514,777
$86,913 |
$896,814 |
| 28 |
$1,573,432 |
$542,500
$91,259 |
$939,673 |
| 29 |
$1,652,112 |
$571,612
$95,822 |
$984,678 |
| 30 |
$1,734,712 |
$602,174
$100,613 |
$1,031,925 |
|
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