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 Idaho residents, the state will deduct 5.8% from your lottery earnings.
| Idaho 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(5.8%) | $1,537,000 | | Net Lumpsum Payment | $15,197,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$51,505 |
$547,610 |
| 2 |
$932,436 |
$305,332
$54,081 |
$573,023 |
| 3 |
$979,046 |
$322,577
$56,785 |
$599,684 |
| 4 |
$1,028,016 |
$340,696
$59,625 |
$627,695 |
| 5 |
$1,079,405 |
$359,710
$62,605 |
$657,090 |
| 6 |
$1,133,390 |
$379,685
$65,737 |
$687,968 |
| 7 |
$1,190,030 |
$400,641
$69,022 |
$720,367 |
| 8 |
$1,249,561 |
$422,668
$72,475 |
$754,418 |
| 9 |
$1,312,042 |
$445,786
$76,098 |
$790,158 |
| 10 |
$1,377,650 |
$470,061
$79,904 |
$827,685 |
| 11 |
$1,446,503 |
$495,536
$83,897 |
$867,070 |
| 12 |
$1,518,837 |
$522,300
$88,093 |
$908,444 |
| 13 |
$1,594,770 |
$550,395
$92,497 |
$951,878 |
| 14 |
$1,674,538 |
$579,909
$97,123 |
$997,506 |
| 15 |
$1,758,259 |
$610,886
$101,979 |
$1,045,394 |
| 16 |
$1,846,169 |
$643,413
$107,078 |
$1,095,678 |
| 17 |
$1,938,445 |
$677,555
$112,430 |
$1,148,460 |
| 18 |
$2,035,382 |
$713,422
$118,052 |
$1,203,908 |
| 19 |
$2,137,157 |
$751,078
$123,955 |
$1,262,124 |
| 20 |
$2,244,006 |
$790,613
$130,152 |
$1,323,241 |
| 21 |
$2,356,224 |
$832,133
$136,661 |
$1,387,430 |
| 22 |
$2,474,047 |
$875,728
$143,495 |
$1,454,824 |
| 23 |
$2,597,711 |
$921,483
$150,667 |
$1,525,561 |
| 24 |
$2,727,629 |
$969,553
$158,202 |
$1,599,874 |
| 25 |
$2,863,978 |
$1,020,002
$166,111 |
$1,677,865 |
| 26 |
$3,007,230 |
$1,073,005
$174,419 |
$1,759,806 |
| 27 |
$3,157,562 |
$1,128,628
$183,139 |
$1,845,795 |
| 28 |
$3,315,446 |
$1,187,045
$192,296 |
$1,936,105 |
| 29 |
$3,481,236 |
$1,248,388
$201,912 |
$2,030,936 |
| 30 |
$3,655,286 |
$1,312,786
$212,007 |
$2,130,493 |
|
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