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 Illinois residents, the state will deduct 4.95% from your lottery earnings.
| Illinois 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(4.95%) | $618,750 | | Net Lumpsum Payment | $7,295,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$20,861 |
$284,308 |
| 2 |
$442,512 |
$124,060
$21,904 |
$296,548 |
| 3 |
$464,632 |
$132,244
$22,999 |
$309,389 |
| 4 |
$487,872 |
$140,843
$24,150 |
$322,879 |
| 5 |
$512,260 |
$149,867
$25,357 |
$337,036 |
| 6 |
$537,880 |
$159,346
$26,625 |
$351,909 |
| 7 |
$564,760 |
$169,292
$27,956 |
$367,512 |
| 8 |
$593,012 |
$179,745
$29,354 |
$383,913 |
| 9 |
$622,664 |
$190,716
$30,822 |
$401,126 |
| 10 |
$653,800 |
$202,236
$32,363 |
$419,201 |
| 11 |
$686,476 |
$214,327
$33,981 |
$438,168 |
| 12 |
$720,804 |
$227,028
$35,680 |
$458,096 |
| 13 |
$756,840 |
$240,361
$37,464 |
$479,015 |
| 14 |
$794,696 |
$254,368
$39,337 |
$500,991 |
| 15 |
$834,428 |
$269,069
$41,304 |
$524,055 |
| 16 |
$876,148 |
$284,505
$43,369 |
$548,274 |
| 17 |
$919,940 |
$300,708
$45,537 |
$573,695 |
| 18 |
$965,944 |
$317,730
$47,814 |
$600,400 |
| 19 |
$1,014,244 |
$335,601
$50,205 |
$628,438 |
| 20 |
$1,064,952 |
$354,363
$52,715 |
$657,874 |
| 21 |
$1,118,208 |
$374,067
$55,351 |
$688,790 |
| 22 |
$1,174,124 |
$394,756
$58,119 |
$721,249 |
| 23 |
$1,232,812 |
$416,471
$61,024 |
$755,317 |
| 24 |
$1,294,468 |
$439,284
$64,076 |
$791,108 |
| 25 |
$1,359,176 |
$463,226
$67,279 |
$828,671 |
| 26 |
$1,427,160 |
$488,380
$70,644 |
$868,136 |
| 27 |
$1,498,504 |
$514,777
$74,176 |
$909,551 |
| 28 |
$1,573,432 |
$542,500
$77,885 |
$953,047 |
| 29 |
$1,652,112 |
$571,612
$81,780 |
$998,720 |
| 30 |
$1,734,712 |
$602,174
$85,868 |
$1,046,670 |
|
|
