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 Illinois residents, the state will deduct 4.95% from your lottery earnings.
| Illinois 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(4.95%) | $1,311,750 | | Net Lumpsum Payment | $15,422,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$43,956 |
$555,159 |
| 2 |
$932,436 |
$305,332
$46,156 |
$580,948 |
| 3 |
$979,046 |
$322,577
$48,463 |
$608,006 |
| 4 |
$1,028,016 |
$340,696
$50,887 |
$636,433 |
| 5 |
$1,079,405 |
$359,710
$53,431 |
$666,264 |
| 6 |
$1,133,390 |
$379,685
$56,103 |
$697,602 |
| 7 |
$1,190,030 |
$400,641
$58,906 |
$730,483 |
| 8 |
$1,249,561 |
$422,668
$61,853 |
$765,040 |
| 9 |
$1,312,042 |
$445,786
$64,946 |
$801,310 |
| 10 |
$1,377,650 |
$470,061
$68,194 |
$839,395 |
| 11 |
$1,446,503 |
$495,536
$71,602 |
$879,365 |
| 12 |
$1,518,837 |
$522,300
$75,182 |
$921,355 |
| 13 |
$1,594,770 |
$550,395
$78,941 |
$965,434 |
| 14 |
$1,674,538 |
$579,909
$82,890 |
$1,011,739 |
| 15 |
$1,758,259 |
$610,886
$87,034 |
$1,060,339 |
| 16 |
$1,846,169 |
$643,413
$91,385 |
$1,111,371 |
| 17 |
$1,938,445 |
$677,555
$95,953 |
$1,164,937 |
| 18 |
$2,035,382 |
$713,422
$100,751 |
$1,221,209 |
| 19 |
$2,137,157 |
$751,078
$105,789 |
$1,280,290 |
| 20 |
$2,244,006 |
$790,613
$111,078 |
$1,342,315 |
| 21 |
$2,356,224 |
$832,133
$116,633 |
$1,407,458 |
| 22 |
$2,474,047 |
$875,728
$122,465 |
$1,475,854 |
| 23 |
$2,597,711 |
$921,483
$128,587 |
$1,547,641 |
| 24 |
$2,727,629 |
$969,553
$135,018 |
$1,623,058 |
| 25 |
$2,863,978 |
$1,020,002
$141,767 |
$1,702,209 |
| 26 |
$3,007,230 |
$1,073,005
$148,858 |
$1,785,367 |
| 27 |
$3,157,562 |
$1,128,628
$156,299 |
$1,872,635 |
| 28 |
$3,315,446 |
$1,187,045
$164,115 |
$1,964,286 |
| 29 |
$3,481,236 |
$1,248,388
$172,321 |
$2,060,527 |
| 30 |
$3,655,286 |
$1,312,786
$180,937 |
$2,161,563 |
|
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