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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
| Indiana 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(3.15%) | $393,750 | | Net Lumpsum Payment | $7,520,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$13,275 |
$291,894 |
| 2 |
$442,512 |
$124,060
$13,939 |
$304,513 |
| 3 |
$464,632 |
$132,244
$14,636 |
$317,752 |
| 4 |
$487,872 |
$140,843
$15,368 |
$331,661 |
| 5 |
$512,260 |
$149,867
$16,136 |
$346,257 |
| 6 |
$537,880 |
$159,346
$16,943 |
$361,591 |
| 7 |
$564,760 |
$169,292
$17,790 |
$377,678 |
| 8 |
$593,012 |
$179,745
$18,680 |
$394,587 |
| 9 |
$622,664 |
$190,716
$19,614 |
$412,334 |
| 10 |
$653,800 |
$202,236
$20,595 |
$430,969 |
| 11 |
$686,476 |
$214,327
$21,624 |
$450,525 |
| 12 |
$720,804 |
$227,028
$22,705 |
$471,071 |
| 13 |
$756,840 |
$240,361
$23,840 |
$492,639 |
| 14 |
$794,696 |
$254,368
$25,033 |
$515,295 |
| 15 |
$834,428 |
$269,069
$26,284 |
$539,075 |
| 16 |
$876,148 |
$284,505
$27,599 |
$564,044 |
| 17 |
$919,940 |
$300,708
$28,978 |
$590,254 |
| 18 |
$965,944 |
$317,730
$30,427 |
$617,787 |
| 19 |
$1,014,244 |
$335,601
$31,949 |
$646,694 |
| 20 |
$1,064,952 |
$354,363
$33,546 |
$677,043 |
| 21 |
$1,118,208 |
$374,067
$35,224 |
$708,917 |
| 22 |
$1,174,124 |
$394,756
$36,985 |
$742,383 |
| 23 |
$1,232,812 |
$416,471
$38,834 |
$777,507 |
| 24 |
$1,294,468 |
$439,284
$40,776 |
$814,408 |
| 25 |
$1,359,176 |
$463,226
$42,814 |
$853,136 |
| 26 |
$1,427,160 |
$488,380
$44,956 |
$893,824 |
| 27 |
$1,498,504 |
$514,777
$47,203 |
$936,524 |
| 28 |
$1,573,432 |
$542,500
$49,563 |
$981,369 |
| 29 |
$1,652,112 |
$571,612
$52,042 |
$1,028,458 |
| 30 |
$1,734,712 |
$602,174
$54,643 |
$1,077,895 |
|
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