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 Indiana residents, the state will deduct 3.15% from your lottery earnings.
| Indiana 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(3.15%) | $834,750 | | Net Lumpsum Payment | $15,899,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$27,972 |
$571,143 |
| 2 |
$932,436 |
$305,332
$29,372 |
$597,732 |
| 3 |
$979,046 |
$322,577
$30,840 |
$625,629 |
| 4 |
$1,028,016 |
$340,696
$32,383 |
$654,937 |
| 5 |
$1,079,405 |
$359,710
$34,001 |
$685,694 |
| 6 |
$1,133,390 |
$379,685
$35,702 |
$718,003 |
| 7 |
$1,190,030 |
$400,641
$37,486 |
$751,903 |
| 8 |
$1,249,561 |
$422,668
$39,361 |
$787,532 |
| 9 |
$1,312,042 |
$445,786
$41,329 |
$824,927 |
| 10 |
$1,377,650 |
$470,061
$43,396 |
$864,193 |
| 11 |
$1,446,503 |
$495,536
$45,565 |
$905,402 |
| 12 |
$1,518,837 |
$522,300
$47,843 |
$948,694 |
| 13 |
$1,594,770 |
$550,395
$50,235 |
$994,140 |
| 14 |
$1,674,538 |
$579,909
$52,748 |
$1,041,881 |
| 15 |
$1,758,259 |
$610,886
$55,385 |
$1,091,988 |
| 16 |
$1,846,169 |
$643,413
$58,154 |
$1,144,602 |
| 17 |
$1,938,445 |
$677,555
$61,061 |
$1,199,829 |
| 18 |
$2,035,382 |
$713,422
$64,115 |
$1,257,845 |
| 19 |
$2,137,157 |
$751,078
$67,320 |
$1,318,759 |
| 20 |
$2,244,006 |
$790,613
$70,686 |
$1,382,707 |
| 21 |
$2,356,224 |
$832,133
$74,221 |
$1,449,870 |
| 22 |
$2,474,047 |
$875,728
$77,932 |
$1,520,387 |
| 23 |
$2,597,711 |
$921,483
$81,828 |
$1,594,400 |
| 24 |
$2,727,629 |
$969,553
$85,920 |
$1,672,156 |
| 25 |
$2,863,978 |
$1,020,002
$90,215 |
$1,753,761 |
| 26 |
$3,007,230 |
$1,073,005
$94,728 |
$1,839,497 |
| 27 |
$3,157,562 |
$1,128,628
$99,463 |
$1,929,471 |
| 28 |
$3,315,446 |
$1,187,045
$104,437 |
$2,023,964 |
| 29 |
$3,481,236 |
$1,248,388
$109,659 |
$2,123,189 |
| 30 |
$3,655,286 |
$1,312,786
$115,142 |
$2,227,358 |
|
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