The jackpot for the MEGA Millions draw on Tue Jan 28, 2025, is projected to be $44 Million, with an option for a cash payout of $19.5 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 Massachusetts residents, the state will deduct 5% from your lottery earnings.
| Massachusetts MEGA Millions Jackpot/Cash Option for Tue Jan 28, 2025 |
|---|
| Draw Date | Tue Jan 28, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $19,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $19,500,000 | | Federal Tax(24%) | $4,680,000 | | Additional Federal Tax | $2,495,330 | | State Tax(5%) | $975,000 | | Net Lumpsum Payment | $11,349,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$33,112 |
$423,771 |
| 2 |
$695,376 |
$217,620
$34,769 |
$442,987 |
| 3 |
$730,136 |
$230,481
$36,507 |
$463,148 |
| 4 |
$766,656 |
$243,993
$38,333 |
$484,330 |
| 5 |
$804,980 |
$258,173
$40,249 |
$506,558 |
| 6 |
$845,240 |
$273,069
$42,262 |
$529,909 |
| 7 |
$887,480 |
$288,698
$44,374 |
$554,408 |
| 8 |
$931,876 |
$305,125
$46,594 |
$580,157 |
| 9 |
$978,472 |
$322,365
$48,924 |
$607,183 |
| 10 |
$1,027,400 |
$340,468
$51,370 |
$635,562 |
| 11 |
$1,078,748 |
$359,467
$53,937 |
$665,344 |
| 12 |
$1,132,692 |
$379,426
$56,635 |
$696,631 |
| 13 |
$1,189,320 |
$400,379
$59,466 |
$729,475 |
| 14 |
$1,248,808 |
$422,389
$62,440 |
$763,979 |
| 15 |
$1,311,244 |
$445,491
$65,562 |
$800,191 |
| 16 |
$1,376,804 |
$469,748
$68,840 |
$838,216 |
| 17 |
$1,445,620 |
$495,210
$72,281 |
$878,129 |
| 18 |
$1,517,912 |
$521,958
$75,896 |
$920,058 |
| 19 |
$1,593,812 |
$550,041
$79,691 |
$964,080 |
| 20 |
$1,673,496 |
$579,524
$83,675 |
$1,010,297 |
| 21 |
$1,757,184 |
$610,488
$87,859 |
$1,058,837 |
| 22 |
$1,845,052 |
$643,000
$92,253 |
$1,109,799 |
| 23 |
$1,937,276 |
$677,123
$96,864 |
$1,163,289 |
| 24 |
$2,034,164 |
$712,971
$101,708 |
$1,219,485 |
| 25 |
$2,135,848 |
$750,594
$106,792 |
$1,278,462 |
| 26 |
$2,242,680 |
$790,122
$112,134 |
$1,340,424 |
| 27 |
$2,354,792 |
$831,603
$117,740 |
$1,405,449 |
| 28 |
$2,472,536 |
$875,169
$123,627 |
$1,473,740 |
| 29 |
$2,596,176 |
$920,916
$129,809 |
$1,545,451 |
| 30 |
$2,725,976 |
$968,942
$136,299 |
$1,620,735 |
|
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