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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan 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(4.25%) | $1,126,250 | | Net Lumpsum Payment | $15,608,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$37,740 |
$561,375 |
| 2 |
$932,436 |
$305,332
$39,629 |
$587,475 |
| 3 |
$979,046 |
$322,577
$41,609 |
$614,860 |
| 4 |
$1,028,016 |
$340,696
$43,691 |
$643,629 |
| 5 |
$1,079,405 |
$359,710
$45,875 |
$673,820 |
| 6 |
$1,133,390 |
$379,685
$48,169 |
$705,536 |
| 7 |
$1,190,030 |
$400,641
$50,576 |
$738,813 |
| 8 |
$1,249,561 |
$422,668
$53,106 |
$773,787 |
| 9 |
$1,312,042 |
$445,786
$55,762 |
$810,494 |
| 10 |
$1,377,650 |
$470,061
$58,550 |
$849,039 |
| 11 |
$1,446,503 |
$495,536
$61,476 |
$889,491 |
| 12 |
$1,518,837 |
$522,300
$64,551 |
$931,986 |
| 13 |
$1,594,770 |
$550,395
$67,778 |
$976,597 |
| 14 |
$1,674,538 |
$579,909
$71,168 |
$1,023,461 |
| 15 |
$1,758,259 |
$610,886
$74,726 |
$1,072,647 |
| 16 |
$1,846,169 |
$643,413
$78,462 |
$1,124,294 |
| 17 |
$1,938,445 |
$677,555
$82,384 |
$1,178,506 |
| 18 |
$2,035,382 |
$713,422
$86,504 |
$1,235,456 |
| 19 |
$2,137,157 |
$751,078
$90,829 |
$1,295,250 |
| 20 |
$2,244,006 |
$790,613
$95,370 |
$1,358,023 |
| 21 |
$2,356,224 |
$832,133
$100,140 |
$1,423,951 |
| 22 |
$2,474,047 |
$875,728
$105,147 |
$1,493,172 |
| 23 |
$2,597,711 |
$921,483
$110,403 |
$1,565,825 |
| 24 |
$2,727,629 |
$969,553
$115,924 |
$1,642,152 |
| 25 |
$2,863,978 |
$1,020,002
$121,719 |
$1,722,257 |
| 26 |
$3,007,230 |
$1,073,005
$127,807 |
$1,806,418 |
| 27 |
$3,157,562 |
$1,128,628
$134,196 |
$1,894,738 |
| 28 |
$3,315,446 |
$1,187,045
$140,906 |
$1,987,495 |
| 29 |
$3,481,236 |
$1,248,388
$147,953 |
$2,084,895 |
| 30 |
$3,655,286 |
$1,312,786
$155,350 |
$2,187,150 |
|
|
