The jackpot for the MEGA Millions draw on Fri Aug 29, 2025, is projected to be $277 Million, with an option for a cash payout of $124.6 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 Aug 29, 2025 |
|---|
| Draw Date | Fri Aug 29, 2025 | | Projected Jackpot | $277,000,000 | | Cash Value | $124,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $124,600,000 | | Federal Tax(24%) | $29,904,000 | | Additional Federal Tax | $16,158,330 | | State Tax(4.25%) | $5,295,500 | | Net Lumpsum Payment | $73,242,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,169,127 |
$1,502,907
$177,188 |
$2,489,032 |
| 2 |
$4,377,708 |
$1,580,082
$186,053 |
$2,611,573 |
| 3 |
$4,596,538 |
$1,661,049
$195,353 |
$2,740,136 |
| 4 |
$4,826,448 |
$1,746,116
$205,124 |
$2,875,208 |
| 5 |
$5,067,715 |
$1,835,385
$215,378 |
$3,016,952 |
| 6 |
$5,321,170 |
$1,929,163
$226,150 |
$3,165,857 |
| 7 |
$5,587,090 |
$2,027,554
$237,451 |
$3,322,085 |
| 8 |
$5,866,583 |
$2,130,966
$249,330 |
$3,486,287 |
| 9 |
$6,159,926 |
$2,239,503
$261,797 |
$3,658,626 |
| 10 |
$6,467,950 |
$2,353,472
$274,888 |
$3,839,590 |
| 11 |
$6,791,209 |
$2,473,078
$288,626 |
$4,029,505 |
| 12 |
$7,130,811 |
$2,598,730
$303,059 |
$4,229,022 |
| 13 |
$7,487,310 |
$2,730,635
$318,211 |
$4,438,464 |
| 14 |
$7,861,814 |
$2,869,202
$334,127 |
$4,658,485 |
| 15 |
$8,254,877 |
$3,014,635
$350,832 |
$4,889,410 |
| 16 |
$8,667,607 |
$3,167,345
$368,373 |
$5,131,889 |
| 17 |
$9,100,835 |
$3,327,639
$386,785 |
$5,386,411 |
| 18 |
$9,555,946 |
$3,496,030
$406,128 |
$5,653,788 |
| 19 |
$10,033,771 |
$3,672,826
$426,435 |
$5,934,510 |
| 20 |
$10,535,418 |
$3,858,435
$447,755 |
$6,229,228 |
| 21 |
$11,062,272 |
$4,053,371
$470,147 |
$6,538,754 |
| 22 |
$11,615,441 |
$4,258,044
$493,656 |
$6,863,741 |
| 23 |
$12,196,033 |
$4,472,863
$518,331 |
$7,204,839 |
| 24 |
$12,805,987 |
$4,698,546
$544,254 |
$7,563,187 |
| 25 |
$13,446,134 |
$4,935,400
$571,461 |
$7,939,273 |
| 26 |
$14,118,690 |
$5,184,246
$600,044 |
$8,334,400 |
| 27 |
$14,824,486 |
$5,445,390
$630,041 |
$8,749,055 |
| 28 |
$15,565,738 |
$5,719,653
$661,544 |
$9,184,541 |
| 29 |
$16,344,108 |
$6,007,650
$694,625 |
$9,641,833 |
| 30 |
$17,161,258 |
$6,309,996
$729,353 |
$10,121,909 |
|
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