The jackpot for the MEGA Millions draw on Fri May 16, 2025, is projected to be $122 Million, with an option for a cash payout of $54.8 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 May 16, 2025 |
|---|
| Draw Date | Fri May 16, 2025 | | Projected Jackpot | $122,000,000 | | Cash Value | $54,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $54,800,000 | | Federal Tax(24%) | $13,152,000 | | Additional Federal Tax | $7,084,330 | | State Tax(4.25%) | $2,329,000 | | Net Lumpsum Payment | $32,234,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,836,222 |
$639,733
$78,039 |
$1,118,450 |
| 2 |
$1,928,088 |
$673,723
$81,944 |
$1,172,421 |
| 3 |
$2,024,468 |
$709,384
$86,040 |
$1,229,044 |
| 4 |
$2,125,728 |
$746,850
$90,343 |
$1,288,535 |
| 5 |
$2,231,990 |
$786,167
$94,860 |
$1,350,963 |
| 6 |
$2,343,620 |
$827,470
$99,604 |
$1,416,546 |
| 7 |
$2,460,740 |
$870,804
$104,581 |
$1,485,355 |
| 8 |
$2,583,838 |
$916,350
$109,813 |
$1,557,675 |
| 9 |
$2,713,036 |
$964,154
$115,304 |
$1,633,578 |
| 10 |
$2,848,700 |
$1,014,349
$121,070 |
$1,713,281 |
| 11 |
$2,991,074 |
$1,067,028
$127,121 |
$1,796,925 |
| 12 |
$3,140,646 |
$1,122,369
$133,477 |
$1,884,800 |
| 13 |
$3,297,660 |
$1,180,465
$140,151 |
$1,977,044 |
| 14 |
$3,462,604 |
$1,241,494
$147,161 |
$2,073,949 |
| 15 |
$3,635,722 |
$1,305,548
$154,518 |
$2,175,656 |
| 16 |
$3,817,502 |
$1,372,806
$162,244 |
$2,282,452 |
| 17 |
$4,008,310 |
$1,443,405
$170,353 |
$2,394,552 |
| 18 |
$4,208,756 |
$1,517,570
$178,872 |
$2,512,314 |
| 19 |
$4,419,206 |
$1,595,437
$187,816 |
$2,635,953 |
| 20 |
$4,640,148 |
$1,677,185
$197,206 |
$2,765,757 |
| 21 |
$4,872,192 |
$1,763,041
$207,068 |
$2,902,083 |
| 22 |
$5,115,826 |
$1,853,186
$217,423 |
$3,045,217 |
| 23 |
$5,371,538 |
$1,947,799
$228,290 |
$3,195,449 |
| 24 |
$5,640,182 |
$2,047,198
$239,708 |
$3,353,276 |
| 25 |
$5,922,124 |
$2,151,516
$251,690 |
$3,518,918 |
| 26 |
$6,218,340 |
$2,261,116
$264,279 |
$3,692,945 |
| 27 |
$6,529,196 |
$2,376,133
$277,491 |
$3,875,572 |
| 28 |
$6,855,668 |
$2,496,928
$291,366 |
$4,067,374 |
| 29 |
$7,198,488 |
$2,623,771
$305,936 |
$4,268,781 |
| 30 |
$7,558,388 |
$2,756,934
$321,231 |
$4,480,223 |
|
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