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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $1,921,250 | | Net Lumpsum Payment | $14,813,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$64,381 |
$534,734 |
| 2 |
$932,436 |
$305,332
$67,602 |
$559,502 |
| 3 |
$979,046 |
$322,577
$70,981 |
$585,488 |
| 4 |
$1,028,016 |
$340,696
$74,531 |
$612,789 |
| 5 |
$1,079,405 |
$359,710
$78,257 |
$641,438 |
| 6 |
$1,133,390 |
$379,685
$82,171 |
$671,534 |
| 7 |
$1,190,030 |
$400,641
$86,277 |
$703,112 |
| 8 |
$1,249,561 |
$422,668
$90,593 |
$736,300 |
| 9 |
$1,312,042 |
$445,786
$95,123 |
$771,133 |
| 10 |
$1,377,650 |
$470,061
$99,880 |
$807,709 |
| 11 |
$1,446,503 |
$495,536
$104,871 |
$846,096 |
| 12 |
$1,518,837 |
$522,300
$110,116 |
$886,421 |
| 13 |
$1,594,770 |
$550,395
$115,621 |
$928,754 |
| 14 |
$1,674,538 |
$579,909
$121,404 |
$973,225 |
| 15 |
$1,758,259 |
$610,886
$127,474 |
$1,019,899 |
| 16 |
$1,846,169 |
$643,413
$133,847 |
$1,068,909 |
| 17 |
$1,938,445 |
$677,555
$140,537 |
$1,120,353 |
| 18 |
$2,035,382 |
$713,422
$147,565 |
$1,174,395 |
| 19 |
$2,137,157 |
$751,078
$154,944 |
$1,231,135 |
| 20 |
$2,244,006 |
$790,613
$162,690 |
$1,290,703 |
| 21 |
$2,356,224 |
$832,133
$170,826 |
$1,353,265 |
| 22 |
$2,474,047 |
$875,728
$179,368 |
$1,418,951 |
| 23 |
$2,597,711 |
$921,483
$188,334 |
$1,487,894 |
| 24 |
$2,727,629 |
$969,553
$197,753 |
$1,560,323 |
| 25 |
$2,863,978 |
$1,020,002
$207,638 |
$1,636,338 |
| 26 |
$3,007,230 |
$1,073,005
$218,024 |
$1,716,201 |
| 27 |
$3,157,562 |
$1,128,628
$228,923 |
$1,800,011 |
| 28 |
$3,315,446 |
$1,187,045
$240,370 |
$1,888,031 |
| 29 |
$3,481,236 |
$1,248,388
$252,390 |
$1,980,458 |
| 30 |
$3,655,286 |
$1,312,786
$265,008 |
$2,077,492 |
|
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