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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $1,413,750 | | Net Lumpsum Payment | $10,910,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$48,013 |
$408,870 |
| 2 |
$695,376 |
$217,620
$50,415 |
$427,341 |
| 3 |
$730,136 |
$230,481
$52,935 |
$446,720 |
| 4 |
$766,656 |
$243,993
$55,583 |
$467,080 |
| 5 |
$804,980 |
$258,173
$58,361 |
$488,446 |
| 6 |
$845,240 |
$273,069
$61,280 |
$510,891 |
| 7 |
$887,480 |
$288,698
$64,342 |
$534,440 |
| 8 |
$931,876 |
$305,125
$67,561 |
$559,190 |
| 9 |
$978,472 |
$322,365
$70,939 |
$585,168 |
| 10 |
$1,027,400 |
$340,468
$74,487 |
$612,445 |
| 11 |
$1,078,748 |
$359,467
$78,209 |
$641,072 |
| 12 |
$1,132,692 |
$379,426
$82,120 |
$671,146 |
| 13 |
$1,189,320 |
$400,379
$86,226 |
$702,715 |
| 14 |
$1,248,808 |
$422,389
$90,539 |
$735,880 |
| 15 |
$1,311,244 |
$445,491
$95,065 |
$770,688 |
| 16 |
$1,376,804 |
$469,748
$99,818 |
$807,238 |
| 17 |
$1,445,620 |
$495,210
$104,807 |
$845,603 |
| 18 |
$1,517,912 |
$521,958
$110,049 |
$885,905 |
| 19 |
$1,593,812 |
$550,041
$115,551 |
$928,220 |
| 20 |
$1,673,496 |
$579,524
$121,328 |
$972,644 |
| 21 |
$1,757,184 |
$610,488
$127,396 |
$1,019,300 |
| 22 |
$1,845,052 |
$643,000
$133,766 |
$1,068,286 |
| 23 |
$1,937,276 |
$677,123
$140,453 |
$1,119,700 |
| 24 |
$2,034,164 |
$712,971
$147,477 |
$1,173,716 |
| 25 |
$2,135,848 |
$750,594
$154,849 |
$1,230,405 |
| 26 |
$2,242,680 |
$790,122
$162,594 |
$1,289,964 |
| 27 |
$2,354,792 |
$831,603
$170,722 |
$1,352,467 |
| 28 |
$2,472,536 |
$875,169
$179,259 |
$1,418,108 |
| 29 |
$2,596,176 |
$920,916
$188,223 |
$1,487,037 |
| 30 |
$2,725,976 |
$968,942
$197,633 |
$1,559,401 |
|
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