The jackpot for the MEGA Millions draw on Fri Jan 24, 2025, is projected to be $28 Million, with an option for a cash payout of $12.5 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 Montana residents, the state will deduct 6.75% from your lottery earnings.
| Montana MEGA Millions Jackpot/Cash Option for Fri Jan 24, 2025 |
|---|
| Draw Date | Fri Jan 24, 2025 | | Projected Jackpot | $28,000,000 | | Cash Value | $12,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $12,500,000 | | Federal Tax(24%) | $3,000,000 | | Additional Federal Tax | $1,585,330 | | State Tax(6.75%) | $843,750 | | Net Lumpsum Payment | $7,070,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$28,446 |
$276,723 |
| 2 |
$442,512 |
$124,060
$29,870 |
$288,582 |
| 3 |
$464,632 |
$132,244
$31,363 |
$301,025 |
| 4 |
$487,872 |
$140,843
$32,931 |
$314,098 |
| 5 |
$512,260 |
$149,867
$34,578 |
$327,815 |
| 6 |
$537,880 |
$159,346
$36,307 |
$342,227 |
| 7 |
$564,760 |
$169,292
$38,121 |
$357,347 |
| 8 |
$593,012 |
$179,745
$40,028 |
$373,239 |
| 9 |
$622,664 |
$190,716
$42,030 |
$389,918 |
| 10 |
$653,800 |
$202,236
$44,132 |
$407,432 |
| 11 |
$686,476 |
$214,327
$46,337 |
$425,812 |
| 12 |
$720,804 |
$227,028
$48,654 |
$445,122 |
| 13 |
$756,840 |
$240,361
$51,087 |
$465,392 |
| 14 |
$794,696 |
$254,368
$53,642 |
$486,686 |
| 15 |
$834,428 |
$269,069
$56,324 |
$509,035 |
| 16 |
$876,148 |
$284,505
$59,140 |
$532,503 |
| 17 |
$919,940 |
$300,708
$62,096 |
$557,136 |
| 18 |
$965,944 |
$317,730
$65,201 |
$583,013 |
| 19 |
$1,014,244 |
$335,601
$68,461 |
$610,182 |
| 20 |
$1,064,952 |
$354,363
$71,884 |
$638,705 |
| 21 |
$1,118,208 |
$374,067
$75,479 |
$668,662 |
| 22 |
$1,174,124 |
$394,756
$79,253 |
$700,115 |
| 23 |
$1,232,812 |
$416,471
$83,215 |
$733,126 |
| 24 |
$1,294,468 |
$439,284
$87,377 |
$767,807 |
| 25 |
$1,359,176 |
$463,226
$91,744 |
$804,206 |
| 26 |
$1,427,160 |
$488,380
$96,333 |
$842,447 |
| 27 |
$1,498,504 |
$514,777
$101,149 |
$882,578 |
| 28 |
$1,573,432 |
$542,500
$106,207 |
$924,725 |
| 29 |
$1,652,112 |
$571,612
$111,518 |
$968,982 |
| 30 |
$1,734,712 |
$602,174
$117,093 |
$1,015,445 |
|
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