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 North Carolina residents, the state will deduct 4.75% from your lottery earnings.
| North Carolina 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(4.75%) | $593,750 | | Net Lumpsum Payment | $7,320,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$20,018 |
$285,151 |
| 2 |
$442,512 |
$124,060
$21,019 |
$297,433 |
| 3 |
$464,632 |
$132,244
$22,070 |
$310,318 |
| 4 |
$487,872 |
$140,843
$23,174 |
$323,855 |
| 5 |
$512,260 |
$149,867
$24,332 |
$338,061 |
| 6 |
$537,880 |
$159,346
$25,549 |
$352,985 |
| 7 |
$564,760 |
$169,292
$26,826 |
$368,642 |
| 8 |
$593,012 |
$179,745
$28,168 |
$385,099 |
| 9 |
$622,664 |
$190,716
$29,577 |
$402,371 |
| 10 |
$653,800 |
$202,236
$31,056 |
$420,508 |
| 11 |
$686,476 |
$214,327
$32,608 |
$439,541 |
| 12 |
$720,804 |
$227,028
$34,238 |
$459,538 |
| 13 |
$756,840 |
$240,361
$35,950 |
$480,529 |
| 14 |
$794,696 |
$254,368
$37,748 |
$502,580 |
| 15 |
$834,428 |
$269,069
$39,635 |
$525,724 |
| 16 |
$876,148 |
$284,505
$41,617 |
$550,026 |
| 17 |
$919,940 |
$300,708
$43,697 |
$575,535 |
| 18 |
$965,944 |
$317,730
$45,882 |
$602,332 |
| 19 |
$1,014,244 |
$335,601
$48,177 |
$630,466 |
| 20 |
$1,064,952 |
$354,363
$50,585 |
$660,004 |
| 21 |
$1,118,208 |
$374,067
$53,115 |
$691,026 |
| 22 |
$1,174,124 |
$394,756
$55,771 |
$723,597 |
| 23 |
$1,232,812 |
$416,471
$58,559 |
$757,782 |
| 24 |
$1,294,468 |
$439,284
$61,487 |
$793,697 |
| 25 |
$1,359,176 |
$463,226
$64,561 |
$831,389 |
| 26 |
$1,427,160 |
$488,380
$67,790 |
$870,990 |
| 27 |
$1,498,504 |
$514,777
$71,179 |
$912,548 |
| 28 |
$1,573,432 |
$542,500
$74,738 |
$956,194 |
| 29 |
$1,652,112 |
$571,612
$78,475 |
$1,002,025 |
| 30 |
$1,734,712 |
$602,174
$82,399 |
$1,050,139 |
|
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