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 North Carolina residents, the state will deduct 4.75% from your lottery earnings.
| North Carolina 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(4.75%) | $1,258,750 | | Net Lumpsum Payment | $15,475,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$42,180 |
$556,935 |
| 2 |
$932,436 |
$305,332
$44,291 |
$582,813 |
| 3 |
$979,046 |
$322,577
$46,505 |
$609,964 |
| 4 |
$1,028,016 |
$340,696
$48,831 |
$638,489 |
| 5 |
$1,079,405 |
$359,710
$51,272 |
$668,423 |
| 6 |
$1,133,390 |
$379,685
$53,836 |
$699,869 |
| 7 |
$1,190,030 |
$400,641
$56,526 |
$732,863 |
| 8 |
$1,249,561 |
$422,668
$59,354 |
$767,539 |
| 9 |
$1,312,042 |
$445,786
$62,322 |
$803,934 |
| 10 |
$1,377,650 |
$470,061
$65,438 |
$842,151 |
| 11 |
$1,446,503 |
$495,536
$68,709 |
$882,258 |
| 12 |
$1,518,837 |
$522,300
$72,145 |
$924,392 |
| 13 |
$1,594,770 |
$550,395
$75,752 |
$968,623 |
| 14 |
$1,674,538 |
$579,909
$79,541 |
$1,015,088 |
| 15 |
$1,758,259 |
$610,886
$83,517 |
$1,063,856 |
| 16 |
$1,846,169 |
$643,413
$87,693 |
$1,115,063 |
| 17 |
$1,938,445 |
$677,555
$92,076 |
$1,168,814 |
| 18 |
$2,035,382 |
$713,422
$96,681 |
$1,225,279 |
| 19 |
$2,137,157 |
$751,078
$101,515 |
$1,284,564 |
| 20 |
$2,244,006 |
$790,613
$106,590 |
$1,346,803 |
| 21 |
$2,356,224 |
$832,133
$111,921 |
$1,412,170 |
| 22 |
$2,474,047 |
$875,728
$117,517 |
$1,480,802 |
| 23 |
$2,597,711 |
$921,483
$123,391 |
$1,552,837 |
| 24 |
$2,727,629 |
$969,553
$129,562 |
$1,628,514 |
| 25 |
$2,863,978 |
$1,020,002
$136,039 |
$1,707,937 |
| 26 |
$3,007,230 |
$1,073,005
$142,843 |
$1,791,382 |
| 27 |
$3,157,562 |
$1,128,628
$149,984 |
$1,878,950 |
| 28 |
$3,315,446 |
$1,187,045
$157,484 |
$1,970,917 |
| 29 |
$3,481,236 |
$1,248,388
$165,359 |
$2,067,489 |
| 30 |
$3,655,286 |
$1,312,786
$173,626 |
$2,168,874 |
|
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