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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio 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(3.99%) | $498,750 | | Net Lumpsum Payment | $7,415,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$16,815 |
$288,354 |
| 2 |
$442,512 |
$124,060
$17,656 |
$300,796 |
| 3 |
$464,632 |
$132,244
$18,539 |
$313,849 |
| 4 |
$487,872 |
$140,843
$19,466 |
$327,563 |
| 5 |
$512,260 |
$149,867
$20,439 |
$341,954 |
| 6 |
$537,880 |
$159,346
$21,461 |
$357,073 |
| 7 |
$564,760 |
$169,292
$22,534 |
$372,934 |
| 8 |
$593,012 |
$179,745
$23,661 |
$389,606 |
| 9 |
$622,664 |
$190,716
$24,844 |
$407,104 |
| 10 |
$653,800 |
$202,236
$26,087 |
$425,477 |
| 11 |
$686,476 |
$214,327
$27,390 |
$444,759 |
| 12 |
$720,804 |
$227,028
$28,760 |
$465,016 |
| 13 |
$756,840 |
$240,361
$30,198 |
$486,281 |
| 14 |
$794,696 |
$254,368
$31,708 |
$508,620 |
| 15 |
$834,428 |
$269,069
$33,294 |
$532,065 |
| 16 |
$876,148 |
$284,505
$34,958 |
$556,685 |
| 17 |
$919,940 |
$300,708
$36,706 |
$582,526 |
| 18 |
$965,944 |
$317,730
$38,541 |
$609,673 |
| 19 |
$1,014,244 |
$335,601
$40,468 |
$638,175 |
| 20 |
$1,064,952 |
$354,363
$42,492 |
$668,097 |
| 21 |
$1,118,208 |
$374,067
$44,616 |
$699,525 |
| 22 |
$1,174,124 |
$394,756
$46,848 |
$732,520 |
| 23 |
$1,232,812 |
$416,471
$49,189 |
$767,152 |
| 24 |
$1,294,468 |
$439,284
$51,649 |
$803,535 |
| 25 |
$1,359,176 |
$463,226
$54,231 |
$841,719 |
| 26 |
$1,427,160 |
$488,380
$56,944 |
$881,836 |
| 27 |
$1,498,504 |
$514,777
$59,790 |
$923,937 |
| 28 |
$1,573,432 |
$542,500
$62,780 |
$968,152 |
| 29 |
$1,652,112 |
$571,612
$65,919 |
$1,014,581 |
| 30 |
$1,734,712 |
$602,174
$69,215 |
$1,063,323 |
|
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