The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 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 Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(3.99%) | $1,687,770 | | Net Lumpsum Payment | $25,000,900 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$56,450 |
$874,540 |
| 2 |
$1,485,576 |
$509,994
$59,274 |
$916,308 |
| 3 |
$1,559,836 |
$537,470
$62,237 |
$960,129 |
| 4 |
$1,637,856 |
$566,337
$65,350 |
$1,006,169 |
| 5 |
$1,719,730 |
$596,630
$68,617 |
$1,054,483 |
| 6 |
$1,805,740 |
$628,454
$72,049 |
$1,105,237 |
| 7 |
$1,895,980 |
$661,843
$75,650 |
$1,158,487 |
| 8 |
$1,990,826 |
$696,936
$79,434 |
$1,214,456 |
| 9 |
$2,090,372 |
$733,768
$83,406 |
$1,273,198 |
| 10 |
$2,194,900 |
$772,443
$87,577 |
$1,334,880 |
| 11 |
$2,304,598 |
$813,032
$91,953 |
$1,399,613 |
| 12 |
$2,419,842 |
$855,672
$96,552 |
$1,467,618 |
| 13 |
$2,540,820 |
$900,434
$101,379 |
$1,539,007 |
| 14 |
$2,667,908 |
$947,456
$106,450 |
$1,614,002 |
| 15 |
$2,801,294 |
$996,809
$111,772 |
$1,692,713 |
| 16 |
$2,941,354 |
$1,048,631
$117,360 |
$1,775,363 |
| 17 |
$3,088,370 |
$1,103,027
$123,226 |
$1,862,117 |
| 18 |
$3,242,812 |
$1,160,171
$129,388 |
$1,953,253 |
| 19 |
$3,404,962 |
$1,220,166
$135,858 |
$2,048,938 |
| 20 |
$3,575,196 |
$1,283,153
$142,650 |
$2,149,393 |
| 21 |
$3,753,984 |
$1,349,304
$149,784 |
$2,254,896 |
| 22 |
$3,941,702 |
$1,418,760
$157,274 |
$2,365,668 |
| 23 |
$4,138,726 |
$1,491,659
$165,135 |
$2,481,932 |
| 24 |
$4,345,714 |
$1,568,245
$173,394 |
$2,604,075 |
| 25 |
$4,562,948 |
$1,648,621
$182,062 |
$2,732,265 |
| 26 |
$4,791,180 |
$1,733,067
$191,168 |
$2,866,945 |
| 27 |
$5,030,692 |
$1,821,686
$200,725 |
$3,008,281 |
| 28 |
$5,282,236 |
$1,914,758
$210,761 |
$3,156,717 |
| 29 |
$5,546,376 |
$2,012,490
$221,300 |
$3,312,586 |
| 30 |
$5,823,676 |
$2,115,091
$232,365 |
$3,476,220 |
|
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