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 Oregon residents, the state will deduct 8% from your lottery earnings.
Oregon MEGA Millions Jackpot/Cash Option for Fri Jan 24, 2025 |
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Draw Date | Fri Jan 24, 2025 | Projected Jackpot | $28,000,000 | Cash Value | $12,500,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $12,500,000 | Federal Tax(24%) | $3,000,000 | Additional Federal Tax | $1,585,330 | State Tax(8%) | $1,000,000 | Net Lumpsum Payment | $6,914,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$421,428 |
$116,259 $33,714 |
$271,455 |
2 |
$442,512 |
$124,060 $35,401 |
$283,051 |
3 |
$464,632 |
$132,244 $37,171 |
$295,217 |
4 |
$487,872 |
$140,843 $39,030 |
$307,999 |
5 |
$512,260 |
$149,867 $40,981 |
$321,412 |
6 |
$537,880 |
$159,346 $43,030 |
$335,504 |
7 |
$564,760 |
$169,292 $45,181 |
$350,287 |
8 |
$593,012 |
$179,745 $47,441 |
$365,826 |
9 |
$622,664 |
$190,716 $49,813 |
$382,135 |
10 |
$653,800 |
$202,236 $52,304 |
$399,260 |
11 |
$686,476 |
$214,327 $54,918 |
$417,231 |
12 |
$720,804 |
$227,028 $57,664 |
$436,112 |
13 |
$756,840 |
$240,361 $60,547 |
$455,932 |
14 |
$794,696 |
$254,368 $63,576 |
$476,752 |
15 |
$834,428 |
$269,069 $66,754 |
$498,605 |
16 |
$876,148 |
$284,505 $70,092 |
$521,551 |
17 |
$919,940 |
$300,708 $73,595 |
$545,637 |
18 |
$965,944 |
$317,730 $77,276 |
$570,938 |
19 |
$1,014,244 |
$335,601 $81,140 |
$597,503 |
20 |
$1,064,952 |
$354,363 $85,196 |
$625,393 |
21 |
$1,118,208 |
$374,067 $89,457 |
$654,684 |
22 |
$1,174,124 |
$394,756 $93,930 |
$685,438 |
23 |
$1,232,812 |
$416,471 $98,625 |
$717,716 |
24 |
$1,294,468 |
$439,284 $103,557 |
$751,627 |
25 |
$1,359,176 |
$463,226 $108,734 |
$787,216 |
26 |
$1,427,160 |
$488,380 $114,173 |
$824,607 |
27 |
$1,498,504 |
$514,777 $119,880 |
$863,847 |
28 |
$1,573,432 |
$542,500 $125,875 |
$905,057 |
29 |
$1,652,112 |
$571,612 $132,169 |
$948,331 |
30 |
$1,734,712 |
$602,174 $138,777 |
$993,761 |
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