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 Pennsylvania residents, the state will deduct 3.07% from your lottery earnings.
| Pennsylvania 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(3.07%) | $813,550 | | Net Lumpsum Payment | $15,921,120 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$27,262 |
$571,853 |
| 2 |
$932,436 |
$305,332
$28,626 |
$598,478 |
| 3 |
$979,046 |
$322,577
$30,057 |
$626,412 |
| 4 |
$1,028,016 |
$340,696
$31,560 |
$655,760 |
| 5 |
$1,079,405 |
$359,710
$33,138 |
$686,557 |
| 6 |
$1,133,390 |
$379,685
$34,795 |
$718,910 |
| 7 |
$1,190,030 |
$400,641
$36,534 |
$752,855 |
| 8 |
$1,249,561 |
$422,668
$38,362 |
$788,531 |
| 9 |
$1,312,042 |
$445,786
$40,280 |
$825,976 |
| 10 |
$1,377,650 |
$470,061
$42,294 |
$865,295 |
| 11 |
$1,446,503 |
$495,536
$44,408 |
$906,559 |
| 12 |
$1,518,837 |
$522,300
$46,628 |
$949,909 |
| 13 |
$1,594,770 |
$550,395
$48,959 |
$995,416 |
| 14 |
$1,674,538 |
$579,909
$51,408 |
$1,043,221 |
| 15 |
$1,758,259 |
$610,886
$53,979 |
$1,093,394 |
| 16 |
$1,846,169 |
$643,413
$56,677 |
$1,146,079 |
| 17 |
$1,938,445 |
$677,555
$59,510 |
$1,201,380 |
| 18 |
$2,035,382 |
$713,422
$62,486 |
$1,259,474 |
| 19 |
$2,137,157 |
$751,078
$65,611 |
$1,320,468 |
| 20 |
$2,244,006 |
$790,613
$68,891 |
$1,384,502 |
| 21 |
$2,356,224 |
$832,133
$72,336 |
$1,451,755 |
| 22 |
$2,474,047 |
$875,728
$75,953 |
$1,522,366 |
| 23 |
$2,597,711 |
$921,483
$79,750 |
$1,596,478 |
| 24 |
$2,727,629 |
$969,553
$83,738 |
$1,674,338 |
| 25 |
$2,863,978 |
$1,020,002
$87,924 |
$1,756,052 |
| 26 |
$3,007,230 |
$1,073,005
$92,322 |
$1,841,903 |
| 27 |
$3,157,562 |
$1,128,628
$96,937 |
$1,931,997 |
| 28 |
$3,315,446 |
$1,187,045
$101,784 |
$2,026,617 |
| 29 |
$3,481,236 |
$1,248,388
$106,874 |
$2,125,974 |
| 30 |
$3,655,286 |
$1,312,786
$112,217 |
$2,230,283 |
|
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