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 those living in South Dakota, the bright side is you won't have to pay any state taxes on your lottery prize.
| South Dakota 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(0%) | $0 | | Net Lumpsum Payment | $16,734,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$0 |
$599,115 |
| 2 |
$932,436 |
$305,332
$0 |
$627,104 |
| 3 |
$979,046 |
$322,577
$0 |
$656,469 |
| 4 |
$1,028,016 |
$340,696
$0 |
$687,320 |
| 5 |
$1,079,405 |
$359,710
$0 |
$719,695 |
| 6 |
$1,133,390 |
$379,685
$0 |
$753,705 |
| 7 |
$1,190,030 |
$400,641
$0 |
$789,389 |
| 8 |
$1,249,561 |
$422,668
$0 |
$826,893 |
| 9 |
$1,312,042 |
$445,786
$0 |
$866,256 |
| 10 |
$1,377,650 |
$470,061
$0 |
$907,589 |
| 11 |
$1,446,503 |
$495,536
$0 |
$950,967 |
| 12 |
$1,518,837 |
$522,300
$0 |
$996,537 |
| 13 |
$1,594,770 |
$550,395
$0 |
$1,044,375 |
| 14 |
$1,674,538 |
$579,909
$0 |
$1,094,629 |
| 15 |
$1,758,259 |
$610,886
$0 |
$1,147,373 |
| 16 |
$1,846,169 |
$643,413
$0 |
$1,202,756 |
| 17 |
$1,938,445 |
$677,555
$0 |
$1,260,890 |
| 18 |
$2,035,382 |
$713,422
$0 |
$1,321,960 |
| 19 |
$2,137,157 |
$751,078
$0 |
$1,386,079 |
| 20 |
$2,244,006 |
$790,613
$0 |
$1,453,393 |
| 21 |
$2,356,224 |
$832,133
$0 |
$1,524,091 |
| 22 |
$2,474,047 |
$875,728
$0 |
$1,598,319 |
| 23 |
$2,597,711 |
$921,483
$0 |
$1,676,228 |
| 24 |
$2,727,629 |
$969,553
$0 |
$1,758,076 |
| 25 |
$2,863,978 |
$1,020,002
$0 |
$1,843,976 |
| 26 |
$3,007,230 |
$1,073,005
$0 |
$1,934,225 |
| 27 |
$3,157,562 |
$1,128,628
$0 |
$2,028,934 |
| 28 |
$3,315,446 |
$1,187,045
$0 |
$2,128,401 |
| 29 |
$3,481,236 |
$1,248,388
$0 |
$2,232,848 |
| 30 |
$3,655,286 |
$1,312,786
$0 |
$2,342,500 |
|
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