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 those living in Texas, the bright side is you won't have to pay any state taxes on your lottery prize.
| Texas 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(0%) | $0 | | Net Lumpsum Payment | $7,914,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$0 |
$305,169 |
| 2 |
$442,512 |
$124,060
$0 |
$318,452 |
| 3 |
$464,632 |
$132,244
$0 |
$332,388 |
| 4 |
$487,872 |
$140,843
$0 |
$347,029 |
| 5 |
$512,260 |
$149,867
$0 |
$362,393 |
| 6 |
$537,880 |
$159,346
$0 |
$378,534 |
| 7 |
$564,760 |
$169,292
$0 |
$395,468 |
| 8 |
$593,012 |
$179,745
$0 |
$413,267 |
| 9 |
$622,664 |
$190,716
$0 |
$431,948 |
| 10 |
$653,800 |
$202,236
$0 |
$451,564 |
| 11 |
$686,476 |
$214,327
$0 |
$472,149 |
| 12 |
$720,804 |
$227,028
$0 |
$493,776 |
| 13 |
$756,840 |
$240,361
$0 |
$516,479 |
| 14 |
$794,696 |
$254,368
$0 |
$540,328 |
| 15 |
$834,428 |
$269,069
$0 |
$565,359 |
| 16 |
$876,148 |
$284,505
$0 |
$591,643 |
| 17 |
$919,940 |
$300,708
$0 |
$619,232 |
| 18 |
$965,944 |
$317,730
$0 |
$648,214 |
| 19 |
$1,014,244 |
$335,601
$0 |
$678,643 |
| 20 |
$1,064,952 |
$354,363
$0 |
$710,589 |
| 21 |
$1,118,208 |
$374,067
$0 |
$744,141 |
| 22 |
$1,174,124 |
$394,756
$0 |
$779,368 |
| 23 |
$1,232,812 |
$416,471
$0 |
$816,341 |
| 24 |
$1,294,468 |
$439,284
$0 |
$855,184 |
| 25 |
$1,359,176 |
$463,226
$0 |
$895,950 |
| 26 |
$1,427,160 |
$488,380
$0 |
$938,780 |
| 27 |
$1,498,504 |
$514,777
$0 |
$983,727 |
| 28 |
$1,573,432 |
$542,500
$0 |
$1,030,932 |
| 29 |
$1,652,112 |
$571,612
$0 |
$1,080,500 |
| 30 |
$1,734,712 |
$602,174
$0 |
$1,132,538 |
|
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