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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $500,000 | | Net Lumpsum Payment | $7,414,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$16,857 |
$288,312 |
| 2 |
$442,512 |
$124,060
$17,700 |
$300,752 |
| 3 |
$464,632 |
$132,244
$18,585 |
$313,803 |
| 4 |
$487,872 |
$140,843
$19,515 |
$327,514 |
| 5 |
$512,260 |
$149,867
$20,490 |
$341,903 |
| 6 |
$537,880 |
$159,346
$21,515 |
$357,019 |
| 7 |
$564,760 |
$169,292
$22,590 |
$372,878 |
| 8 |
$593,012 |
$179,745
$23,720 |
$389,547 |
| 9 |
$622,664 |
$190,716
$24,907 |
$407,041 |
| 10 |
$653,800 |
$202,236
$26,152 |
$425,412 |
| 11 |
$686,476 |
$214,327
$27,459 |
$444,690 |
| 12 |
$720,804 |
$227,028
$28,832 |
$464,944 |
| 13 |
$756,840 |
$240,361
$30,274 |
$486,205 |
| 14 |
$794,696 |
$254,368
$31,788 |
$508,540 |
| 15 |
$834,428 |
$269,069
$33,377 |
$531,982 |
| 16 |
$876,148 |
$284,505
$35,046 |
$556,597 |
| 17 |
$919,940 |
$300,708
$36,798 |
$582,434 |
| 18 |
$965,944 |
$317,730
$38,638 |
$609,576 |
| 19 |
$1,014,244 |
$335,601
$40,570 |
$638,073 |
| 20 |
$1,064,952 |
$354,363
$42,598 |
$667,991 |
| 21 |
$1,118,208 |
$374,067
$44,728 |
$699,413 |
| 22 |
$1,174,124 |
$394,756
$46,965 |
$732,403 |
| 23 |
$1,232,812 |
$416,471
$49,312 |
$767,029 |
| 24 |
$1,294,468 |
$439,284
$51,779 |
$803,405 |
| 25 |
$1,359,176 |
$463,226
$54,367 |
$841,583 |
| 26 |
$1,427,160 |
$488,380
$57,086 |
$881,694 |
| 27 |
$1,498,504 |
$514,777
$59,940 |
$923,787 |
| 28 |
$1,573,432 |
$542,500
$62,937 |
$967,995 |
| 29 |
$1,652,112 |
$571,612
$66,084 |
$1,014,416 |
| 30 |
$1,734,712 |
$602,174
$69,388 |
$1,063,150 |
|
|
