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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $1,060,000 | | Net Lumpsum Payment | $15,674,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$35,520 |
$563,595 |
| 2 |
$932,436 |
$305,332
$37,297 |
$589,807 |
| 3 |
$979,046 |
$322,577
$39,162 |
$617,307 |
| 4 |
$1,028,016 |
$340,696
$41,121 |
$646,199 |
| 5 |
$1,079,405 |
$359,710
$43,176 |
$676,519 |
| 6 |
$1,133,390 |
$379,685
$45,336 |
$708,369 |
| 7 |
$1,190,030 |
$400,641
$47,601 |
$741,788 |
| 8 |
$1,249,561 |
$422,668
$49,982 |
$776,911 |
| 9 |
$1,312,042 |
$445,786
$52,482 |
$813,774 |
| 10 |
$1,377,650 |
$470,061
$55,106 |
$852,483 |
| 11 |
$1,446,503 |
$495,536
$57,860 |
$893,107 |
| 12 |
$1,518,837 |
$522,300
$60,753 |
$935,784 |
| 13 |
$1,594,770 |
$550,395
$63,791 |
$980,584 |
| 14 |
$1,674,538 |
$579,909
$66,982 |
$1,027,647 |
| 15 |
$1,758,259 |
$610,886
$70,330 |
$1,077,043 |
| 16 |
$1,846,169 |
$643,413
$73,847 |
$1,128,909 |
| 17 |
$1,938,445 |
$677,555
$77,538 |
$1,183,352 |
| 18 |
$2,035,382 |
$713,422
$81,415 |
$1,240,545 |
| 19 |
$2,137,157 |
$751,078
$85,486 |
$1,300,593 |
| 20 |
$2,244,006 |
$790,613
$89,760 |
$1,363,633 |
| 21 |
$2,356,224 |
$832,133
$94,249 |
$1,429,842 |
| 22 |
$2,474,047 |
$875,728
$98,962 |
$1,499,357 |
| 23 |
$2,597,711 |
$921,483
$103,908 |
$1,572,320 |
| 24 |
$2,727,629 |
$969,553
$109,105 |
$1,648,971 |
| 25 |
$2,863,978 |
$1,020,002
$114,559 |
$1,729,417 |
| 26 |
$3,007,230 |
$1,073,005
$120,289 |
$1,813,936 |
| 27 |
$3,157,562 |
$1,128,628
$126,302 |
$1,902,632 |
| 28 |
$3,315,446 |
$1,187,045
$132,618 |
$1,995,783 |
| 29 |
$3,481,236 |
$1,248,388
$139,249 |
$2,093,599 |
| 30 |
$3,655,286 |
$1,312,786
$146,211 |
$2,196,289 |
|
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