The jackpot for the MEGA Millions draw on Fri Mar 14, 2025, is projected to be $277 Million, with an option for a cash payout of $129.5 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 Mar 14, 2025 |
|---|
| Draw Date | Fri Mar 14, 2025 | | Projected Jackpot | $277,000,000 | | Cash Value | $129,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $129,500,000 | | Federal Tax(24%) | $31,080,000 | | Additional Federal Tax | $16,795,330 | | State Tax(4%) | $5,180,000 | | Net Lumpsum Payment | $76,444,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,169,127 |
$1,502,907
$166,765 |
$2,499,455 |
| 2 |
$4,377,708 |
$1,580,082
$175,108 |
$2,622,518 |
| 3 |
$4,596,538 |
$1,661,049
$183,862 |
$2,751,627 |
| 4 |
$4,826,448 |
$1,746,116
$193,058 |
$2,887,274 |
| 5 |
$5,067,715 |
$1,835,385
$202,709 |
$3,029,621 |
| 6 |
$5,321,170 |
$1,929,163
$212,847 |
$3,179,160 |
| 7 |
$5,587,090 |
$2,027,554
$223,484 |
$3,336,052 |
| 8 |
$5,866,583 |
$2,130,966
$234,663 |
$3,500,954 |
| 9 |
$6,159,926 |
$2,239,503
$246,397 |
$3,674,026 |
| 10 |
$6,467,950 |
$2,353,472
$258,718 |
$3,855,760 |
| 11 |
$6,791,209 |
$2,473,078
$271,648 |
$4,046,483 |
| 12 |
$7,130,811 |
$2,598,730
$285,232 |
$4,246,849 |
| 13 |
$7,487,310 |
$2,730,635
$299,492 |
$4,457,183 |
| 14 |
$7,861,814 |
$2,869,202
$314,473 |
$4,678,139 |
| 15 |
$8,254,877 |
$3,014,635
$330,195 |
$4,910,047 |
| 16 |
$8,667,607 |
$3,167,345
$346,704 |
$5,153,558 |
| 17 |
$9,100,835 |
$3,327,639
$364,033 |
$5,409,163 |
| 18 |
$9,555,946 |
$3,496,030
$382,238 |
$5,677,678 |
| 19 |
$10,033,771 |
$3,672,826
$401,351 |
$5,959,594 |
| 20 |
$10,535,418 |
$3,858,435
$421,417 |
$6,255,566 |
| 21 |
$11,062,272 |
$4,053,371
$442,491 |
$6,566,410 |
| 22 |
$11,615,441 |
$4,258,044
$464,618 |
$6,892,779 |
| 23 |
$12,196,033 |
$4,472,863
$487,841 |
$7,235,329 |
| 24 |
$12,805,987 |
$4,698,546
$512,239 |
$7,595,202 |
| 25 |
$13,446,134 |
$4,935,400
$537,845 |
$7,972,889 |
| 26 |
$14,118,690 |
$5,184,246
$564,748 |
$8,369,696 |
| 27 |
$14,824,486 |
$5,445,390
$592,979 |
$8,786,117 |
| 28 |
$15,565,738 |
$5,719,653
$622,630 |
$9,223,455 |
| 29 |
$16,344,108 |
$6,007,650
$653,764 |
$9,682,694 |
| 30 |
$17,161,258 |
$6,309,996
$686,450 |
$10,164,812 |
|
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