The jackpot for the MEGA Millions draw on Tue Dec 31, 2024, is projected to be $20 Million, with an option for a cash payout of $9 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 Tue Dec 31, 2024 |
|---|
| Draw Date | Tue Dec 31, 2024 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,000,000 | | Federal Tax(24%) | $2,160,000 | | Additional Federal Tax | $1,130,330 | | State Tax(4%) | $360,000 | | Net Lumpsum Payment | $5,349,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$12,041 |
$217,271 |
| 2 |
$316,080 |
$77,280
$12,643 |
$226,157 |
| 3 |
$331,880 |
$83,126
$13,275 |
$235,479 |
| 4 |
$348,480 |
$89,268
$13,939 |
$245,273 |
| 5 |
$365,900 |
$95,713
$14,636 |
$255,551 |
| 6 |
$384,200 |
$102,484
$15,368 |
$266,348 |
| 7 |
$403,400 |
$109,588
$16,136 |
$277,676 |
| 8 |
$423,580 |
$117,055
$16,943 |
$289,582 |
| 9 |
$444,760 |
$124,892
$17,790 |
$302,078 |
| 10 |
$467,000 |
$133,120
$18,680 |
$315,200 |
| 11 |
$490,340 |
$141,756
$19,614 |
$328,970 |
| 12 |
$514,860 |
$150,829
$20,594 |
$343,437 |
| 13 |
$540,600 |
$160,352
$21,624 |
$358,624 |
| 14 |
$567,640 |
$170,357
$22,706 |
$374,577 |
| 15 |
$596,020 |
$180,858
$23,841 |
$391,321 |
| 16 |
$625,820 |
$191,884
$25,033 |
$408,903 |
| 17 |
$657,100 |
$203,457
$26,284 |
$427,359 |
| 18 |
$689,960 |
$215,616
$27,598 |
$446,746 |
| 19 |
$724,460 |
$228,381
$28,978 |
$467,101 |
| 20 |
$760,680 |
$241,782
$30,427 |
$488,471 |
| 21 |
$798,720 |
$255,857
$31,949 |
$510,914 |
| 22 |
$838,660 |
$270,635
$33,546 |
$534,479 |
| 23 |
$880,580 |
$286,145
$35,223 |
$559,212 |
| 24 |
$924,620 |
$302,440
$36,985 |
$585,195 |
| 25 |
$970,840 |
$319,541
$38,834 |
$612,465 |
| 26 |
$1,019,400 |
$337,508
$40,776 |
$641,116 |
| 27 |
$1,070,360 |
$356,364
$42,814 |
$671,182 |
| 28 |
$1,123,880 |
$376,166
$44,955 |
$702,759 |
| 29 |
$1,180,080 |
$396,960
$47,203 |
$735,917 |
| 30 |
$1,239,080 |
$418,790
$49,563 |
$770,727 |
|
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