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 Vermont residents, the state will deduct 6% from your lottery earnings.
Vermont MEGA Millions Jackpot/Cash Option for Fri Jan 31, 2025 |
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Draw Date | Fri Jan 31, 2025 | Projected Jackpot | $59,000,000 | Cash Value | $26,500,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $26,500,000 | Federal Tax(24%) | $6,360,000 | Additional Federal Tax | $3,405,330 | State Tax(6%) | $1,590,000 | Net Lumpsum Payment | $15,144,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$888,009 |
$288,894 $53,281 |
$545,834 |
2 |
$932,436 |
$305,332 $55,946 |
$571,158 |
3 |
$979,046 |
$322,577 $58,743 |
$597,726 |
4 |
$1,028,016 |
$340,696 $61,681 |
$625,639 |
5 |
$1,079,405 |
$359,710 $64,764 |
$654,931 |
6 |
$1,133,390 |
$379,685 $68,003 |
$685,702 |
7 |
$1,190,030 |
$400,641 $71,402 |
$717,987 |
8 |
$1,249,561 |
$422,668 $74,974 |
$751,919 |
9 |
$1,312,042 |
$445,786 $78,723 |
$787,533 |
10 |
$1,377,650 |
$470,061 $82,659 |
$824,930 |
11 |
$1,446,503 |
$495,536 $86,790 |
$864,177 |
12 |
$1,518,837 |
$522,300 $91,130 |
$905,407 |
13 |
$1,594,770 |
$550,395 $95,686 |
$948,689 |
14 |
$1,674,538 |
$579,909 $100,472 |
$994,157 |
15 |
$1,758,259 |
$610,886 $105,496 |
$1,041,877 |
16 |
$1,846,169 |
$643,413 $110,770 |
$1,091,986 |
17 |
$1,938,445 |
$677,555 $116,307 |
$1,144,583 |
18 |
$2,035,382 |
$713,422 $122,123 |
$1,199,837 |
19 |
$2,137,157 |
$751,078 $128,229 |
$1,257,850 |
20 |
$2,244,006 |
$790,613 $134,640 |
$1,318,753 |
21 |
$2,356,224 |
$832,133 $141,373 |
$1,382,718 |
22 |
$2,474,047 |
$875,728 $148,443 |
$1,449,876 |
23 |
$2,597,711 |
$921,483 $155,863 |
$1,520,365 |
24 |
$2,727,629 |
$969,553 $163,658 |
$1,594,418 |
25 |
$2,863,978 |
$1,020,002 $171,839 |
$1,672,137 |
26 |
$3,007,230 |
$1,073,005 $180,434 |
$1,753,791 |
27 |
$3,157,562 |
$1,128,628 $189,454 |
$1,839,480 |
28 |
$3,315,446 |
$1,187,045 $198,927 |
$1,929,474 |
29 |
$3,481,236 |
$1,248,388 $208,874 |
$2,023,974 |
30 |
$3,655,286 |
$1,312,786 $219,317 |
$2,123,183 |
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