California Lottery

CALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. The good news is that if you're a resident of California, you won't owe any state tax on your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

California MEGA Millions Jackpot/Cash Option for Fri Jan 10, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 10, 2025	$77,000,000	$34,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,100,000
Federal Tax(24%)	$8,184,000
Additional Federal Tax	$4,393,330
State Tax(0%)	$0
Net Lumpsum Payment	$21,522,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$0	$769,794
2	$1,216,908	-$410,586 -$0	$806,322
3	$1,277,738	-$433,093 -$0	$844,645
4	$1,341,648	-$456,740 -$0	$884,908
5	$1,408,715	-$481,555 -$0	$927,160
6	$1,479,170	-$507,623 -$0	$971,547
7	$1,553,090	-$534,974 -$0	$1,018,116
8	$1,630,783	-$563,720 -$0	$1,067,063
9	$1,712,326	-$593,891 -$0	$1,118,435
10	$1,797,950	-$625,572 -$0	$1,172,378
11	$1,887,809	-$658,820 -$0	$1,228,989
12	$1,982,211	-$693,748 -$0	$1,288,463
13	$2,081,310	-$730,415 -$0	$1,350,895
14	$2,185,414	-$768,934 -$0	$1,416,480
15	$2,294,677	-$809,361 -$0	$1,485,316
16	$2,409,407	-$851,811 -$0	$1,557,596
17	$2,529,835	-$896,369 -$0	$1,633,466
18	$2,656,346	-$943,178 -$0	$1,713,168
19	$2,789,171	-$992,324 -$0	$1,796,847
20	$2,928,618	-$1,043,919 -$0	$1,884,699
21	$3,075,072	-$1,098,107 -$0	$1,976,965
22	$3,228,841	-$1,155,002 -$0	$2,073,839
23	$3,390,233	-$1,214,717 -$0	$2,175,516
24	$3,559,787	-$1,277,452 -$0	$2,282,335
25	$3,737,734	-$1,343,292 -$0	$2,394,442
26	$3,924,690	-$1,412,466 -$0	$2,512,224
27	$4,120,886	-$1,485,058 -$0	$2,635,828
28	$4,326,938	-$1,561,297 -$0	$2,765,641
29	$4,543,308	-$1,641,354 -$0	$2,901,954
30	$4,770,458	-$1,725,400 -$0	$3,045,058