Indiana Lottery

INLottery 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. Additionally, if you are a resident of Indiana, your state will take 3.15% of 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.

Indiana 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(3.15%)	$1,074,150
Net Lumpsum Payment	$20,448,520

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$36,506	$733,288
2	$1,216,908	-$410,586 -$38,333	$767,989
3	$1,277,738	-$433,093 -$40,249	$804,396
4	$1,341,648	-$456,740 -$42,262	$842,646
5	$1,408,715	-$481,555 -$44,375	$882,785
6	$1,479,170	-$507,623 -$46,594	$924,953
7	$1,553,090	-$534,974 -$48,922	$969,194
8	$1,630,783	-$563,720 -$51,370	$1,015,693
9	$1,712,326	-$593,891 -$53,938	$1,064,497
10	$1,797,950	-$625,572 -$56,635	$1,115,743
11	$1,887,809	-$658,820 -$59,466	$1,169,523
12	$1,982,211	-$693,748 -$62,440	$1,226,023
13	$2,081,310	-$730,415 -$65,561	$1,285,334
14	$2,185,414	-$768,934 -$68,841	$1,347,639
15	$2,294,677	-$809,361 -$72,282	$1,413,034
16	$2,409,407	-$851,811 -$75,896	$1,481,700
17	$2,529,835	-$896,369 -$79,690	$1,553,776
18	$2,656,346	-$943,178 -$83,675	$1,629,493
19	$2,789,171	-$992,324 -$87,859	$1,708,988
20	$2,928,618	-$1,043,919 -$92,251	$1,792,448
21	$3,075,072	-$1,098,107 -$96,865	$1,880,100
22	$3,228,841	-$1,155,002 -$101,708	$1,972,131
23	$3,390,233	-$1,214,717 -$106,792	$2,068,724
24	$3,559,787	-$1,277,452 -$112,133	$2,170,202
25	$3,737,734	-$1,343,292 -$117,739	$2,276,703
26	$3,924,690	-$1,412,466 -$123,628	$2,388,596
27	$4,120,886	-$1,485,058 -$129,808	$2,506,020
28	$4,326,938	-$1,561,297 -$136,299	$2,629,342
29	$4,543,308	-$1,641,354 -$143,114	$2,758,840
30	$4,770,458	-$1,725,400 -$150,269	$2,894,789