Maine Lottery

MELottery 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 Maine, your state will take 5% 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.

Maine 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(5%)	$1,705,000
Net Lumpsum Payment	$19,817,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$57,946	$711,848
2	$1,216,908	-$410,586 -$60,845	$745,477
3	$1,277,738	-$433,093 -$63,887	$780,758
4	$1,341,648	-$456,740 -$67,082	$817,826
5	$1,408,715	-$481,555 -$70,436	$856,724
6	$1,479,170	-$507,623 -$73,959	$897,588
7	$1,553,090	-$534,974 -$77,655	$940,461
8	$1,630,783	-$563,720 -$81,539	$985,524
9	$1,712,326	-$593,891 -$85,616	$1,032,819
10	$1,797,950	-$625,572 -$89,898	$1,082,480
11	$1,887,809	-$658,820 -$94,390	$1,134,599
12	$1,982,211	-$693,748 -$99,111	$1,189,352
13	$2,081,310	-$730,415 -$104,066	$1,246,829
14	$2,185,414	-$768,934 -$109,271	$1,307,209
15	$2,294,677	-$809,361 -$114,734	$1,370,582
16	$2,409,407	-$851,811 -$120,470	$1,437,126
17	$2,529,835	-$896,369 -$126,492	$1,506,974
18	$2,656,346	-$943,178 -$132,817	$1,580,351
19	$2,789,171	-$992,324 -$139,459	$1,657,388
20	$2,928,618	-$1,043,919 -$146,431	$1,738,268
21	$3,075,072	-$1,098,107 -$153,754	$1,823,211
22	$3,228,841	-$1,155,002 -$161,442	$1,912,397
23	$3,390,233	-$1,214,717 -$169,512	$2,006,004
24	$3,559,787	-$1,277,452 -$177,989	$2,104,346
25	$3,737,734	-$1,343,292 -$186,887	$2,207,555
26	$3,924,690	-$1,412,466 -$196,235	$2,315,989
27	$4,120,886	-$1,485,058 -$206,044	$2,429,784
28	$4,326,938	-$1,561,297 -$216,347	$2,549,294
29	$4,543,308	-$1,641,354 -$227,165	$2,674,789
30	$4,770,458	-$1,725,400 -$238,523	$2,806,535