Michigan Lottery

MILottery 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 Michigan, your state will take 4.25% 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.

Michigan 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(4.25%)	$1,449,250
Net Lumpsum Payment	$20,073,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$49,254	$720,540
2	$1,216,908	-$410,586 -$51,719	$754,603
3	$1,277,738	-$433,093 -$54,304	$790,341
4	$1,341,648	-$456,740 -$57,020	$827,888
5	$1,408,715	-$481,555 -$59,870	$867,290
6	$1,479,170	-$507,623 -$62,865	$908,682
7	$1,553,090	-$534,974 -$66,006	$952,110
8	$1,630,783	-$563,720 -$69,308	$997,755
9	$1,712,326	-$593,891 -$72,774	$1,045,661
10	$1,797,950	-$625,572 -$76,413	$1,095,965
11	$1,887,809	-$658,820 -$80,232	$1,148,757
12	$1,982,211	-$693,748 -$84,244	$1,204,219
13	$2,081,310	-$730,415 -$88,456	$1,262,439
14	$2,185,414	-$768,934 -$92,880	$1,323,600
15	$2,294,677	-$809,361 -$97,524	$1,387,792
16	$2,409,407	-$851,811 -$102,400	$1,455,196
17	$2,529,835	-$896,369 -$107,518	$1,525,948
18	$2,656,346	-$943,178 -$112,895	$1,600,273
19	$2,789,171	-$992,324 -$118,540	$1,678,307
20	$2,928,618	-$1,043,919 -$124,466	$1,760,233
21	$3,075,072	-$1,098,107 -$130,691	$1,846,274
22	$3,228,841	-$1,155,002 -$137,226	$1,936,613
23	$3,390,233	-$1,214,717 -$144,085	$2,031,431
24	$3,559,787	-$1,277,452 -$151,291	$2,131,044
25	$3,737,734	-$1,343,292 -$158,854	$2,235,588
26	$3,924,690	-$1,412,466 -$166,799	$2,345,425
27	$4,120,886	-$1,485,058 -$175,138	$2,460,690
28	$4,326,938	-$1,561,297 -$183,895	$2,581,746
29	$4,543,308	-$1,641,354 -$193,091	$2,708,863
30	$4,770,458	-$1,725,400 -$202,744	$2,842,314