Minnesota Lottery

MNLottery 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 Minnesota, your state will take 7.25% 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.

Minnesota 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(7.25%)$2,472,250
Net Lumpsum Payment$19,050,420

Annuity Payment in 30 Installations

Year Gross Payment Fed/State Tax Net Payment
1 $1,158,927 -$389,133
-$84,022
$685,772
2 $1,216,908 -$410,586
-$88,226
$718,096
3 $1,277,738 -$433,093
-$92,636
$752,009
4 $1,341,648 -$456,740
-$97,269
$787,639
5 $1,408,715 -$481,555
-$102,132
$825,028
6 $1,479,170 -$507,623
-$107,240
$864,307
7 $1,553,090 -$534,974
-$112,599
$905,517
8 $1,630,783 -$563,720
-$118,232
$948,831
9 $1,712,326 -$593,891
-$124,144
$994,291
10 $1,797,950 -$625,572
-$130,351
$1,042,027
11 $1,887,809 -$658,820
-$136,866
$1,092,123
12 $1,982,211 -$693,748
-$143,710
$1,144,753
13 $2,081,310 -$730,415
-$150,895
$1,200,000
14 $2,185,414 -$768,934
-$158,443
$1,258,037
15 $2,294,677 -$809,361
-$166,364
$1,318,952
16 $2,409,407 -$851,811
-$174,682
$1,382,914
17 $2,529,835 -$896,369
-$183,413
$1,450,053
18 $2,656,346 -$943,178
-$192,585
$1,520,583
19 $2,789,171 -$992,324
-$202,215
$1,594,632
20 $2,928,618 -$1,043,919
-$212,325
$1,672,374
21 $3,075,072 -$1,098,107
-$222,943
$1,754,022
22 $3,228,841 -$1,155,002
-$234,091
$1,839,748
23 $3,390,233 -$1,214,717
-$245,792
$1,929,724
24 $3,559,787 -$1,277,452
-$258,085
$2,024,250
25 $3,737,734 -$1,343,292
-$270,986
$2,123,456
26 $3,924,690 -$1,412,466
-$284,540
$2,227,684
27 $4,120,886 -$1,485,058
-$298,764
$2,337,064
28 $4,326,938 -$1,561,297
-$313,703
$2,451,938
29 $4,543,308 -$1,641,354
-$329,390
$2,572,564
30 $4,770,458 -$1,725,400
-$345,858
$2,699,200
Cash Option: $34.1 Million
Next Draw: Fri Jan 10
Mega Millions
Tue Jan 7, 2025
202433394818

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