Ohio Lottery

OHLottery 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 Ohio, your state will take 3.99% 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.

Ohio 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(3.99%)	$1,360,590
Net Lumpsum Payment	$20,162,080

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$46,241	$723,553
2	$1,216,908	-$410,586 -$48,555	$757,767
3	$1,277,738	-$433,093 -$50,982	$793,663
4	$1,341,648	-$456,740 -$53,532	$831,376
5	$1,408,715	-$481,555 -$56,208	$870,952
6	$1,479,170	-$507,623 -$59,019	$912,528
7	$1,553,090	-$534,974 -$61,968	$956,148
8	$1,630,783	-$563,720 -$65,068	$1,001,995
9	$1,712,326	-$593,891 -$68,322	$1,050,113
10	$1,797,950	-$625,572 -$71,738	$1,100,640
11	$1,887,809	-$658,820 -$75,324	$1,153,665
12	$1,982,211	-$693,748 -$79,090	$1,209,373
13	$2,081,310	-$730,415 -$83,044	$1,267,851
14	$2,185,414	-$768,934 -$87,198	$1,329,282
15	$2,294,677	-$809,361 -$91,558	$1,393,758
16	$2,409,407	-$851,811 -$96,135	$1,461,461
17	$2,529,835	-$896,369 -$100,940	$1,532,526
18	$2,656,346	-$943,178 -$105,988	$1,607,180
19	$2,789,171	-$992,324 -$111,288	$1,685,559
20	$2,928,618	-$1,043,919 -$116,852	$1,767,847
21	$3,075,072	-$1,098,107 -$122,695	$1,854,270
22	$3,228,841	-$1,155,002 -$128,831	$1,945,008
23	$3,390,233	-$1,214,717 -$135,270	$2,040,246
24	$3,559,787	-$1,277,452 -$142,036	$2,140,299
25	$3,737,734	-$1,343,292 -$149,136	$2,245,306
26	$3,924,690	-$1,412,466 -$156,595	$2,355,629
27	$4,120,886	-$1,485,058 -$164,423	$2,471,405
28	$4,326,938	-$1,561,297 -$172,645	$2,592,996
29	$4,543,308	-$1,641,354 -$181,278	$2,720,676
30	$4,770,458	-$1,725,400 -$190,341	$2,854,717