Virginia Lottery

VALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Apr 29, 2025 is estimated to be $70 Million, with a cash option of 31.8 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 Virginia, your state will take 4% 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.

Virginia MEGA Millions Jackpot/Cash Option for Tue Apr 29, 2025

Draw Date	Jackpot	Cash Option
Tue Apr 29, 2025	$70,000,000	$31,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$31,800,000
Federal Tax(24%)	$7,632,000
Additional Federal Tax	$4,094,330
State Tax(4%)	$1,272,000
Net Lumpsum Payment	$18,801,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,053,570	-$350,151 -$42,143	$661,276
2	$1,106,280	-$369,654 -$44,251	$692,375
3	$1,161,580	-$390,115 -$46,463	$725,002
4	$1,219,680	-$411,612 -$48,787	$759,281
5	$1,280,650	-$434,171 -$51,226	$795,253
6	$1,344,700	-$457,869 -$53,788	$833,043
7	$1,411,900	-$482,733 -$56,476	$872,691
8	$1,482,530	-$508,866 -$59,301	$914,363
9	$1,556,660	-$536,295 -$62,266	$958,099
10	$1,634,500	-$565,095 -$65,380	$1,004,025
11	$1,716,190	-$595,321 -$68,648	$1,052,221
12	$1,802,010	-$627,074 -$72,080	$1,102,856
13	$1,892,100	-$660,407 -$75,684	$1,156,009
14	$1,986,740	-$695,424 -$79,470	$1,211,846
15	$2,086,070	-$732,176 -$83,443	$1,270,451
16	$2,190,370	-$770,767 -$87,615	$1,331,988
17	$2,299,850	-$811,275 -$91,994	$1,396,581
18	$2,414,860	-$853,829 -$96,594	$1,464,437
19	$2,535,610	-$898,506 -$101,424	$1,535,680
20	$2,662,380	-$945,411 -$106,495	$1,610,474
21	$2,795,520	-$994,673 -$111,821	$1,689,026
22	$2,935,310	-$1,046,395 -$117,412	$1,771,503
23	$3,082,030	-$1,100,681 -$123,281	$1,858,068
24	$3,236,170	-$1,157,713 -$129,447	$1,949,010
25	$3,397,940	-$1,217,568 -$135,918	$2,044,454
26	$3,567,900	-$1,280,453 -$142,716	$2,144,731
27	$3,746,260	-$1,346,447 -$149,850	$2,249,963
28	$3,933,580	-$1,415,755 -$157,343	$2,360,482
29	$4,130,280	-$1,488,534 -$165,211	$2,476,535
30	$4,336,780	-$1,564,939 -$173,471	$2,598,370