Vermont Lottery

VTLottery 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 Vermont, your state will take 6% 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.

Vermont 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(6%)	$2,046,000
Net Lumpsum Payment	$19,476,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$69,536	$700,258
2	$1,216,908	-$410,586 -$73,014	$733,308
3	$1,277,738	-$433,093 -$76,664	$767,981
4	$1,341,648	-$456,740 -$80,499	$804,409
5	$1,408,715	-$481,555 -$84,523	$842,637
6	$1,479,170	-$507,623 -$88,750	$882,797
7	$1,553,090	-$534,974 -$93,185	$924,931
8	$1,630,783	-$563,720 -$97,847	$969,216
9	$1,712,326	-$593,891 -$102,740	$1,015,695
10	$1,797,950	-$625,572 -$107,877	$1,064,501
11	$1,887,809	-$658,820 -$113,269	$1,115,720
12	$1,982,211	-$693,748 -$118,933	$1,169,530
13	$2,081,310	-$730,415 -$124,879	$1,226,016
14	$2,185,414	-$768,934 -$131,125	$1,285,355
15	$2,294,677	-$809,361 -$137,681	$1,347,635
16	$2,409,407	-$851,811 -$144,564	$1,413,032
17	$2,529,835	-$896,369 -$151,790	$1,481,676
18	$2,656,346	-$943,178 -$159,381	$1,553,787
19	$2,789,171	-$992,324 -$167,350	$1,629,497
20	$2,928,618	-$1,043,919 -$175,717	$1,708,982
21	$3,075,072	-$1,098,107 -$184,504	$1,792,461
22	$3,228,841	-$1,155,002 -$193,730	$1,880,109
23	$3,390,233	-$1,214,717 -$203,414	$1,972,102
24	$3,559,787	-$1,277,452 -$213,587	$2,068,748
25	$3,737,734	-$1,343,292 -$224,264	$2,170,178
26	$3,924,690	-$1,412,466 -$235,481	$2,276,743
27	$4,120,886	-$1,485,058 -$247,253	$2,388,575
28	$4,326,938	-$1,561,297 -$259,616	$2,506,025
29	$4,543,308	-$1,641,354 -$272,598	$2,629,356
30	$4,770,458	-$1,725,400 -$286,227	$2,758,831