The jackpot for the MEGA Millions draw on Fri Mar 28, 2025, is projected to be $20 Million, with an option for a cash payout of $9.2 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Michigan residents, the state will deduct 4.25% from your lottery earnings.
Michigan MEGA Millions Jackpot/Cash Option for Fri Mar 28, 2025 |
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Draw Date | Fri Mar 28, 2025 | Projected Jackpot | $20,000,000 | Cash Value | $9,200,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $9,200,000 | Federal Tax(24%) | $2,208,000 | Additional Federal Tax | $1,156,330 | State Tax(4.25%) | $391,000 | Net Lumpsum Payment | $5,444,670 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$301,020 |
$71,708 $12,793 |
$216,519 |
2 |
$316,080 |
$77,280 $13,433 |
$225,367 |
3 |
$331,880 |
$83,126 $14,105 |
$234,649 |
4 |
$348,480 |
$89,268 $14,810 |
$244,402 |
5 |
$365,900 |
$95,713 $15,551 |
$254,636 |
6 |
$384,200 |
$102,484 $16,329 |
$265,387 |
7 |
$403,400 |
$109,588 $17,145 |
$276,667 |
8 |
$423,580 |
$117,055 $18,002 |
$288,523 |
9 |
$444,760 |
$124,892 $18,902 |
$300,966 |
10 |
$467,000 |
$133,120 $19,848 |
$314,032 |
11 |
$490,340 |
$141,756 $20,839 |
$327,745 |
12 |
$514,860 |
$150,829 $21,882 |
$342,149 |
13 |
$540,600 |
$160,352 $22,976 |
$357,272 |
14 |
$567,640 |
$170,357 $24,125 |
$373,158 |
15 |
$596,020 |
$180,858 $25,331 |
$389,831 |
16 |
$625,820 |
$191,884 $26,597 |
$407,339 |
17 |
$657,100 |
$203,457 $27,927 |
$425,716 |
18 |
$689,960 |
$215,616 $29,323 |
$445,021 |
19 |
$724,460 |
$228,381 $30,790 |
$465,289 |
20 |
$760,680 |
$241,782 $32,329 |
$486,569 |
21 |
$798,720 |
$255,857 $33,946 |
$508,917 |
22 |
$838,660 |
$270,635 $35,643 |
$532,382 |
23 |
$880,580 |
$286,145 $37,425 |
$557,010 |
24 |
$924,620 |
$302,440 $39,296 |
$582,884 |
25 |
$970,840 |
$319,541 $41,261 |
$610,038 |
26 |
$1,019,400 |
$337,508 $43,325 |
$638,567 |
27 |
$1,070,360 |
$356,364 $45,490 |
$668,506 |
28 |
$1,123,880 |
$376,166 $47,765 |
$699,949 |
29 |
$1,180,080 |
$396,960 $50,153 |
$732,967 |
30 |
$1,239,080 |
$418,790 $52,661 |
$767,629 |
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