California Lottery

CALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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. The good news is that if you're a resident of California, you won't owe any state tax on your lottery winnings.

Please note that the calculation of the MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

California MEGA Millions Jackpot/Cash Option for Tue Jan 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(0%)	$0
Net Lumpsum Payment	$5,646,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$0	$229,312
2	$316,080	-$77,280 -$0	$238,800
3	$331,880	-$83,126 -$0	$248,754
4	$348,480	-$89,268 -$0	$259,212
5	$365,900	-$95,713 -$0	$270,187
6	$384,200	-$102,484 -$0	$281,716
7	$403,400	-$109,588 -$0	$293,812
8	$423,580	-$117,055 -$0	$306,525
9	$444,760	-$124,892 -$0	$319,868
10	$467,000	-$133,120 -$0	$333,880
11	$490,340	-$141,756 -$0	$348,584
12	$514,860	-$150,829 -$0	$364,031
13	$540,600	-$160,352 -$0	$380,248
14	$567,640	-$170,357 -$0	$397,283
15	$596,020	-$180,858 -$0	$415,162
16	$625,820	-$191,884 -$0	$433,936
17	$657,100	-$203,457 -$0	$453,643
18	$689,960	-$215,616 -$0	$474,344
19	$724,460	-$228,381 -$0	$496,079
20	$760,680	-$241,782 -$0	$518,898
21	$798,720	-$255,857 -$0	$542,863
22	$838,660	-$270,635 -$0	$568,025
23	$880,580	-$286,145 -$0	$594,435
24	$924,620	-$302,440 -$0	$622,180
25	$970,840	-$319,541 -$0	$651,299
26	$1,019,400	-$337,508 -$0	$681,892
27	$1,070,360	-$356,364 -$0	$713,996
28	$1,123,880	-$376,166 -$0	$747,714
29	$1,180,080	-$396,960 -$0	$783,120
30	$1,239,080	-$418,790 -$0	$820,290