California Lottery

CALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 28, 2025 is estimated to be $44 Million, with a cash option of 19.5 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 28, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 28, 2025	$44,000,000	$19,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$19,500,000
Federal Tax(24%)	$4,680,000
Additional Federal Tax	$2,495,330
State Tax(0%)	$0
Net Lumpsum Payment	$12,324,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$662,244	-$205,361 -$0	$456,883
2	$695,376	-$217,620 -$0	$477,756
3	$730,136	-$230,481 -$0	$499,655
4	$766,656	-$243,993 -$0	$522,663
5	$804,980	-$258,173 -$0	$546,807
6	$845,240	-$273,069 -$0	$572,171
7	$887,480	-$288,698 -$0	$598,782
8	$931,876	-$305,125 -$0	$626,751
9	$978,472	-$322,365 -$0	$656,107
10	$1,027,400	-$340,468 -$0	$686,932
11	$1,078,748	-$359,467 -$0	$719,281
12	$1,132,692	-$379,426 -$0	$753,266
13	$1,189,320	-$400,379 -$0	$788,941
14	$1,248,808	-$422,389 -$0	$826,419
15	$1,311,244	-$445,491 -$0	$865,753
16	$1,376,804	-$469,748 -$0	$907,056
17	$1,445,620	-$495,210 -$0	$950,410
18	$1,517,912	-$521,958 -$0	$995,954
19	$1,593,812	-$550,041 -$0	$1,043,771
20	$1,673,496	-$579,524 -$0	$1,093,972
21	$1,757,184	-$610,488 -$0	$1,146,696
22	$1,845,052	-$643,000 -$0	$1,202,052
23	$1,937,276	-$677,123 -$0	$1,260,153
24	$2,034,164	-$712,971 -$0	$1,321,193
25	$2,135,848	-$750,594 -$0	$1,385,254
26	$2,242,680	-$790,122 -$0	$1,452,558
27	$2,354,792	-$831,603 -$0	$1,523,189
28	$2,472,536	-$875,169 -$0	$1,597,367
29	$2,596,176	-$920,916 -$0	$1,675,260
30	$2,725,976	-$968,942 -$0	$1,757,034