Florida Lottery

FLLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Feb 25, 2025 is estimated to be $181 Million, with a cash option of 82.7 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 Florida, 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.

Florida MEGA Millions Jackpot/Cash Option for Tue Feb 25, 2025

Draw Date	Jackpot	Cash Option
Tue Feb 25, 2025	$181,000,000	$82,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$82,700,000
Federal Tax(24%)	$19,848,000
Additional Federal Tax	$10,711,330
State Tax(0%)	$0
Net Lumpsum Payment	$52,140,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,724,231	-$968,296 -$0	$1,755,935
2	$2,860,524	-$1,018,724 -$0	$1,841,800
3	$3,003,514	-$1,071,631 -$0	$1,931,883
4	$3,153,744	-$1,127,216 -$0	$2,026,528
5	$3,311,395	-$1,185,547 -$0	$2,125,848
6	$3,477,010	-$1,246,824 -$0	$2,230,186
7	$3,650,770	-$1,311,115 -$0	$2,339,655
8	$3,833,399	-$1,378,688 -$0	$2,454,711
9	$4,025,078	-$1,449,609 -$0	$2,575,469
10	$4,226,350	-$1,524,080 -$0	$2,702,270
11	$4,437,577	-$1,602,234 -$0	$2,835,343
12	$4,659,483	-$1,684,339 -$0	$2,975,144
13	$4,892,430	-$1,770,529 -$0	$3,121,901
14	$5,137,142	-$1,861,073 -$0	$3,276,069
15	$5,393,981	-$1,956,103 -$0	$3,437,878
16	$5,663,671	-$2,055,889 -$0	$3,607,782
17	$5,946,755	-$2,160,630 -$0	$3,786,125
18	$6,244,138	-$2,270,661 -$0	$3,973,477
19	$6,556,363	-$2,386,185 -$0	$4,170,178
20	$6,884,154	-$2,507,467 -$0	$4,376,687
21	$7,228,416	-$2,634,844 -$0	$4,593,572
22	$7,589,873	-$2,768,583 -$0	$4,821,290
23	$7,969,249	-$2,908,953 -$0	$5,060,296
24	$8,367,811	-$3,056,420 -$0	$5,311,391
25	$8,786,102	-$3,211,188 -$0	$5,574,914
26	$9,225,570	-$3,373,791 -$0	$5,851,779
27	$9,686,758	-$3,544,431 -$0	$6,142,327
28	$10,171,114	-$3,723,643 -$0	$6,447,471
29	$10,679,724	-$3,911,828 -$0	$6,767,896
30	$11,213,674	-$4,109,390 -$0	$7,104,284