Idaho Lottery

IDLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 31, 2025 is estimated to be $59 Million, with a cash option of 26.5 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. Additionally, if you are a resident of Idaho, your state will take 5.8% of 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.

Idaho MEGA Millions Jackpot/Cash Option for Fri Jan 31, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 31, 2025	$59,000,000	$26,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$26,500,000
Federal Tax(24%)	$6,360,000
Additional Federal Tax	$3,405,330
State Tax(5.8%)	$1,537,000
Net Lumpsum Payment	$15,197,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$888,009	-$288,894 -$51,505	$547,610
2	$932,436	-$305,332 -$54,081	$573,023
3	$979,046	-$322,577 -$56,785	$599,684
4	$1,028,016	-$340,696 -$59,625	$627,695
5	$1,079,405	-$359,710 -$62,605	$657,090
6	$1,133,390	-$379,685 -$65,737	$687,968
7	$1,190,030	-$400,641 -$69,022	$720,367
8	$1,249,561	-$422,668 -$72,475	$754,418
9	$1,312,042	-$445,786 -$76,098	$790,158
10	$1,377,650	-$470,061 -$79,904	$827,685
11	$1,446,503	-$495,536 -$83,897	$867,070
12	$1,518,837	-$522,300 -$88,093	$908,444
13	$1,594,770	-$550,395 -$92,497	$951,878
14	$1,674,538	-$579,909 -$97,123	$997,506
15	$1,758,259	-$610,886 -$101,979	$1,045,394
16	$1,846,169	-$643,413 -$107,078	$1,095,678
17	$1,938,445	-$677,555 -$112,430	$1,148,460
18	$2,035,382	-$713,422 -$118,052	$1,203,908
19	$2,137,157	-$751,078 -$123,955	$1,262,124
20	$2,244,006	-$790,613 -$130,152	$1,323,241
21	$2,356,224	-$832,133 -$136,661	$1,387,430
22	$2,474,047	-$875,728 -$143,495	$1,454,824
23	$2,597,711	-$921,483 -$150,667	$1,525,561
24	$2,727,629	-$969,553 -$158,202	$1,599,874
25	$2,863,978	-$1,020,002 -$166,111	$1,677,865
26	$3,007,230	-$1,073,005 -$174,419	$1,759,806
27	$3,157,562	-$1,128,628 -$183,139	$1,845,795
28	$3,315,446	-$1,187,045 -$192,296	$1,936,105
29	$3,481,236	-$1,248,388 -$201,912	$2,030,936
30	$3,655,286	-$1,312,786 -$212,007	$2,130,493