Indiana Lottery

INLottery 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. Additionally, if you are a resident of Indiana, your state will take 3.15% 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.

Indiana 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(3.15%)	$280,350
Net Lumpsum Payment	$5,366,320

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$9,482	$219,830
2	$316,080	-$77,280 -$9,957	$228,843
3	$331,880	-$83,126 -$10,454	$238,300
4	$348,480	-$89,268 -$10,977	$248,235
5	$365,900	-$95,713 -$11,526	$258,661
6	$384,200	-$102,484 -$12,102	$269,614
7	$403,400	-$109,588 -$12,707	$281,105
8	$423,580	-$117,055 -$13,343	$293,182
9	$444,760	-$124,892 -$14,010	$305,858
10	$467,000	-$133,120 -$14,711	$319,169
11	$490,340	-$141,756 -$15,446	$333,138
12	$514,860	-$150,829 -$16,218	$347,813
13	$540,600	-$160,352 -$17,029	$363,219
14	$567,640	-$170,357 -$17,881	$379,402
15	$596,020	-$180,858 -$18,775	$396,387
16	$625,820	-$191,884 -$19,713	$414,223
17	$657,100	-$203,457 -$20,699	$432,944
18	$689,960	-$215,616 -$21,734	$452,610
19	$724,460	-$228,381 -$22,820	$473,259
20	$760,680	-$241,782 -$23,961	$494,937
21	$798,720	-$255,857 -$25,160	$517,703
22	$838,660	-$270,635 -$26,418	$541,607
23	$880,580	-$286,145 -$27,738	$566,697
24	$924,620	-$302,440 -$29,126	$593,054
25	$970,840	-$319,541 -$30,581	$620,718
26	$1,019,400	-$337,508 -$32,111	$649,781
27	$1,070,360	-$356,364 -$33,716	$680,280
28	$1,123,880	-$376,166 -$35,402	$712,312
29	$1,180,080	-$396,960 -$37,173	$745,947
30	$1,239,080	-$418,790 -$39,031	$781,259