Michigan Lottery

MILottery 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. Additionally, if you are a resident of Michigan, your state will take 4.25% 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.

Michigan 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(4.25%)	$3,514,750
Net Lumpsum Payment	$48,625,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,724,231	-$968,296 -$115,780	$1,640,155
2	$2,860,524	-$1,018,724 -$121,572	$1,720,228
3	$3,003,514	-$1,071,631 -$127,649	$1,804,234
4	$3,153,744	-$1,127,216 -$134,034	$1,892,494
5	$3,311,395	-$1,185,547 -$140,734	$1,985,114
6	$3,477,010	-$1,246,824 -$147,773	$2,082,413
7	$3,650,770	-$1,311,115 -$155,158	$2,184,497
8	$3,833,399	-$1,378,688 -$162,919	$2,291,792
9	$4,025,078	-$1,449,609 -$171,066	$2,404,403
10	$4,226,350	-$1,524,080 -$179,620	$2,522,650
11	$4,437,577	-$1,602,234 -$188,597	$2,646,746
12	$4,659,483	-$1,684,339 -$198,028	$2,777,116
13	$4,892,430	-$1,770,529 -$207,928	$2,913,973
14	$5,137,142	-$1,861,073 -$218,329	$3,057,740
15	$5,393,981	-$1,956,103 -$229,244	$3,208,634
16	$5,663,671	-$2,055,889 -$240,706	$3,367,076
17	$5,946,755	-$2,160,630 -$252,737	$3,533,388
18	$6,244,138	-$2,270,661 -$265,376	$3,708,101
19	$6,556,363	-$2,386,185 -$278,645	$3,891,533
20	$6,884,154	-$2,507,467 -$292,577	$4,084,110
21	$7,228,416	-$2,634,844 -$307,208	$4,286,364
22	$7,589,873	-$2,768,583 -$322,570	$4,498,720
23	$7,969,249	-$2,908,953 -$338,693	$4,721,603
24	$8,367,811	-$3,056,420 -$355,632	$4,955,759
25	$8,786,102	-$3,211,188 -$373,409	$5,201,505
26	$9,225,570	-$3,373,791 -$392,087	$5,459,692
27	$9,686,758	-$3,544,431 -$411,687	$5,730,640
28	$10,171,114	-$3,723,643 -$432,272	$6,015,199
29	$10,679,724	-$3,911,828 -$453,888	$6,314,008
30	$11,213,674	-$4,109,390 -$476,581	$6,627,703