Michigan Lottery

MILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 16, 2025 is estimated to be $122 Million, with a cash option of 54.8 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 Fri May 16, 2025

Draw Date	Jackpot	Cash Option
Fri May 16, 2025	$122,000,000	$54,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$54,800,000
Federal Tax(24%)	$13,152,000
Additional Federal Tax	$7,084,330
State Tax(4.25%)	$2,329,000
Net Lumpsum Payment	$32,234,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,836,222	-$639,733 -$78,039	$1,118,450
2	$1,928,088	-$673,723 -$81,944	$1,172,421
3	$2,024,468	-$709,384 -$86,040	$1,229,044
4	$2,125,728	-$746,850 -$90,343	$1,288,535
5	$2,231,990	-$786,167 -$94,860	$1,350,963
6	$2,343,620	-$827,470 -$99,604	$1,416,546
7	$2,460,740	-$870,804 -$104,581	$1,485,355
8	$2,583,838	-$916,350 -$109,813	$1,557,675
9	$2,713,036	-$964,154 -$115,304	$1,633,578
10	$2,848,700	-$1,014,349 -$121,070	$1,713,281
11	$2,991,074	-$1,067,028 -$127,121	$1,796,925
12	$3,140,646	-$1,122,369 -$133,477	$1,884,800
13	$3,297,660	-$1,180,465 -$140,151	$1,977,044
14	$3,462,604	-$1,241,494 -$147,161	$2,073,949
15	$3,635,722	-$1,305,548 -$154,518	$2,175,656
16	$3,817,502	-$1,372,806 -$162,244	$2,282,452
17	$4,008,310	-$1,443,405 -$170,353	$2,394,552
18	$4,208,756	-$1,517,570 -$178,872	$2,512,314
19	$4,419,206	-$1,595,437 -$187,816	$2,635,953
20	$4,640,148	-$1,677,185 -$197,206	$2,765,757
21	$4,872,192	-$1,763,041 -$207,068	$2,902,083
22	$5,115,826	-$1,853,186 -$217,423	$3,045,217
23	$5,371,538	-$1,947,799 -$228,290	$3,195,449
24	$5,640,182	-$2,047,198 -$239,708	$3,353,276
25	$5,922,124	-$2,151,516 -$251,690	$3,518,918
26	$6,218,340	-$2,261,116 -$264,279	$3,692,945
27	$6,529,196	-$2,376,133 -$277,491	$3,875,572
28	$6,855,668	-$2,496,928 -$291,366	$4,067,374
29	$7,198,488	-$2,623,771 -$305,936	$4,268,781
30	$7,558,388	-$2,756,934 -$321,231	$4,480,223