Montana Lottery

MTLottery 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 Montana, your state will take 6.75% 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.

Montana 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(6.75%)	$600,750
Net Lumpsum Payment	$5,045,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$20,319	$208,993
2	$316,080	-$77,280 -$21,335	$217,465
3	$331,880	-$83,126 -$22,402	$226,352
4	$348,480	-$89,268 -$23,522	$235,690
5	$365,900	-$95,713 -$24,698	$245,489
6	$384,200	-$102,484 -$25,934	$255,782
7	$403,400	-$109,588 -$27,230	$266,582
8	$423,580	-$117,055 -$28,592	$277,933
9	$444,760	-$124,892 -$30,021	$289,847
10	$467,000	-$133,120 -$31,523	$302,357
11	$490,340	-$141,756 -$33,098	$315,486
12	$514,860	-$150,829 -$34,753	$329,278
13	$540,600	-$160,352 -$36,491	$343,757
14	$567,640	-$170,357 -$38,316	$358,967
15	$596,020	-$180,858 -$40,231	$374,931
16	$625,820	-$191,884 -$42,243	$391,693
17	$657,100	-$203,457 -$44,354	$409,289
18	$689,960	-$215,616 -$46,572	$427,772
19	$724,460	-$228,381 -$48,901	$447,178
20	$760,680	-$241,782 -$51,346	$467,552
21	$798,720	-$255,857 -$53,914	$488,949
22	$838,660	-$270,635 -$56,610	$511,415
23	$880,580	-$286,145 -$59,439	$534,996
24	$924,620	-$302,440 -$62,412	$559,768
25	$970,840	-$319,541 -$65,532	$585,767
26	$1,019,400	-$337,508 -$68,810	$613,082
27	$1,070,360	-$356,364 -$72,249	$641,747
28	$1,123,880	-$376,166 -$75,862	$671,852
29	$1,180,080	-$396,960 -$79,655	$703,465
30	$1,239,080	-$418,790 -$83,638	$736,652