Ohio Lottery

OHLottery 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 Ohio, your state will take 3.99% 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.

Ohio 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(3.99%)	$355,110
Net Lumpsum Payment	$5,291,560

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$12,011	$217,301
2	$316,080	-$77,280 -$12,612	$226,188
3	$331,880	-$83,126 -$13,242	$235,512
4	$348,480	-$89,268 -$13,904	$245,308
5	$365,900	-$95,713 -$14,599	$255,588
6	$384,200	-$102,484 -$15,330	$266,386
7	$403,400	-$109,588 -$16,096	$277,716
8	$423,580	-$117,055 -$16,901	$289,624
9	$444,760	-$124,892 -$17,746	$302,122
10	$467,000	-$133,120 -$18,633	$315,247
11	$490,340	-$141,756 -$19,565	$329,019
12	$514,860	-$150,829 -$20,543	$343,488
13	$540,600	-$160,352 -$21,570	$358,678
14	$567,640	-$170,357 -$22,649	$374,634
15	$596,020	-$180,858 -$23,781	$391,381
16	$625,820	-$191,884 -$24,970	$408,966
17	$657,100	-$203,457 -$26,218	$427,425
18	$689,960	-$215,616 -$27,529	$446,815
19	$724,460	-$228,381 -$28,906	$467,173
20	$760,680	-$241,782 -$30,351	$488,547
21	$798,720	-$255,857 -$31,869	$510,994
22	$838,660	-$270,635 -$33,463	$534,562
23	$880,580	-$286,145 -$35,135	$559,300
24	$924,620	-$302,440 -$36,892	$585,288
25	$970,840	-$319,541 -$38,737	$612,562
26	$1,019,400	-$337,508 -$40,674	$641,218
27	$1,070,360	-$356,364 -$42,707	$671,289
28	$1,123,880	-$376,166 -$44,843	$702,871
29	$1,180,080	-$396,960 -$47,085	$736,035
30	$1,239,080	-$418,790 -$49,439	$770,851