Oregon Lottery

ORLottery 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 Oregon, your state will take 8% 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.

Oregon 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(8%)	$712,000
Net Lumpsum Payment	$4,934,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$24,082	$205,230
2	$316,080	-$77,280 -$25,286	$213,514
3	$331,880	-$83,126 -$26,550	$222,204
4	$348,480	-$89,268 -$27,878	$231,334
5	$365,900	-$95,713 -$29,272	$240,915
6	$384,200	-$102,484 -$30,736	$250,980
7	$403,400	-$109,588 -$32,272	$261,540
8	$423,580	-$117,055 -$33,886	$272,639
9	$444,760	-$124,892 -$35,581	$284,287
10	$467,000	-$133,120 -$37,360	$296,520
11	$490,340	-$141,756 -$39,227	$309,357
12	$514,860	-$150,829 -$41,189	$322,842
13	$540,600	-$160,352 -$43,248	$337,000
14	$567,640	-$170,357 -$45,411	$351,872
15	$596,020	-$180,858 -$47,682	$367,480
16	$625,820	-$191,884 -$50,066	$383,870
17	$657,100	-$203,457 -$52,568	$401,075
18	$689,960	-$215,616 -$55,197	$419,147
19	$724,460	-$228,381 -$57,957	$438,122
20	$760,680	-$241,782 -$60,854	$458,044
21	$798,720	-$255,857 -$63,898	$478,965
22	$838,660	-$270,635 -$67,093	$500,932
23	$880,580	-$286,145 -$70,446	$523,989
24	$924,620	-$302,440 -$73,970	$548,210
25	$970,840	-$319,541 -$77,667	$573,632
26	$1,019,400	-$337,508 -$81,552	$600,340
27	$1,070,360	-$356,364 -$85,629	$628,367
28	$1,123,880	-$376,166 -$89,910	$657,804
29	$1,180,080	-$396,960 -$94,406	$688,714
30	$1,239,080	-$418,790 -$99,126	$721,164