Virginia Lottery

VALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Apr 1, 2025 is estimated to be $29 Million, with a cash option of 13.3 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 Virginia, your state will take 4% 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.

Virginia MEGA Millions Jackpot/Cash Option for Tue Apr 1, 2025

Draw Date	Jackpot	Cash Option
Tue Apr 1, 2025	$29,000,000	$13,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,300,000
Federal Tax(24%)	$3,192,000
Additional Federal Tax	$1,689,330
State Tax(4%)	$532,000
Net Lumpsum Payment	$7,886,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$436,479	-$121,828 -$17,459	$297,192
2	$458,316	-$129,907 -$18,333	$310,076
3	$481,226	-$138,384 -$19,249	$323,593
4	$505,296	-$147,290 -$20,212	$337,794
5	$530,555	-$156,636 -$21,222	$352,697
6	$557,090	-$166,454 -$22,284	$368,352
7	$584,930	-$176,754 -$23,397	$384,779
8	$614,191	-$187,581 -$24,568	$402,042
9	$644,902	-$198,944 -$25,796	$420,162
10	$677,150	-$210,876 -$27,086	$439,188
11	$710,993	-$223,398 -$28,440	$459,155
12	$746,547	-$236,553 -$29,862	$480,132
13	$783,870	-$250,362 -$31,355	$502,153
14	$823,078	-$264,869 -$32,923	$525,286
15	$864,229	-$280,095 -$34,569	$549,565
16	$907,439	-$296,083 -$36,298	$575,058
17	$952,795	-$312,865 -$38,112	$601,818
18	$1,000,442	-$330,494 -$40,018	$629,930
19	$1,050,467	-$349,003 -$42,019	$659,445
20	$1,102,986	-$368,435 -$44,119	$690,432
21	$1,158,144	-$388,844 -$46,326	$722,974
22	$1,216,057	-$410,271 -$48,642	$757,144
23	$1,276,841	-$432,762 -$51,074	$793,005
24	$1,340,699	-$456,389 -$53,628	$830,682
25	$1,407,718	-$481,186 -$56,309	$870,223
26	$1,478,130	-$507,238 -$59,125	$911,767
27	$1,552,022	-$534,579 -$62,081	$955,362
28	$1,629,626	-$563,292 -$65,185	$1,001,149
29	$1,711,116	-$593,443 -$68,445	$1,049,228
30	$1,796,666	-$625,097 -$71,867	$1,099,702