Virginia Lottery

VALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Aug 29, 2025 is estimated to be $277 Million, with a cash option of 124.6 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 Fri Aug 29, 2025

Draw Date	Jackpot	Cash Option
Fri Aug 29, 2025	$277,000,000	$124,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$124,600,000
Federal Tax(24%)	$29,904,000
Additional Federal Tax	$16,158,330
State Tax(4%)	$4,984,000
Net Lumpsum Payment	$73,553,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,169,127	-$1,502,907 -$166,765	$2,499,455
2	$4,377,708	-$1,580,082 -$175,108	$2,622,518
3	$4,596,538	-$1,661,049 -$183,862	$2,751,627
4	$4,826,448	-$1,746,116 -$193,058	$2,887,274
5	$5,067,715	-$1,835,385 -$202,709	$3,029,621
6	$5,321,170	-$1,929,163 -$212,847	$3,179,160
7	$5,587,090	-$2,027,554 -$223,484	$3,336,052
8	$5,866,583	-$2,130,966 -$234,663	$3,500,954
9	$6,159,926	-$2,239,503 -$246,397	$3,674,026
10	$6,467,950	-$2,353,472 -$258,718	$3,855,760
11	$6,791,209	-$2,473,078 -$271,648	$4,046,483
12	$7,130,811	-$2,598,730 -$285,232	$4,246,849
13	$7,487,310	-$2,730,635 -$299,492	$4,457,183
14	$7,861,814	-$2,869,202 -$314,473	$4,678,139
15	$8,254,877	-$3,014,635 -$330,195	$4,910,047
16	$8,667,607	-$3,167,345 -$346,704	$5,153,558
17	$9,100,835	-$3,327,639 -$364,033	$5,409,163
18	$9,555,946	-$3,496,030 -$382,238	$5,677,678
19	$10,033,771	-$3,672,826 -$401,351	$5,959,594
20	$10,535,418	-$3,858,435 -$421,417	$6,255,566
21	$11,062,272	-$4,053,371 -$442,491	$6,566,410
22	$11,615,441	-$4,258,044 -$464,618	$6,892,779
23	$12,196,033	-$4,472,863 -$487,841	$7,235,329
24	$12,805,987	-$4,698,546 -$512,239	$7,595,202
25	$13,446,134	-$4,935,400 -$537,845	$7,972,889
26	$14,118,690	-$5,184,246 -$564,748	$8,369,696
27	$14,824,486	-$5,445,390 -$592,979	$8,786,117
28	$15,565,738	-$5,719,653 -$622,630	$9,223,455
29	$16,344,108	-$6,007,650 -$653,764	$9,682,694
30	$17,161,258	-$6,309,996 -$686,450	$10,164,812