Virginia Lottery

VALottery 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 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 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(4%)	$356,000
Net Lumpsum Payment	$5,290,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$12,041	$217,271
2	$316,080	-$77,280 -$12,643	$226,157
3	$331,880	-$83,126 -$13,275	$235,479
4	$348,480	-$89,268 -$13,939	$245,273
5	$365,900	-$95,713 -$14,636	$255,551
6	$384,200	-$102,484 -$15,368	$266,348
7	$403,400	-$109,588 -$16,136	$277,676
8	$423,580	-$117,055 -$16,943	$289,582
9	$444,760	-$124,892 -$17,790	$302,078
10	$467,000	-$133,120 -$18,680	$315,200
11	$490,340	-$141,756 -$19,614	$328,970
12	$514,860	-$150,829 -$20,594	$343,437
13	$540,600	-$160,352 -$21,624	$358,624
14	$567,640	-$170,357 -$22,706	$374,577
15	$596,020	-$180,858 -$23,841	$391,321
16	$625,820	-$191,884 -$25,033	$408,903
17	$657,100	-$203,457 -$26,284	$427,359
18	$689,960	-$215,616 -$27,598	$446,746
19	$724,460	-$228,381 -$28,978	$467,101
20	$760,680	-$241,782 -$30,427	$488,471
21	$798,720	-$255,857 -$31,949	$510,914
22	$838,660	-$270,635 -$33,546	$534,479
23	$880,580	-$286,145 -$35,223	$559,212
24	$924,620	-$302,440 -$36,985	$585,195
25	$970,840	-$319,541 -$38,834	$612,465
26	$1,019,400	-$337,508 -$40,776	$641,116
27	$1,070,360	-$356,364 -$42,814	$671,182
28	$1,123,880	-$376,166 -$44,955	$702,759
29	$1,180,080	-$396,960 -$47,203	$735,917
30	$1,239,080	-$418,790 -$49,563	$770,727