Vermont Lottery

VTLottery 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 Vermont, your state will take 6% 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.

Vermont 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(6%)	$534,000
Net Lumpsum Payment	$5,112,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$18,061	$211,251
2	$316,080	-$77,280 -$18,965	$219,835
3	$331,880	-$83,126 -$19,913	$228,841
4	$348,480	-$89,268 -$20,909	$238,303
5	$365,900	-$95,713 -$21,954	$248,233
6	$384,200	-$102,484 -$23,052	$258,664
7	$403,400	-$109,588 -$24,204	$269,608
8	$423,580	-$117,055 -$25,415	$281,110
9	$444,760	-$124,892 -$26,686	$293,182
10	$467,000	-$133,120 -$28,020	$305,860
11	$490,340	-$141,756 -$29,420	$319,164
12	$514,860	-$150,829 -$30,892	$333,139
13	$540,600	-$160,352 -$32,436	$347,812
14	$567,640	-$170,357 -$34,058	$363,225
15	$596,020	-$180,858 -$35,761	$379,401
16	$625,820	-$191,884 -$37,549	$396,387
17	$657,100	-$203,457 -$39,426	$414,217
18	$689,960	-$215,616 -$41,398	$432,946
19	$724,460	-$228,381 -$43,468	$452,611
20	$760,680	-$241,782 -$45,641	$473,257
21	$798,720	-$255,857 -$47,923	$494,940
22	$838,660	-$270,635 -$50,320	$517,705
23	$880,580	-$286,145 -$52,835	$541,600
24	$924,620	-$302,440 -$55,477	$566,703
25	$970,840	-$319,541 -$58,250	$593,049
26	$1,019,400	-$337,508 -$61,164	$620,728
27	$1,070,360	-$356,364 -$64,222	$649,774
28	$1,123,880	-$376,166 -$67,433	$680,281
29	$1,180,080	-$396,960 -$70,805	$712,315
30	$1,239,080	-$418,790 -$74,345	$745,945