The jackpot for the MEGA Millions draw on Fri Oct 24, 2025, is projected to be $680 Million, with an option for a cash payout of $318.2 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For those living in Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
| Florida MEGA Millions Jackpot/Cash Option for Fri Oct 24, 2025 |
|---|
| Draw Date | Fri Oct 24, 2025 | | Projected Jackpot | $680,000,000 | | Cash Value | $318,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $318,200,000 | | Federal Tax(24%) | $76,368,000 | | Additional Federal Tax | $41,326,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $200,505,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,234,680 |
$3,747,162
$0 |
$6,487,518 |
| 2 |
$10,746,720 |
$3,936,617
$0 |
$6,810,103 |
| 3 |
$11,283,920 |
$4,135,381
$0 |
$7,148,539 |
| 4 |
$11,848,320 |
$4,344,209
$0 |
$7,504,111 |
| 5 |
$12,440,600 |
$4,563,352
$0 |
$7,877,248 |
| 6 |
$13,062,800 |
$4,793,566
$0 |
$8,269,234 |
| 7 |
$13,715,600 |
$5,035,102
$0 |
$8,680,498 |
| 8 |
$14,401,720 |
$5,288,967
$0 |
$9,112,753 |
| 9 |
$15,121,840 |
$5,555,411
$0 |
$9,566,429 |
| 10 |
$15,878,000 |
$5,835,190
$0 |
$10,042,810 |
| 11 |
$16,671,560 |
$6,128,808
$0 |
$10,542,752 |
| 12 |
$17,505,240 |
$6,437,269
$0 |
$11,067,971 |
| 13 |
$18,380,400 |
$6,761,078
$0 |
$11,619,322 |
| 14 |
$19,299,760 |
$7,101,242
$0 |
$12,198,518 |
| 15 |
$20,264,680 |
$7,458,262
$0 |
$12,806,418 |
| 16 |
$21,277,880 |
$7,833,146
$0 |
$13,444,734 |
| 17 |
$22,341,400 |
$8,226,648
$0 |
$14,114,752 |
| 18 |
$23,458,640 |
$8,640,027
$0 |
$14,818,613 |
| 19 |
$24,631,640 |
$9,074,037
$0 |
$15,557,603 |
| 20 |
$25,863,120 |
$9,529,685
$0 |
$16,333,435 |
| 21 |
$27,156,480 |
$10,008,228
$0 |
$17,148,252 |
| 22 |
$28,514,440 |
$10,510,673
$0 |
$18,003,767 |
| 23 |
$29,939,720 |
$11,038,027
$0 |
$18,901,693 |
| 24 |
$31,437,080 |
$11,592,050
$0 |
$19,845,030 |
| 25 |
$33,008,560 |
$12,173,498
$0 |
$20,835,062 |
| 26 |
$34,659,600 |
$12,784,382
$0 |
$21,875,218 |
| 27 |
$36,392,240 |
$13,425,459
$0 |
$22,966,781 |
| 28 |
$38,211,920 |
$14,098,741
$0 |
$24,113,179 |
| 29 |
$40,122,720 |
$14,805,737
$0 |
$25,316,983 |
| 30 |
$42,128,720 |
$15,547,957
$0 |
$26,580,763 |
|
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