The jackpot for the MEGA Millions draw on Fri May 2, 2025, is projected to be $80 Million, with an option for a cash payout of $36.4 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 Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan MEGA Millions Jackpot/Cash Option for Fri May 2, 2025 |
|---|
| Draw Date | Fri May 2, 2025 | | Projected Jackpot | $80,000,000 | | Cash Value | $36,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,400,000 | | Federal Tax(24%) | $8,736,000 | | Additional Federal Tax | $4,692,330 | | State Tax(4.25%) | $1,547,000 | | Net Lumpsum Payment | $21,424,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,204,080 |
$405,840
$51,173 |
$747,067 |
| 2 |
$1,264,320 |
$428,129
$53,734 |
$782,457 |
| 3 |
$1,327,520 |
$451,513
$56,420 |
$819,587 |
| 4 |
$1,393,920 |
$476,081
$59,242 |
$858,597 |
| 5 |
$1,463,600 |
$501,862
$62,203 |
$899,535 |
| 6 |
$1,536,800 |
$528,946
$65,314 |
$942,540 |
| 7 |
$1,613,600 |
$557,362
$68,578 |
$987,660 |
| 8 |
$1,694,320 |
$587,229
$72,009 |
$1,035,082 |
| 9 |
$1,779,040 |
$618,575
$75,609 |
$1,084,856 |
| 10 |
$1,868,000 |
$651,490
$79,390 |
$1,137,120 |
| 11 |
$1,961,360 |
$686,034
$83,358 |
$1,191,968 |
| 12 |
$2,059,440 |
$722,323
$87,526 |
$1,249,591 |
| 13 |
$2,162,400 |
$760,418
$91,902 |
$1,310,080 |
| 14 |
$2,270,560 |
$800,438
$96,499 |
$1,373,623 |
| 15 |
$2,384,080 |
$842,440
$101,323 |
$1,440,317 |
| 16 |
$2,503,280 |
$886,544
$106,389 |
$1,510,347 |
| 17 |
$2,628,400 |
$932,838
$111,707 |
$1,583,855 |
| 18 |
$2,759,840 |
$981,471
$117,293 |
$1,661,076 |
| 19 |
$2,897,840 |
$1,032,531
$123,158 |
$1,742,151 |
| 20 |
$3,042,720 |
$1,086,137
$129,316 |
$1,827,267 |
| 21 |
$3,194,880 |
$1,142,436
$135,782 |
$1,916,662 |
| 22 |
$3,354,640 |
$1,201,547
$142,572 |
$2,010,521 |
| 23 |
$3,522,320 |
$1,263,589
$149,699 |
$2,109,032 |
| 24 |
$3,698,480 |
$1,328,768
$157,185 |
$2,212,527 |
| 25 |
$3,883,360 |
$1,397,174
$165,043 |
$2,321,143 |
| 26 |
$4,077,600 |
$1,469,042
$173,298 |
$2,435,260 |
| 27 |
$4,281,440 |
$1,544,463
$181,961 |
$2,555,016 |
| 28 |
$4,495,520 |
$1,623,673
$191,060 |
$2,680,787 |
| 29 |
$4,720,320 |
$1,706,849
$200,614 |
$2,812,857 |
| 30 |
$4,956,320 |
$1,794,169
$210,644 |
$2,951,507 |
|
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