The jackpot for the MEGA Millions draw on Tue Jan 28, 2025, is projected to be $44 Million, with an option for a cash payout of $19.5 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 Vermont residents, the state will deduct 6% from your lottery earnings.
| Vermont MEGA Millions Jackpot/Cash Option for Tue Jan 28, 2025 |
|---|
| Draw Date | Tue Jan 28, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $19,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $19,500,000 | | Federal Tax(24%) | $4,680,000 | | Additional Federal Tax | $2,495,330 | | State Tax(6%) | $1,170,000 | | Net Lumpsum Payment | $11,154,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$39,735 |
$417,148 |
| 2 |
$695,376 |
$217,620
$41,723 |
$436,033 |
| 3 |
$730,136 |
$230,481
$43,808 |
$455,847 |
| 4 |
$766,656 |
$243,993
$45,999 |
$476,664 |
| 5 |
$804,980 |
$258,173
$48,299 |
$498,508 |
| 6 |
$845,240 |
$273,069
$50,714 |
$521,457 |
| 7 |
$887,480 |
$288,698
$53,249 |
$545,533 |
| 8 |
$931,876 |
$305,125
$55,913 |
$570,838 |
| 9 |
$978,472 |
$322,365
$58,708 |
$597,399 |
| 10 |
$1,027,400 |
$340,468
$61,644 |
$625,288 |
| 11 |
$1,078,748 |
$359,467
$64,725 |
$654,556 |
| 12 |
$1,132,692 |
$379,426
$67,962 |
$685,304 |
| 13 |
$1,189,320 |
$400,379
$71,359 |
$717,582 |
| 14 |
$1,248,808 |
$422,389
$74,928 |
$751,491 |
| 15 |
$1,311,244 |
$445,491
$78,675 |
$787,078 |
| 16 |
$1,376,804 |
$469,748
$82,608 |
$824,448 |
| 17 |
$1,445,620 |
$495,210
$86,737 |
$863,673 |
| 18 |
$1,517,912 |
$521,958
$91,075 |
$904,879 |
| 19 |
$1,593,812 |
$550,041
$95,629 |
$948,142 |
| 20 |
$1,673,496 |
$579,524
$100,410 |
$993,562 |
| 21 |
$1,757,184 |
$610,488
$105,431 |
$1,041,265 |
| 22 |
$1,845,052 |
$643,000
$110,703 |
$1,091,349 |
| 23 |
$1,937,276 |
$677,123
$116,237 |
$1,143,916 |
| 24 |
$2,034,164 |
$712,971
$122,050 |
$1,199,143 |
| 25 |
$2,135,848 |
$750,594
$128,151 |
$1,257,103 |
| 26 |
$2,242,680 |
$790,122
$134,561 |
$1,317,997 |
| 27 |
$2,354,792 |
$831,603
$141,288 |
$1,381,901 |
| 28 |
$2,472,536 |
$875,169
$148,352 |
$1,449,015 |
| 29 |
$2,596,176 |
$920,916
$155,771 |
$1,519,489 |
| 30 |
$2,725,976 |
$968,942
$163,559 |
$1,593,475 |
|
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