California(CA) MEGA Millions Prize Analysis for Fri Apr 25, 2014

California(CA) MEGA Millions Prize Analysis for Fri Apr 25, 2014
Updated: Wednesday, April 23rd, 2014 01:00 AM

The estimated jackpot for MEGA Millions on Fri Apr 25, 2014 is $59 million. The cash option is $33.1 million. The MEGA Millions prize analysis tells you how much you would get after tax withholdings.

As legally required by the state of California, taxes are withheld on lottery winnings of $600.00 or more. For prizes over $5,000.00, US citizens and resident aliens with a social security number are subject to a 25% deduction to their prizes, which represents federal taxes. Luckily, lottery prizes are exempt from California state and local personal income taxes. For more information on taxes for lottery winnings in the state of California, click here.

  • For the Cash Option in the amount of $33.1 million, the federal tax that must be withheld is $8,275,000.00. There is no state tax on lottery prizes. After federal taxes are paid, the winner gets a net lump-sum payment of $24,825,000.00.
  • For the $59 million annuity, the winner gets paid in 30 equal annual installments amounting to $1,966,666.67 yearly. The federal tax amounts to $491,666.67 yearly. There is no state tax deduction. The winner will receive, after paying federal taxes, $1,475,000.00 yearly.
For detailed information on MEGA Millions Lottery Winning Taxes and Prizes Analysis, see the data listed below.

California(CA) MEGA Millions Prize Analysis for Fri Apr 25, 2014
Fri Apr 25, 2014  Jackpot: $59 Million  Cash: $33.1 Million

Cash Option - $33.1 Million
Gross Cash Payment25% Federal Withholding0% State WithholdingLump-Sum Net Payment
$33,100,000.00-$8,275,000.00-$0.00$24,825,000.00

Annuity - $59 Million in 30 Annual Payments
Gross Annual Payment25% Federal
Annual Withholding
0% State
Annual Withholding
Net Annual Payment
$1,966,666.67-$491,666.67-$0.00$1,475,000.00
Total Gross Payment25% Federal
Total Withholding
0% State
Total Withholding
Total Net Payment
$59,000,000.00-$14,750,000.00-$0.00$44,250,000.00


Past Prize Analysis for MEGA-Millions

More Prize Analysis for California(CA) MEGA Millions

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California(CA) MEGA Millions Latest Drawing Results
Next Draw: Fri Apr 25, 2014
Jackpot: $59.00 Million 
Change: +$11.00 Million








 
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