Connecticut Lottery

CTLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 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 Connecticut, your state will take 6.99% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Connecticut MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(6.99%)	$10,701,690
Net Lumpsum Payment	$85,790,980

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$348,233	$2,830,022
2	$5,231,124	-$1,895,846 -$365,656	$2,969,622
3	$5,492,614	-$1,992,598 -$383,934	$3,116,082
4	$5,767,344	-$2,094,248 -$403,137	$3,269,959
5	$6,055,645	-$2,200,919 -$423,290	$3,431,436
6	$6,358,510	-$2,312,979 -$444,460	$3,601,071
7	$6,676,270	-$2,430,550 -$466,671	$3,779,049
8	$7,010,249	-$2,554,123 -$490,016	$3,966,110
9	$7,360,778	-$2,683,818 -$514,518	$4,162,442
10	$7,728,850	-$2,820,005 -$540,247	$4,368,598
11	$8,115,127	-$2,962,927 -$567,247	$4,584,953
12	$8,520,933	-$3,113,076 -$595,613	$4,812,244
13	$8,946,930	-$3,270,694 -$625,390	$5,050,846
14	$9,394,442	-$3,436,274 -$656,671	$5,301,497
15	$9,864,131	-$3,610,059 -$689,503	$5,564,569
16	$10,357,321	-$3,792,539 -$723,977	$5,840,805
17	$10,875,005	-$3,984,082 -$760,163	$6,130,760
18	$11,418,838	-$4,185,300 -$798,177	$6,435,361
19	$11,989,813	-$4,396,561 -$838,088	$6,755,164
20	$12,589,254	-$4,618,354 -$879,989	$7,090,911
21	$13,218,816	-$4,851,292 -$923,995	$7,443,529
22	$13,879,823	-$5,095,865 -$970,200	$7,813,758
23	$14,573,599	-$5,352,562 -$1,018,695	$8,202,342
24	$15,302,461	-$5,622,241 -$1,069,642	$8,610,578
25	$16,067,402	-$5,905,269 -$1,123,111	$9,039,022
26	$16,871,070	-$6,202,626 -$1,179,288	$9,489,156
27	$17,714,458	-$6,514,680 -$1,238,241	$9,961,537
28	$18,600,214	-$6,842,410 -$1,300,155	$10,457,649
29	$19,530,324	-$7,186,550 -$1,365,170	$10,978,604
30	$20,506,774	-$7,547,837 -$1,433,424	$11,525,513