Colorado Lottery

COLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 22, 2024 is estimated to be $453 Million, with a cash option of 209.6 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 Colorado, your state will take 4% of your lottery winnings.

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

Colorado MEGA Millions Jackpot/Cash Option for Fri Nov 22, 2024

Draw Date Jackpot Cash Option
Fri Nov 22, 2024$453,000,000$209,600,000

Lumpsum Option Taxes and Payment

Category Amount
Cash Gross Payment$209,600,000
Federal Tax(24%)$50,304,000
Additional Federal Tax$27,208,330
State Tax(4%)$8,384,000
Net Lumpsum Payment$123,703,670

Annuity Payment in 30 Installations

Year Gross Payment Fed/State Tax Net Payment
1 $6,818,103 -$2,483,028
-$272,724
$4,062,351
2 $7,159,212 -$2,609,239
-$286,368
$4,263,605
3 $7,517,082 -$2,741,651
-$300,683
$4,474,748
4 $7,893,072 -$2,880,767
-$315,723
$4,696,582
5 $8,287,635 -$3,026,755
-$331,505
$4,929,375
6 $8,702,130 -$3,180,118
-$348,085
$5,173,927
7 $9,137,010 -$3,341,024
-$365,480
$5,430,506
8 $9,594,087 -$3,510,143
-$383,763
$5,700,181
9 $10,073,814 -$3,687,642
-$402,953
$5,983,219
10 $10,577,550 -$3,874,024
-$423,102
$6,280,424
11 $11,106,201 -$4,069,625
-$444,248
$6,592,328
12 $11,661,579 -$4,275,115
-$466,463
$6,920,001
13 $12,244,590 -$4,490,829
-$489,784
$7,263,977
14 $12,857,046 -$4,717,437
-$514,282
$7,625,327
15 $13,499,853 -$4,955,276
-$539,994
$8,004,583
16 $14,174,823 -$5,205,015
-$566,993
$8,402,815
17 $14,883,315 -$5,467,157
-$595,333
$8,820,825
18 $15,627,594 -$5,742,540
-$625,104
$9,259,950
19 $16,409,019 -$6,031,667
-$656,361
$9,720,991
20 $17,229,402 -$6,335,209
-$689,176
$10,205,017
21 $18,091,008 -$6,654,003
-$723,640
$10,713,365
22 $18,995,649 -$6,988,721
-$759,826
$11,247,102
23 $19,945,137 -$7,340,031
-$797,805
$11,807,301
24 $20,942,643 -$7,709,108
-$837,706
$12,395,829
25 $21,989,526 -$8,096,455
-$879,581
$13,013,490
26 $23,089,410 -$8,503,412
-$923,576
$13,662,422
27 $24,243,654 -$8,930,482
-$969,746
$14,343,426
28 $25,455,882 -$9,379,007
-$1,018,235
$15,058,640
29 $26,728,812 -$9,849,991
-$1,069,152
$15,809,669
30 $28,065,162 -$10,344,440
-$1,122,606
$16,598,116
4
5
3
Cash Option: $209.6 Million
Next Draw: Fri Nov 22
Mega Millions
Tue Nov 19, 2024
053550515908

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