Colorado Lottery

COLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 15, 2024 is estimated to be $387 Million, with a cash option of 181.4 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 15, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 15, 2024	$387,000,000	$181,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$181,400,000
Federal Tax(24%)	$43,536,000
Additional Federal Tax	$23,542,330
State Tax(4%)	$7,256,000
Net Lumpsum Payment	$107,065,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,824,737	-$2,115,483 -$232,989	$3,476,265
2	$6,116,148	-$2,223,305 -$244,646	$3,648,197
3	$6,421,878	-$2,336,425 -$256,875	$3,828,578
4	$6,743,088	-$2,455,273 -$269,724	$4,018,091
5	$7,080,165	-$2,579,991 -$283,207	$4,216,967
6	$7,434,270	-$2,711,010 -$297,371	$4,425,889
7	$7,805,790	-$2,848,473 -$312,232	$4,645,085
8	$8,196,273	-$2,992,951 -$327,851	$4,875,471
9	$8,606,106	-$3,144,590 -$344,244	$5,117,272
10	$9,036,450	-$3,303,817 -$361,458	$5,371,175
11	$9,488,079	-$3,470,920 -$379,523	$5,637,636
12	$9,962,541	-$3,646,471 -$398,502	$5,917,568
13	$10,460,610	-$3,830,756 -$418,424	$6,211,430
14	$10,983,834	-$4,024,349 -$439,353	$6,520,132
15	$11,532,987	-$4,227,536 -$461,319	$6,844,132
16	$12,109,617	-$4,440,889 -$484,385	$7,184,343
17	$12,714,885	-$4,664,838 -$508,595	$7,541,452
18	$13,350,726	-$4,900,099 -$534,029	$7,916,598
19	$14,018,301	-$5,147,102 -$560,732	$8,310,467
20	$14,719,158	-$5,406,419 -$588,766	$8,723,973
21	$15,455,232	-$5,678,766 -$618,209	$9,158,257
22	$16,228,071	-$5,964,717 -$649,123	$9,614,231
23	$17,039,223	-$6,264,843 -$681,569	$10,092,811
24	$17,891,397	-$6,580,147 -$715,656	$10,595,594
25	$18,785,754	-$6,911,059 -$751,430	$11,123,265
26	$19,725,390	-$7,258,725 -$789,016	$11,677,649
27	$20,711,466	-$7,623,573 -$828,459	$12,259,434
28	$21,747,078	-$8,006,749 -$869,883	$12,870,446
29	$22,834,548	-$8,409,113 -$913,382	$13,512,053
30	$23,976,198	-$8,831,524 -$959,048	$14,185,626