Colorado Lottery

COLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 16, 2025 is estimated to be $122 Million, with a cash option of 54.8 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 May 16, 2025

Draw Date	Jackpot	Cash Option
Fri May 16, 2025	$122,000,000	$54,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$54,800,000
Federal Tax(24%)	$13,152,000
Additional Federal Tax	$7,084,330
State Tax(4%)	$2,192,000
Net Lumpsum Payment	$32,371,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,836,222	-$639,733 -$73,449	$1,123,040
2	$1,928,088	-$673,723 -$77,124	$1,177,241
3	$2,024,468	-$709,384 -$80,979	$1,234,105
4	$2,125,728	-$746,850 -$85,029	$1,293,849
5	$2,231,990	-$786,167 -$89,280	$1,356,543
6	$2,343,620	-$827,470 -$93,745	$1,422,405
7	$2,460,740	-$870,804 -$98,430	$1,491,506
8	$2,583,838	-$916,350 -$103,354	$1,564,134
9	$2,713,036	-$964,154 -$108,521	$1,640,361
10	$2,848,700	-$1,014,349 -$113,948	$1,720,403
11	$2,991,074	-$1,067,028 -$119,643	$1,804,403
12	$3,140,646	-$1,122,369 -$125,626	$1,892,651
13	$3,297,660	-$1,180,465 -$131,906	$1,985,289
14	$3,462,604	-$1,241,494 -$138,504	$2,082,606
15	$3,635,722	-$1,305,548 -$145,429	$2,184,745
16	$3,817,502	-$1,372,806 -$152,700	$2,291,996
17	$4,008,310	-$1,443,405 -$160,332	$2,404,573
18	$4,208,756	-$1,517,570 -$168,350	$2,522,836
19	$4,419,206	-$1,595,437 -$176,768	$2,647,001
20	$4,640,148	-$1,677,185 -$185,606	$2,777,357
21	$4,872,192	-$1,763,041 -$194,888	$2,914,263
22	$5,115,826	-$1,853,186 -$204,633	$3,058,007
23	$5,371,538	-$1,947,799 -$214,862	$3,208,877
24	$5,640,182	-$2,047,198 -$225,607	$3,367,377
25	$5,922,124	-$2,151,516 -$236,885	$3,533,723
26	$6,218,340	-$2,261,116 -$248,734	$3,708,490
27	$6,529,196	-$2,376,133 -$261,168	$3,891,895
28	$6,855,668	-$2,496,928 -$274,227	$4,084,513
29	$7,198,488	-$2,623,771 -$287,940	$4,286,777
30	$7,558,388	-$2,756,934 -$302,336	$4,499,118