Colorado Lottery

COLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 3, 2024 is estimated to be $284 Million, with a cash option of 127.6 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 Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Colorado MEGA Millions Jackpot/Cash Option for Fri May 3, 2024

Draw Date	Jackpot	Cash Option
Fri May 3, 2024	$284,000,000	$127,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$127,600,000
Federal Tax(24%)	$30,624,000
Additional Federal Tax	$16,548,330
State Tax(4%)	$5,104,000
Net Lumpsum Payment	$75,323,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$170,979	$2,561,616
2	$4,488,336	-$1,621,015 -$179,533	$2,687,788
3	$4,712,696	-$1,704,028 -$188,508	$2,820,160
4	$4,948,416	-$1,791,244 -$197,937	$2,959,235
5	$5,195,780	-$1,882,769 -$207,831	$3,105,180
6	$5,455,640	-$1,978,917 -$218,226	$3,258,497
7	$5,728,280	-$2,079,794 -$229,131	$3,419,355
8	$6,014,836	-$2,185,820 -$240,593	$3,588,423
9	$6,315,592	-$2,297,099 -$252,624	$3,765,869
10	$6,631,400	-$2,413,948 -$265,256	$3,952,196
11	$6,962,828	-$2,536,577 -$278,513	$4,147,738
12	$7,311,012	-$2,665,405 -$292,440	$4,353,167
13	$7,676,520	-$2,800,643 -$307,061	$4,568,816
14	$8,060,488	-$2,942,711 -$322,420	$4,795,357
15	$8,463,484	-$3,091,819 -$338,539	$5,033,126
16	$8,886,644	-$3,248,389 -$355,466	$5,282,789
17	$9,330,820	-$3,412,734 -$373,233	$5,544,853
18	$9,797,432	-$3,585,380 -$391,897	$5,820,155
19	$10,287,332	-$3,766,643 -$411,493	$6,109,196
20	$10,801,656	-$3,956,943 -$432,066	$6,412,647
21	$11,341,824	-$4,156,805 -$453,673	$6,731,346
22	$11,908,972	-$4,366,650 -$476,359	$7,065,963
23	$12,504,236	-$4,586,898 -$500,169	$7,417,169
24	$13,129,604	-$4,818,284 -$525,184	$7,786,136
25	$13,785,928	-$5,061,124 -$551,437	$8,173,367
26	$14,475,480	-$5,316,258 -$579,019	$8,580,203
27	$15,199,112	-$5,584,002 -$607,964	$9,007,146
28	$15,959,096	-$5,865,196 -$638,364	$9,455,536
29	$16,757,136	-$6,160,471 -$670,285	$9,926,380
30	$17,594,936	-$6,470,457 -$703,797	$10,420,682