Connecticut Lottery

CTLottery 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 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 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(6.99%)	$8,919,240
Net Lumpsum Payment	$71,508,430

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$298,786	$2,433,809
2	$4,488,336	-$1,621,015 -$313,735	$2,553,586
3	$4,712,696	-$1,704,028 -$329,417	$2,679,251
4	$4,948,416	-$1,791,244 -$345,894	$2,811,278
5	$5,195,780	-$1,882,769 -$363,185	$2,949,826
6	$5,455,640	-$1,978,917 -$381,349	$3,095,374
7	$5,728,280	-$2,079,794 -$400,407	$3,248,079
8	$6,014,836	-$2,185,820 -$420,437	$3,408,579
9	$6,315,592	-$2,297,099 -$441,460	$3,577,033
10	$6,631,400	-$2,413,948 -$463,535	$3,753,917
11	$6,962,828	-$2,536,577 -$486,702	$3,939,549
12	$7,311,012	-$2,665,405 -$511,040	$4,134,567
13	$7,676,520	-$2,800,643 -$536,589	$4,339,288
14	$8,060,488	-$2,942,711 -$563,428	$4,554,349
15	$8,463,484	-$3,091,819 -$591,598	$4,780,067
16	$8,886,644	-$3,248,389 -$621,176	$5,017,079
17	$9,330,820	-$3,412,734 -$652,224	$5,265,862
18	$9,797,432	-$3,585,380 -$684,840	$5,527,212
19	$10,287,332	-$3,766,643 -$719,085	$5,801,604
20	$10,801,656	-$3,956,943 -$755,036	$6,089,677
21	$11,341,824	-$4,156,805 -$792,793	$6,392,226
22	$11,908,972	-$4,366,650 -$832,437	$6,709,885
23	$12,504,236	-$4,586,898 -$874,046	$7,043,292
24	$13,129,604	-$4,818,284 -$917,759	$7,393,561
25	$13,785,928	-$5,061,124 -$963,636	$7,761,168
26	$14,475,480	-$5,316,258 -$1,011,836	$8,147,386
27	$15,199,112	-$5,584,002 -$1,062,418	$8,552,692
28	$15,959,096	-$5,865,196 -$1,115,541	$8,978,359
29	$16,757,136	-$6,160,471 -$1,171,324	$9,425,341
30	$17,594,936	-$6,470,457 -$1,229,886	$9,894,593