Connecticut Lottery

CTLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Nov 12, 2024 is estimated to be $361 Million, with a cash option of 169.2 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Connecticut MEGA Millions Jackpot/Cash Option for Tue Nov 12, 2024

Draw Date	Jackpot	Cash Option
Tue Nov 12, 2024	$361,000,000	$169,200,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$169,200,000
Federal Tax(24%)	$40,608,000
Additional Federal Tax	$21,956,330
State Tax(6.99%)	$11,827,080
Net Lumpsum Payment	$94,808,590

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,433,411	-$1,970,692 -$379,795	$3,082,924
2	$5,705,244	-$2,071,271 -$398,797	$3,235,176
3	$5,990,434	-$2,176,791 -$418,731	$3,394,912
4	$6,290,064	-$2,287,654 -$439,675	$3,562,735
5	$6,604,495	-$2,403,994 -$461,654	$3,738,847
6	$6,934,810	-$2,526,210 -$484,743	$3,923,857
7	$7,281,370	-$2,654,437 -$508,968	$4,117,965
8	$7,645,619	-$2,789,209 -$534,429	$4,321,981
9	$8,027,918	-$2,930,660 -$561,151	$4,536,107
10	$8,429,350	-$3,079,190 -$589,212	$4,760,948
11	$8,850,637	-$3,235,066 -$618,660	$4,996,911
12	$9,293,223	-$3,398,823 -$649,596	$5,244,804
13	$9,757,830	-$3,570,727 -$682,072	$5,505,031
14	$10,245,902	-$3,751,314 -$716,189	$5,778,399
15	$10,758,161	-$3,940,850 -$751,995	$6,065,316
16	$11,296,051	-$4,139,869 -$789,594	$6,366,588
17	$11,860,655	-$4,348,773 -$829,060	$6,682,822
18	$12,453,778	-$4,568,228 -$870,519	$7,015,031
19	$13,076,503	-$4,798,636 -$914,048	$7,363,819
20	$13,730,274	-$5,040,532 -$959,746	$7,729,996
21	$14,416,896	-$5,294,582 -$1,007,741	$8,114,573
22	$15,137,813	-$5,561,321 -$1,058,133	$8,518,359
23	$15,894,469	-$5,841,284 -$1,111,023	$8,942,162
24	$16,689,391	-$6,135,405 -$1,166,588	$9,387,398
25	$17,523,662	-$6,444,085 -$1,224,904	$9,854,673
26	$18,400,170	-$6,768,393 -$1,286,172	$10,345,605
27	$19,319,998	-$7,108,730 -$1,350,468	$10,860,800
28	$20,286,034	-$7,466,163 -$1,417,994	$11,401,877
29	$21,300,444	-$7,841,495 -$1,488,901	$11,970,048
30	$22,365,394	-$8,235,526 -$1,563,341	$12,566,527