Connecticut Lottery

CTLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 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 Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(6.99%)	$30,015,060
Net Lumpsum Payment	$240,546,610

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$993,149	$7,997,651
2	$14,918,976	-$5,480,352 -$1,042,836	$8,395,788
3	$15,664,736	-$5,756,283 -$1,094,965	$8,813,488
4	$16,448,256	-$6,046,185 -$1,149,733	$9,252,338
5	$17,270,480	-$6,350,408 -$1,207,207	$9,712,865
6	$18,134,240	-$6,669,999 -$1,267,583	$10,196,658
7	$19,040,480	-$7,005,308 -$1,330,930	$10,704,242
8	$19,992,976	-$7,357,732 -$1,397,509	$11,237,735
9	$20,992,672	-$7,727,619 -$1,467,388	$11,797,665
10	$22,042,400	-$8,116,018 -$1,540,764	$12,385,618
11	$23,144,048	-$8,523,628 -$1,617,769	$13,002,651
12	$24,301,392	-$8,951,845 -$1,698,667	$13,650,880
13	$25,516,320	-$9,401,369 -$1,783,591	$14,331,360
14	$26,792,608	-$9,873,595 -$1,872,803	$15,046,210
15	$28,132,144	-$10,369,224 -$1,966,437	$15,796,483
16	$29,538,704	-$10,889,651 -$2,064,755	$16,584,298
17	$31,015,120	-$11,435,925 -$2,167,957	$17,411,238
18	$32,566,112	-$12,009,792 -$2,276,371	$18,279,949
19	$34,194,512	-$12,612,300 -$2,390,196	$19,192,016
20	$35,904,096	-$13,244,846 -$2,509,696	$20,149,554
21	$37,699,584	-$13,909,176 -$2,635,201	$21,155,207
22	$39,584,752	-$14,606,689 -$2,766,974	$22,211,089
23	$41,563,376	-$15,338,780 -$2,905,280	$23,319,316
24	$43,642,064	-$16,107,894 -$3,050,580	$24,483,590
25	$45,823,648	-$16,915,080 -$3,203,073	$25,705,495
26	$48,115,680	-$17,763,132 -$3,363,286	$26,989,262
27	$50,520,992	-$18,653,097 -$3,531,417	$28,336,478
28	$53,047,136	-$19,587,771 -$3,707,995	$29,751,370
29	$55,699,776	-$20,569,248 -$3,893,414	$31,237,114
30	$58,484,576	-$21,599,624 -$4,088,072	$32,796,880