Connecticut Lottery

CTLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Feb 25, 2025 is estimated to be $181 Million, with a cash option of 82.7 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 Feb 25, 2025

Draw Date	Jackpot	Cash Option
Tue Feb 25, 2025	$181,000,000	$82,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$82,700,000
Federal Tax(24%)	$19,848,000
Additional Federal Tax	$10,711,330
State Tax(6.99%)	$5,780,730
Net Lumpsum Payment	$46,359,940

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,724,231	-$968,296 -$190,424	$1,565,511
2	$2,860,524	-$1,018,724 -$199,951	$1,641,849
3	$3,003,514	-$1,071,631 -$209,946	$1,721,937
4	$3,153,744	-$1,127,216 -$220,447	$1,806,081
5	$3,311,395	-$1,185,547 -$231,467	$1,894,381
6	$3,477,010	-$1,246,824 -$243,043	$1,987,143
7	$3,650,770	-$1,311,115 -$255,189	$2,084,466
8	$3,833,399	-$1,378,688 -$267,955	$2,186,756
9	$4,025,078	-$1,449,609 -$281,353	$2,294,116
10	$4,226,350	-$1,524,080 -$295,422	$2,406,848
11	$4,437,577	-$1,602,234 -$310,187	$2,525,156
12	$4,659,483	-$1,684,339 -$325,698	$2,649,446
13	$4,892,430	-$1,770,529 -$341,981	$2,779,920
14	$5,137,142	-$1,861,073 -$359,086	$2,916,983
15	$5,393,981	-$1,956,103 -$377,039	$3,060,839
16	$5,663,671	-$2,055,889 -$395,891	$3,211,891
17	$5,946,755	-$2,160,630 -$415,678	$3,370,447
18	$6,244,138	-$2,270,661 -$436,465	$3,537,012
19	$6,556,363	-$2,386,185 -$458,290	$3,711,888
20	$6,884,154	-$2,507,467 -$481,202	$3,895,485
21	$7,228,416	-$2,634,844 -$505,266	$4,088,306
22	$7,589,873	-$2,768,583 -$530,532	$4,290,758
23	$7,969,249	-$2,908,953 -$557,051	$4,503,245
24	$8,367,811	-$3,056,420 -$584,910	$4,726,481
25	$8,786,102	-$3,211,188 -$614,149	$4,960,765
26	$9,225,570	-$3,373,791 -$644,867	$5,206,912
27	$9,686,758	-$3,544,431 -$677,104	$5,465,223
28	$10,171,114	-$3,723,643 -$710,961	$5,736,510
29	$10,679,724	-$3,911,828 -$746,513	$6,021,383
30	$11,213,674	-$4,109,390 -$783,836	$6,320,448