Connecticut Lottery

CTLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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 Jan 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(6.99%)	$622,110
Net Lumpsum Payment	$5,024,560

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$21,041	$208,271
2	$316,080	-$77,280 -$22,094	$216,706
3	$331,880	-$83,126 -$23,198	$225,556
4	$348,480	-$89,268 -$24,359	$234,853
5	$365,900	-$95,713 -$25,576	$244,611
6	$384,200	-$102,484 -$26,856	$254,860
7	$403,400	-$109,588 -$28,198	$265,614
8	$423,580	-$117,055 -$29,608	$276,917
9	$444,760	-$124,892 -$31,089	$288,779
10	$467,000	-$133,120 -$32,643	$301,237
11	$490,340	-$141,756 -$34,275	$314,309
12	$514,860	-$150,829 -$35,989	$328,042
13	$540,600	-$160,352 -$37,788	$342,460
14	$567,640	-$170,357 -$39,678	$357,605
15	$596,020	-$180,858 -$41,662	$373,500
16	$625,820	-$191,884 -$43,745	$390,191
17	$657,100	-$203,457 -$45,931	$407,712
18	$689,960	-$215,616 -$48,228	$426,116
19	$724,460	-$228,381 -$50,640	$445,439
20	$760,680	-$241,782 -$53,172	$465,726
21	$798,720	-$255,857 -$55,831	$487,032
22	$838,660	-$270,635 -$58,622	$509,403
23	$880,580	-$286,145 -$61,553	$532,882
24	$924,620	-$302,440 -$64,631	$557,549
25	$970,840	-$319,541 -$67,862	$583,437
26	$1,019,400	-$337,508 -$71,256	$610,636
27	$1,070,360	-$356,364 -$74,818	$639,178
28	$1,123,880	-$376,166 -$78,559	$669,155
29	$1,180,080	-$396,960 -$82,488	$700,632
30	$1,239,080	-$418,790 -$86,612	$733,678