The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Colorado residents, the state will deduct 4% from your lottery earnings.
| Colorado MEGA Millions Jackpot/Cash Option for Fri May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(4%) | $7,260,000 | | Net Lumpsum Payment | $107,124,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$236,602 |
$3,529,545 |
| 2 |
$6,210,972 |
$2,258,390
$248,439 |
$3,704,143 |
| 3 |
$6,521,442 |
$2,373,264
$260,858 |
$3,887,320 |
| 4 |
$6,847,632 |
$2,493,954
$273,905 |
$4,079,773 |
| 5 |
$7,189,935 |
$2,620,606
$287,597 |
$4,281,732 |
| 6 |
$7,549,530 |
$2,753,656
$301,981 |
$4,493,893 |
| 7 |
$7,926,810 |
$2,893,250
$317,072 |
$4,716,488 |
| 8 |
$8,323,347 |
$3,039,969
$332,934 |
$4,950,444 |
| 9 |
$8,739,534 |
$3,193,958
$349,581 |
$5,195,995 |
| 10 |
$9,176,550 |
$3,355,654
$367,062 |
$5,453,834 |
| 11 |
$9,635,181 |
$3,525,347
$385,407 |
$5,724,427 |
| 12 |
$10,116,999 |
$3,703,620
$404,680 |
$6,008,699 |
| 13 |
$10,622,790 |
$3,890,763
$424,912 |
$6,307,115 |
| 14 |
$11,154,126 |
$4,087,357
$446,165 |
$6,620,604 |
| 15 |
$11,711,793 |
$4,293,694
$468,472 |
$6,949,627 |
| 16 |
$12,297,363 |
$4,510,355
$491,895 |
$7,295,113 |
| 17 |
$12,912,015 |
$4,737,776
$516,481 |
$7,657,758 |
| 18 |
$13,557,714 |
$4,976,685
$542,309 |
$8,038,720 |
| 19 |
$14,235,639 |
$5,227,517
$569,426 |
$8,438,696 |
| 20 |
$14,947,362 |
$5,490,854
$597,894 |
$8,858,614 |
| 21 |
$15,694,848 |
$5,767,424
$627,794 |
$9,299,630 |
| 22 |
$16,479,669 |
$6,057,808
$659,187 |
$9,762,674 |
| 23 |
$17,303,397 |
$6,362,587
$692,136 |
$10,248,674 |
| 24 |
$18,168,783 |
$6,682,780
$726,751 |
$10,759,252 |
| 25 |
$19,077,006 |
$7,018,823
$763,080 |
$11,295,103 |
| 26 |
$20,031,210 |
$7,371,878
$801,248 |
$11,858,084 |
| 27 |
$21,032,574 |
$7,742,383
$841,303 |
$12,448,888 |
| 28 |
$22,084,242 |
$8,131,500
$883,370 |
$13,069,372 |
| 29 |
$23,188,572 |
$8,540,102
$927,543 |
$13,720,927 |
| 30 |
$24,347,922 |
$8,969,062
$973,917 |
$14,404,943 |
|
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