The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut MEGA Millions Jackpot/Cash Option for Tue May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(6.99%) | $13,693,410 | | Net Lumpsum Payment | $109,763,260 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$442,919 |
$3,588,727 |
| 2 |
$6,653,484 |
$2,422,119
$465,079 |
$3,766,286 |
| 3 |
$6,986,074 |
$2,545,178
$488,327 |
$3,952,569 |
| 4 |
$7,335,504 |
$2,674,467
$512,752 |
$4,148,285 |
| 5 |
$7,702,195 |
$2,810,143
$538,383 |
$4,353,669 |
| 6 |
$8,087,410 |
$2,952,672
$565,310 |
$4,569,428 |
| 7 |
$8,491,570 |
$3,102,211
$593,561 |
$4,795,798 |
| 8 |
$8,916,359 |
$3,259,383
$623,253 |
$5,033,723 |
| 9 |
$9,362,198 |
$3,424,344
$654,418 |
$5,283,436 |
| 10 |
$9,830,350 |
$3,597,560
$687,141 |
$5,545,649 |
| 11 |
$10,321,657 |
$3,779,343
$721,484 |
$5,820,830 |
| 12 |
$10,837,803 |
$3,970,317
$757,562 |
$6,109,924 |
| 13 |
$11,379,630 |
$4,170,793
$795,436 |
$6,413,401 |
| 14 |
$11,948,822 |
$4,381,395
$835,223 |
$6,732,204 |
| 15 |
$12,546,221 |
$4,602,432
$876,981 |
$7,066,808 |
| 16 |
$13,173,511 |
$4,834,529
$920,828 |
$7,418,154 |
| 17 |
$13,831,955 |
$5,078,154
$966,854 |
$7,786,947 |
| 18 |
$14,523,658 |
$5,334,084
$1,015,204 |
$8,174,370 |
| 19 |
$15,249,883 |
$5,602,787
$1,065,967 |
$8,581,129 |
| 20 |
$16,012,314 |
$5,884,887
$1,119,261 |
$9,008,166 |
| 21 |
$16,813,056 |
$6,181,161
$1,175,233 |
$9,456,662 |
| 22 |
$17,653,793 |
$6,492,234
$1,234,000 |
$9,927,559 |
| 23 |
$18,536,209 |
$6,818,728
$1,295,681 |
$10,421,800 |
| 24 |
$19,463,251 |
$7,161,733
$1,360,481 |
$10,941,037 |
| 25 |
$20,436,182 |
$7,521,718
$1,428,489 |
$11,485,975 |
| 26 |
$21,458,370 |
$7,899,927
$1,499,940 |
$12,058,503 |
| 27 |
$22,531,078 |
$8,296,829
$1,574,922 |
$12,659,327 |
| 28 |
$23,657,674 |
$8,713,670
$1,653,671 |
$13,290,333 |
| 29 |
$24,840,684 |
$9,151,383
$1,736,364 |
$13,952,937 |
| 30 |
$26,082,634 |
$9,610,905
$1,823,176 |
$14,648,553 |
|
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