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 |
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Draw Date | Tue May 21, 2024 | Projected Jackpot | $421,000,000 | Cash Value | $195,900,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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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