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 Colorado residents, the state will deduct 4% from your lottery earnings.
| Colorado 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(4%) | $7,836,000 | | Net Lumpsum Payment | $115,620,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$253,459 |
$3,778,187 |
| 2 |
$6,653,484 |
$2,422,119
$266,139 |
$3,965,226 |
| 3 |
$6,986,074 |
$2,545,178
$279,443 |
$4,161,453 |
| 4 |
$7,335,504 |
$2,674,467
$293,420 |
$4,367,617 |
| 5 |
$7,702,195 |
$2,810,143
$308,088 |
$4,583,964 |
| 6 |
$8,087,410 |
$2,952,672
$323,496 |
$4,811,242 |
| 7 |
$8,491,570 |
$3,102,211
$339,663 |
$5,049,696 |
| 8 |
$8,916,359 |
$3,259,383
$356,654 |
$5,300,322 |
| 9 |
$9,362,198 |
$3,424,344
$374,488 |
$5,563,366 |
| 10 |
$9,830,350 |
$3,597,560
$393,214 |
$5,839,576 |
| 11 |
$10,321,657 |
$3,779,343
$412,866 |
$6,129,448 |
| 12 |
$10,837,803 |
$3,970,317
$433,512 |
$6,433,974 |
| 13 |
$11,379,630 |
$4,170,793
$455,185 |
$6,753,652 |
| 14 |
$11,948,822 |
$4,381,395
$477,953 |
$7,089,474 |
| 15 |
$12,546,221 |
$4,602,432
$501,849 |
$7,441,940 |
| 16 |
$13,173,511 |
$4,834,529
$526,940 |
$7,812,042 |
| 17 |
$13,831,955 |
$5,078,154
$553,278 |
$8,200,523 |
| 18 |
$14,523,658 |
$5,334,084
$580,946 |
$8,608,628 |
| 19 |
$15,249,883 |
$5,602,787
$609,995 |
$9,037,101 |
| 20 |
$16,012,314 |
$5,884,887
$640,493 |
$9,486,934 |
| 21 |
$16,813,056 |
$6,181,161
$672,522 |
$9,959,373 |
| 22 |
$17,653,793 |
$6,492,234
$706,152 |
$10,455,407 |
| 23 |
$18,536,209 |
$6,818,728
$741,448 |
$10,976,033 |
| 24 |
$19,463,251 |
$7,161,733
$778,530 |
$11,522,988 |
| 25 |
$20,436,182 |
$7,521,718
$817,447 |
$12,097,017 |
| 26 |
$21,458,370 |
$7,899,927
$858,335 |
$12,700,108 |
| 27 |
$22,531,078 |
$8,296,829
$901,243 |
$13,333,006 |
| 28 |
$23,657,674 |
$8,713,670
$946,307 |
$13,997,697 |
| 29 |
$24,840,684 |
$9,151,383
$993,627 |
$14,695,674 |
| 30 |
$26,082,634 |
$9,610,905
$1,043,305 |
$15,428,424 |
|
|
