The jackpot for the MEGA Millions draw on Tue Jun 4, 2024, is projected to be $560 Million, with an option for a cash payout of $258.4 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 Jun 4, 2024 |
|---|
| Draw Date | Tue Jun 4, 2024 | | Projected Jackpot | $560,000,000 | | Cash Value | $258,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $258,400,000 | | Federal Tax(24%) | $62,016,000 | | Additional Federal Tax | $33,552,330 | | State Tax(4%) | $10,336,000 | | Net Lumpsum Payment | $152,495,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,428,560 |
$3,078,898
$337,142 |
$5,012,520 |
| 2 |
$8,850,240 |
$3,234,919
$354,010 |
$5,261,311 |
| 3 |
$9,292,640 |
$3,398,607
$371,706 |
$5,522,327 |
| 4 |
$9,757,440 |
$3,570,583
$390,298 |
$5,796,559 |
| 5 |
$10,245,200 |
$3,751,054
$409,808 |
$6,084,338 |
| 6 |
$10,757,600 |
$3,940,642
$430,304 |
$6,386,654 |
| 7 |
$11,295,200 |
$4,139,554
$451,808 |
$6,703,838 |
| 8 |
$11,860,240 |
$4,348,619
$474,410 |
$7,037,211 |
| 9 |
$12,453,280 |
$4,568,044
$498,131 |
$7,387,105 |
| 10 |
$13,076,000 |
$4,798,450
$523,040 |
$7,754,510 |
| 11 |
$13,729,520 |
$5,040,253
$549,181 |
$8,140,086 |
| 12 |
$14,416,080 |
$5,294,280
$576,643 |
$8,545,157 |
| 13 |
$15,136,800 |
$5,560,946
$605,472 |
$8,970,382 |
| 14 |
$15,893,920 |
$5,841,081
$635,757 |
$9,417,082 |
| 15 |
$16,688,560 |
$6,135,098
$667,542 |
$9,885,920 |
| 16 |
$17,522,960 |
$6,443,826
$700,918 |
$10,378,216 |
| 17 |
$18,398,800 |
$6,767,886
$735,952 |
$10,894,962 |
| 18 |
$19,318,880 |
$7,108,316
$772,755 |
$11,437,809 |
| 19 |
$20,284,880 |
$7,465,736
$811,395 |
$12,007,749 |
| 20 |
$21,299,040 |
$7,840,975
$851,962 |
$12,606,103 |
| 21 |
$22,364,160 |
$8,235,070
$894,566 |
$13,234,524 |
| 22 |
$23,482,480 |
$8,648,848
$939,299 |
$13,894,333 |
| 23 |
$24,656,240 |
$9,083,139
$986,250 |
$14,586,851 |
| 24 |
$25,889,360 |
$9,539,394
$1,035,574 |
$15,314,392 |
| 25 |
$27,183,520 |
$10,018,233
$1,087,341 |
$16,077,946 |
| 26 |
$28,543,200 |
$10,521,314
$1,141,728 |
$16,880,158 |
| 27 |
$29,970,080 |
$11,049,260
$1,198,803 |
$17,722,017 |
| 28 |
$31,468,640 |
$11,603,727
$1,258,746 |
$18,606,167 |
| 29 |
$33,042,240 |
$12,185,959
$1,321,690 |
$19,534,591 |
| 30 |
$34,694,240 |
$12,797,199
$1,387,770 |
$20,509,271 |
|
|
