The jackpot for the MEGA Millions draw on Fri May 2, 2025, is projected to be $80 Million, with an option for a cash payout of $36.4 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 Fri May 2, 2025 |
|---|
| Draw Date | Fri May 2, 2025 | | Projected Jackpot | $80,000,000 | | Cash Value | $36,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,400,000 | | Federal Tax(24%) | $8,736,000 | | Additional Federal Tax | $4,692,330 | | State Tax(4%) | $1,456,000 | | Net Lumpsum Payment | $21,515,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,204,080 |
$405,840
$48,163 |
$750,077 |
| 2 |
$1,264,320 |
$428,129
$50,573 |
$785,618 |
| 3 |
$1,327,520 |
$451,513
$53,101 |
$822,906 |
| 4 |
$1,393,920 |
$476,081
$55,757 |
$862,082 |
| 5 |
$1,463,600 |
$501,862
$58,544 |
$903,194 |
| 6 |
$1,536,800 |
$528,946
$61,472 |
$946,382 |
| 7 |
$1,613,600 |
$557,362
$64,544 |
$991,694 |
| 8 |
$1,694,320 |
$587,229
$67,773 |
$1,039,318 |
| 9 |
$1,779,040 |
$618,575
$71,162 |
$1,089,303 |
| 10 |
$1,868,000 |
$651,490
$74,720 |
$1,141,790 |
| 11 |
$1,961,360 |
$686,034
$78,454 |
$1,196,872 |
| 12 |
$2,059,440 |
$722,323
$82,378 |
$1,254,739 |
| 13 |
$2,162,400 |
$760,418
$86,496 |
$1,315,486 |
| 14 |
$2,270,560 |
$800,438
$90,822 |
$1,379,300 |
| 15 |
$2,384,080 |
$842,440
$95,363 |
$1,446,277 |
| 16 |
$2,503,280 |
$886,544
$100,131 |
$1,516,605 |
| 17 |
$2,628,400 |
$932,838
$105,136 |
$1,590,426 |
| 18 |
$2,759,840 |
$981,471
$110,394 |
$1,667,975 |
| 19 |
$2,897,840 |
$1,032,531
$115,914 |
$1,749,395 |
| 20 |
$3,042,720 |
$1,086,137
$121,709 |
$1,834,874 |
| 21 |
$3,194,880 |
$1,142,436
$127,795 |
$1,924,649 |
| 22 |
$3,354,640 |
$1,201,547
$134,186 |
$2,018,907 |
| 23 |
$3,522,320 |
$1,263,589
$140,893 |
$2,117,838 |
| 24 |
$3,698,480 |
$1,328,768
$147,939 |
$2,221,773 |
| 25 |
$3,883,360 |
$1,397,174
$155,334 |
$2,330,852 |
| 26 |
$4,077,600 |
$1,469,042
$163,104 |
$2,445,454 |
| 27 |
$4,281,440 |
$1,544,463
$171,258 |
$2,565,719 |
| 28 |
$4,495,520 |
$1,623,673
$179,821 |
$2,692,026 |
| 29 |
$4,720,320 |
$1,706,849
$188,813 |
$2,824,658 |
| 30 |
$4,956,320 |
$1,794,169
$198,253 |
$2,963,898 |
|
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