The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Fri Nov 1, 2024 |
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Draw Date | Fri Nov 1, 2024 | Projected Jackpot | $281,000,000 | Cash Value | $129,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $129,800,000 | Federal Tax(24%) | $31,152,000 | Additional Federal Tax | $16,834,330 | State Tax(6.99%) | $9,073,020 | Net Lumpsum Payment | $72,740,650 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$4,229,331 |
$1,525,183 $295,630 |
$2,408,518 |
2 |
$4,440,924 |
$1,603,472 $310,421 |
$2,527,031 |
3 |
$4,662,914 |
$1,685,609 $325,938 |
$2,651,367 |
4 |
$4,896,144 |
$1,771,904 $342,240 |
$2,782,000 |
5 |
$5,140,895 |
$1,862,462 $359,349 |
$2,919,084 |
6 |
$5,398,010 |
$1,957,594 $377,321 |
$3,063,095 |
7 |
$5,667,770 |
$2,057,405 $396,177 |
$3,214,188 |
8 |
$5,951,299 |
$2,162,311 $415,996 |
$3,372,992 |
9 |
$6,248,878 |
$2,272,415 $436,797 |
$3,539,666 |
10 |
$6,561,350 |
$2,388,030 $458,638 |
$3,714,682 |
11 |
$6,889,277 |
$2,509,363 $481,560 |
$3,898,354 |
12 |
$7,233,783 |
$2,636,830 $505,641 |
$4,091,312 |
13 |
$7,595,430 |
$2,770,639 $530,921 |
$4,293,870 |
14 |
$7,975,342 |
$2,911,207 $557,476 |
$4,506,659 |
15 |
$8,374,081 |
$3,058,740 $585,348 |
$4,729,993 |
16 |
$8,792,771 |
$3,213,656 $614,615 |
$4,964,500 |
17 |
$9,232,255 |
$3,376,265 $645,335 |
$5,210,655 |
18 |
$9,693,938 |
$3,547,087 $677,606 |
$5,469,245 |
19 |
$10,178,663 |
$3,726,436 $711,489 |
$5,740,738 |
20 |
$10,687,554 |
$3,914,725 $747,060 |
$6,025,769 |
21 |
$11,222,016 |
$4,112,476 $784,419 |
$6,325,121 |
22 |
$11,783,173 |
$4,320,104 $823,644 |
$6,639,425 |
23 |
$12,372,149 |
$4,538,026 $864,813 |
$6,969,310 |
24 |
$12,990,911 |
$4,766,967 $908,065 |
$7,315,879 |
25 |
$13,640,302 |
$5,007,242 $953,457 |
$7,679,603 |
26 |
$14,322,570 |
$5,259,681 $1,001,148 |
$8,061,741 |
27 |
$15,038,558 |
$5,524,597 $1,051,195 |
$8,462,766 |
28 |
$15,790,514 |
$5,802,821 $1,103,757 |
$8,883,936 |
29 |
$16,580,124 |
$6,094,976 $1,158,951 |
$9,326,197 |
30 |
$17,409,074 |
$6,401,688 $1,216,894 |
$9,790,492 |
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