Jackpot Analysis Connecticut Mega Millions

Jackpot Analysis for Connecticut Mega Millions
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
Draw DateFri Nov 1, 2024
Projected Jackpot$281,000,000
Cash Value$129,800,000

Lumpsum Option Taxes and Payment
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
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