Colorado Lottery

COLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Colorado, your state will take 4% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Colorado MEGA Millions Jackpot/Cash Option for Fri Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(4%)	$956,000
Net Lumpsum Payment	$14,140,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$28,296	$457,034
2	$742,788	-$235,162 -$29,712	$477,914
3	$779,918	-$248,900 -$31,197	$499,821
4	$818,928	-$263,334 -$32,757	$522,837
5	$859,865	-$278,480 -$34,395	$546,990
6	$902,870	-$294,392 -$36,115	$572,363
7	$947,990	-$311,087 -$37,920	$598,983
8	$995,413	-$328,633 -$39,817	$626,963
9	$1,045,186	-$347,049 -$41,807	$656,330
10	$1,097,450	-$366,387 -$43,898	$687,165
11	$1,152,299	-$386,681 -$46,092	$719,526
12	$1,209,921	-$408,001 -$48,397	$753,523
13	$1,270,410	-$430,382 -$50,816	$789,212
14	$1,333,954	-$453,893 -$53,358	$826,703
15	$1,400,647	-$478,570 -$56,026	$866,051
16	$1,470,677	-$504,481 -$58,827	$907,369
17	$1,544,185	-$531,679 -$61,767	$950,739
18	$1,621,406	-$560,251 -$64,856	$996,299
19	$1,702,481	-$590,248 -$68,099	$1,044,134
20	$1,787,598	-$621,742 -$71,504	$1,094,352
21	$1,876,992	-$654,817 -$75,080	$1,147,095
22	$1,970,851	-$689,545 -$78,834	$1,202,472
23	$2,069,363	-$725,995 -$82,775	$1,260,593
24	$2,172,857	-$764,287 -$86,914	$1,321,656
25	$2,281,474	-$804,476 -$91,259	$1,385,739
26	$2,395,590	-$846,699 -$95,824	$1,453,067
27	$2,515,346	-$891,008 -$100,614	$1,523,724
28	$2,641,118	-$937,544 -$105,645	$1,597,929
29	$2,773,188	-$986,410 -$110,928	$1,675,850
30	$2,911,838	-$1,037,710 -$116,474	$1,757,654