Colorado Lottery

COLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 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 Jan 10, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 10, 2025	$77,000,000	$34,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,100,000
Federal Tax(24%)	$8,184,000
Additional Federal Tax	$4,393,330
State Tax(4%)	$1,364,000
Net Lumpsum Payment	$20,158,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$46,357	$723,437
2	$1,216,908	-$410,586 -$48,676	$757,646
3	$1,277,738	-$433,093 -$51,110	$793,535
4	$1,341,648	-$456,740 -$53,666	$831,242
5	$1,408,715	-$481,555 -$56,349	$870,811
6	$1,479,170	-$507,623 -$59,167	$912,380
7	$1,553,090	-$534,974 -$62,124	$955,992
8	$1,630,783	-$563,720 -$65,231	$1,001,832
9	$1,712,326	-$593,891 -$68,493	$1,049,942
10	$1,797,950	-$625,572 -$71,918	$1,100,460
11	$1,887,809	-$658,820 -$75,512	$1,153,477
12	$1,982,211	-$693,748 -$79,288	$1,209,175
13	$2,081,310	-$730,415 -$83,252	$1,267,643
14	$2,185,414	-$768,934 -$87,417	$1,329,063
15	$2,294,677	-$809,361 -$91,787	$1,393,529
16	$2,409,407	-$851,811 -$96,376	$1,461,220
17	$2,529,835	-$896,369 -$101,193	$1,532,273
18	$2,656,346	-$943,178 -$106,254	$1,606,914
19	$2,789,171	-$992,324 -$111,567	$1,685,280
20	$2,928,618	-$1,043,919 -$117,145	$1,767,554
21	$3,075,072	-$1,098,107 -$123,003	$1,853,962
22	$3,228,841	-$1,155,002 -$129,154	$1,944,685
23	$3,390,233	-$1,214,717 -$135,609	$2,039,907
24	$3,559,787	-$1,277,452 -$142,391	$2,139,944
25	$3,737,734	-$1,343,292 -$149,509	$2,244,933
26	$3,924,690	-$1,412,466 -$156,988	$2,355,236
27	$4,120,886	-$1,485,058 -$164,835	$2,470,993
28	$4,326,938	-$1,561,297 -$173,078	$2,592,563
29	$4,543,308	-$1,641,354 -$181,732	$2,720,222
30	$4,770,458	-$1,725,400 -$190,818	$2,854,240