Connecticut Lottery

CTLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Apr 29, 2025 is estimated to be $70 Million, with a cash option of 31.8 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 Connecticut, your state will take 6.99% 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.

Connecticut MEGA Millions Jackpot/Cash Option for Tue Apr 29, 2025

Draw Date	Jackpot	Cash Option
Tue Apr 29, 2025	$70,000,000	$31,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$31,800,000
Federal Tax(24%)	$7,632,000
Additional Federal Tax	$4,094,330
State Tax(6.99%)	$2,222,820
Net Lumpsum Payment	$17,850,850

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,053,570	-$350,151 -$73,645	$629,774
2	$1,106,280	-$369,654 -$77,329	$659,297
3	$1,161,580	-$390,115 -$81,194	$690,271
4	$1,219,680	-$411,612 -$85,256	$722,812
5	$1,280,650	-$434,171 -$89,517	$756,962
6	$1,344,700	-$457,869 -$93,995	$792,836
7	$1,411,900	-$482,733 -$98,692	$830,475
8	$1,482,530	-$508,866 -$103,629	$870,035
9	$1,556,660	-$536,295 -$108,811	$911,554
10	$1,634,500	-$565,095 -$114,252	$955,153
11	$1,716,190	-$595,321 -$119,962	$1,000,907
12	$1,802,010	-$627,074 -$125,960	$1,048,976
13	$1,892,100	-$660,407 -$132,258	$1,099,435
14	$1,986,740	-$695,424 -$138,873	$1,152,443
15	$2,086,070	-$732,176 -$145,816	$1,208,078
16	$2,190,370	-$770,767 -$153,107	$1,266,496
17	$2,299,850	-$811,275 -$160,760	$1,327,815
18	$2,414,860	-$853,829 -$168,799	$1,392,232
19	$2,535,610	-$898,506 -$177,239	$1,459,865
20	$2,662,380	-$945,411 -$186,100	$1,530,869
21	$2,795,520	-$994,673 -$195,407	$1,605,440
22	$2,935,310	-$1,046,395 -$205,178	$1,683,737
23	$3,082,030	-$1,100,681 -$215,434	$1,765,915
24	$3,236,170	-$1,157,713 -$226,208	$1,852,249
25	$3,397,940	-$1,217,568 -$237,516	$1,942,856
26	$3,567,900	-$1,280,453 -$249,396	$2,038,051
27	$3,746,260	-$1,346,447 -$261,864	$2,137,949
28	$3,933,580	-$1,415,755 -$274,957	$2,242,868
29	$4,130,280	-$1,488,534 -$288,707	$2,353,039
30	$4,336,780	-$1,564,939 -$303,141	$2,468,700