Connecticut Lottery

CTLottery 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 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 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(6.99%)	$1,670,610
Net Lumpsum Payment	$13,426,060

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$49,447	$435,883
2	$742,788	-$235,162 -$51,921	$455,705
3	$779,918	-$248,900 -$54,516	$476,502
4	$818,928	-$263,334 -$57,243	$498,351
5	$859,865	-$278,480 -$60,105	$521,280
6	$902,870	-$294,392 -$63,111	$545,367
7	$947,990	-$311,087 -$66,265	$570,638
8	$995,413	-$328,633 -$69,579	$597,201
9	$1,045,186	-$347,049 -$73,059	$625,078
10	$1,097,450	-$366,387 -$76,712	$654,351
11	$1,152,299	-$386,681 -$80,546	$685,072
12	$1,209,921	-$408,001 -$84,573	$717,347
13	$1,270,410	-$430,382 -$88,802	$751,226
14	$1,333,954	-$453,893 -$93,243	$786,818
15	$1,400,647	-$478,570 -$97,905	$824,172
16	$1,470,677	-$504,481 -$102,800	$863,396
17	$1,544,185	-$531,679 -$107,939	$904,567
18	$1,621,406	-$560,251 -$113,336	$947,819
19	$1,702,481	-$590,248 -$119,003	$993,230
20	$1,787,598	-$621,742 -$124,953	$1,040,903
21	$1,876,992	-$654,817 -$131,202	$1,090,973
22	$1,970,851	-$689,545 -$137,762	$1,143,544
23	$2,069,363	-$725,995 -$144,648	$1,198,720
24	$2,172,857	-$764,287 -$151,883	$1,256,687
25	$2,281,474	-$804,476 -$159,475	$1,317,523
26	$2,395,590	-$846,699 -$167,452	$1,381,439
27	$2,515,346	-$891,008 -$175,823	$1,448,515
28	$2,641,118	-$937,544 -$184,614	$1,518,960
29	$2,773,188	-$986,410 -$193,846	$1,592,932
30	$2,911,838	-$1,037,710 -$203,537	$1,670,591