Connecticut Lottery

CTLottery 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 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 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(6.99%)	$2,383,590
Net Lumpsum Payment	$19,139,080

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$81,009	$688,785
2	$1,216,908	-$410,586 -$85,062	$721,260
3	$1,277,738	-$433,093 -$89,314	$755,331
4	$1,341,648	-$456,740 -$93,781	$791,127
5	$1,408,715	-$481,555 -$98,469	$828,691
6	$1,479,170	-$507,623 -$103,394	$868,153
7	$1,553,090	-$534,974 -$108,561	$909,555
8	$1,630,783	-$563,720 -$113,992	$953,071
9	$1,712,326	-$593,891 -$119,692	$998,743
10	$1,797,950	-$625,572 -$125,677	$1,046,701
11	$1,887,809	-$658,820 -$131,958	$1,097,031
12	$1,982,211	-$693,748 -$138,557	$1,149,906
13	$2,081,310	-$730,415 -$145,484	$1,205,411
14	$2,185,414	-$768,934 -$152,760	$1,263,720
15	$2,294,677	-$809,361 -$160,398	$1,324,918
16	$2,409,407	-$851,811 -$168,418	$1,389,178
17	$2,529,835	-$896,369 -$176,835	$1,456,631
18	$2,656,346	-$943,178 -$185,679	$1,527,489
19	$2,789,171	-$992,324 -$194,963	$1,601,884
20	$2,928,618	-$1,043,919 -$204,710	$1,679,989
21	$3,075,072	-$1,098,107 -$214,948	$1,762,017
22	$3,228,841	-$1,155,002 -$225,696	$1,848,143
23	$3,390,233	-$1,214,717 -$236,977	$1,938,539
24	$3,559,787	-$1,277,452 -$248,829	$2,033,506
25	$3,737,734	-$1,343,292 -$261,268	$2,133,174
26	$3,924,690	-$1,412,466 -$274,336	$2,237,888
27	$4,120,886	-$1,485,058 -$288,050	$2,347,778
28	$4,326,938	-$1,561,297 -$302,453	$2,463,188
29	$4,543,308	-$1,641,354 -$317,577	$2,584,377
30	$4,770,458	-$1,725,400 -$333,455	$2,711,603