The jackpot for the MEGA Millions draw on Tue Dec 3, 2024, is projected to be $541 Million, with an option for a cash payout of $257.6 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Colorado residents, the state will deduct 4% from your lottery earnings.
| Colorado MEGA Millions Jackpot/Cash Option for Tue Dec 3, 2024 |
|---|
| Draw Date | Tue Dec 3, 2024 | | Projected Jackpot | $541,000,000 | | Cash Value | $257,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $257,600,000 | | Federal Tax(24%) | $61,824,000 | | Additional Federal Tax | $33,448,330 | | State Tax(4%) | $10,304,000 | | Net Lumpsum Payment | $152,023,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,142,591 |
$2,973,089
$325,704 |
$4,843,798 |
| 2 |
$8,549,964 |
$3,123,817
$341,999 |
$5,084,148 |
| 3 |
$8,977,354 |
$3,281,951
$359,094 |
$5,336,309 |
| 4 |
$9,426,384 |
$3,448,092
$377,055 |
$5,601,237 |
| 5 |
$9,897,595 |
$3,622,441
$395,904 |
$5,879,250 |
| 6 |
$10,392,610 |
$3,805,596
$415,704 |
$6,171,310 |
| 7 |
$10,911,970 |
$3,997,759
$436,479 |
$6,477,732 |
| 8 |
$11,457,839 |
$4,199,731
$458,314 |
$6,799,794 |
| 9 |
$12,030,758 |
$4,411,711
$481,230 |
$7,137,817 |
| 10 |
$12,632,350 |
$4,634,300
$505,294 |
$7,492,756 |
| 11 |
$13,263,697 |
$4,867,898
$530,548 |
$7,865,251 |
| 12 |
$13,926,963 |
$5,113,307
$557,079 |
$8,256,577 |
| 13 |
$14,623,230 |
$5,370,925
$584,929 |
$8,667,376 |
| 14 |
$15,354,662 |
$5,641,555
$614,186 |
$9,098,921 |
| 15 |
$16,122,341 |
$5,925,597
$644,894 |
$9,551,850 |
| 16 |
$16,928,431 |
$6,223,850
$677,137 |
$10,027,444 |
| 17 |
$17,774,555 |
$6,536,916
$710,982 |
$10,526,657 |
| 18 |
$18,663,418 |
$6,865,795
$746,537 |
$11,051,086 |
| 19 |
$19,596,643 |
$7,211,088
$783,866 |
$11,601,689 |
| 20 |
$20,576,394 |
$7,573,596
$823,056 |
$12,179,742 |
| 21 |
$21,605,376 |
$7,954,320
$864,215 |
$12,786,841 |
| 22 |
$22,685,753 |
$8,354,059
$907,430 |
$13,424,264 |
| 23 |
$23,819,689 |
$8,773,615
$952,788 |
$14,093,286 |
| 24 |
$25,010,971 |
$9,214,390
$1,000,439 |
$14,796,142 |
| 25 |
$26,261,222 |
$9,676,983
$1,050,449 |
$15,533,790 |
| 26 |
$27,574,770 |
$10,162,995
$1,102,991 |
$16,308,784 |
| 27 |
$28,953,238 |
$10,673,028
$1,158,130 |
$17,122,080 |
| 28 |
$30,400,954 |
$11,208,683
$1,216,038 |
$17,976,233 |
| 29 |
$31,921,164 |
$11,771,161
$1,276,847 |
$18,873,156 |
| 30 |
$33,517,114 |
$12,361,663
$1,340,685 |
$19,814,766 |
|
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