The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Fri Nov 1, 2024 |
|---|
| Draw Date | Fri Nov 1, 2024 | | Projected Jackpot | $281,000,000 | | Cash Value | $129,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $129,800,000 | | Federal Tax(24%) | $31,152,000 | | Additional Federal Tax | $16,834,330 | | State Tax(4%) | $5,192,000 | | Net Lumpsum Payment | $76,621,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$169,173 |
$2,534,975 |
| 2 |
$4,440,924 |
$1,603,472
$177,637 |
$2,659,815 |
| 3 |
$4,662,914 |
$1,685,609
$186,517 |
$2,790,788 |
| 4 |
$4,896,144 |
$1,771,904
$195,846 |
$2,928,394 |
| 5 |
$5,140,895 |
$1,862,462
$205,636 |
$3,072,797 |
| 6 |
$5,398,010 |
$1,957,594
$215,920 |
$3,224,496 |
| 7 |
$5,667,770 |
$2,057,405
$226,711 |
$3,383,654 |
| 8 |
$5,951,299 |
$2,162,311
$238,052 |
$3,550,936 |
| 9 |
$6,248,878 |
$2,272,415
$249,955 |
$3,726,508 |
| 10 |
$6,561,350 |
$2,388,030
$262,454 |
$3,910,866 |
| 11 |
$6,889,277 |
$2,509,363
$275,571 |
$4,104,343 |
| 12 |
$7,233,783 |
$2,636,830
$289,351 |
$4,307,602 |
| 13 |
$7,595,430 |
$2,770,639
$303,817 |
$4,520,974 |
| 14 |
$7,975,342 |
$2,911,207
$319,014 |
$4,745,121 |
| 15 |
$8,374,081 |
$3,058,740
$334,963 |
$4,980,378 |
| 16 |
$8,792,771 |
$3,213,656
$351,711 |
$5,227,404 |
| 17 |
$9,232,255 |
$3,376,265
$369,290 |
$5,486,700 |
| 18 |
$9,693,938 |
$3,547,087
$387,758 |
$5,759,093 |
| 19 |
$10,178,663 |
$3,726,436
$407,147 |
$6,045,080 |
| 20 |
$10,687,554 |
$3,914,725
$427,502 |
$6,345,327 |
| 21 |
$11,222,016 |
$4,112,476
$448,881 |
$6,660,659 |
| 22 |
$11,783,173 |
$4,320,104
$471,327 |
$6,991,742 |
| 23 |
$12,372,149 |
$4,538,026
$494,886 |
$7,339,237 |
| 24 |
$12,990,911 |
$4,766,967
$519,636 |
$7,704,308 |
| 25 |
$13,640,302 |
$5,007,242
$545,612 |
$8,087,448 |
| 26 |
$14,322,570 |
$5,259,681
$572,903 |
$8,489,986 |
| 27 |
$15,038,558 |
$5,524,597
$601,542 |
$8,912,419 |
| 28 |
$15,790,514 |
$5,802,821
$631,621 |
$9,356,072 |
| 29 |
$16,580,124 |
$6,094,976
$663,205 |
$9,821,943 |
| 30 |
$17,409,074 |
$6,401,688
$696,363 |
$10,311,023 |
|
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