Jackpot Analysis Colorado Mega Millions

Jackpot Analysis for Colorado Mega Millions
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 DateFri 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