The jackpot for the MEGA Millions draw on Tue Dec 31, 2024, is projected to be $20 Million, with an option for a cash payout of $9 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut MEGA Millions Jackpot/Cash Option for Tue Dec 31, 2024 |
|---|
| Draw Date | Tue Dec 31, 2024 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,000,000 | | Federal Tax(24%) | $2,160,000 | | Additional Federal Tax | $1,130,330 | | State Tax(6.99%) | $629,100 | | Net Lumpsum Payment | $5,080,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$21,041 |
$208,271 |
| 2 |
$316,080 |
$77,280
$22,094 |
$216,706 |
| 3 |
$331,880 |
$83,126
$23,198 |
$225,556 |
| 4 |
$348,480 |
$89,268
$24,359 |
$234,853 |
| 5 |
$365,900 |
$95,713
$25,576 |
$244,611 |
| 6 |
$384,200 |
$102,484
$26,856 |
$254,860 |
| 7 |
$403,400 |
$109,588
$28,198 |
$265,614 |
| 8 |
$423,580 |
$117,055
$29,608 |
$276,917 |
| 9 |
$444,760 |
$124,892
$31,089 |
$288,779 |
| 10 |
$467,000 |
$133,120
$32,643 |
$301,237 |
| 11 |
$490,340 |
$141,756
$34,275 |
$314,309 |
| 12 |
$514,860 |
$150,829
$35,989 |
$328,042 |
| 13 |
$540,600 |
$160,352
$37,788 |
$342,460 |
| 14 |
$567,640 |
$170,357
$39,678 |
$357,605 |
| 15 |
$596,020 |
$180,858
$41,662 |
$373,500 |
| 16 |
$625,820 |
$191,884
$43,745 |
$390,191 |
| 17 |
$657,100 |
$203,457
$45,931 |
$407,712 |
| 18 |
$689,960 |
$215,616
$48,228 |
$426,116 |
| 19 |
$724,460 |
$228,381
$50,640 |
$445,439 |
| 20 |
$760,680 |
$241,782
$53,172 |
$465,726 |
| 21 |
$798,720 |
$255,857
$55,831 |
$487,032 |
| 22 |
$838,660 |
$270,635
$58,622 |
$509,403 |
| 23 |
$880,580 |
$286,145
$61,553 |
$532,882 |
| 24 |
$924,620 |
$302,440
$64,631 |
$557,549 |
| 25 |
$970,840 |
$319,541
$67,862 |
$583,437 |
| 26 |
$1,019,400 |
$337,508
$71,256 |
$610,636 |
| 27 |
$1,070,360 |
$356,364
$74,818 |
$639,178 |
| 28 |
$1,123,880 |
$376,166
$78,559 |
$669,155 |
| 29 |
$1,180,080 |
$396,960
$82,488 |
$700,632 |
| 30 |
$1,239,080 |
$418,790
$86,612 |
$733,678 |
|
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