The jackpot for the MEGA Millions draw on Fri Jan 31, 2025, is projected to be $59 Million, with an option for a cash payout of $26.5 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 Fri Jan 31, 2025 |
|---|
| Draw Date | Fri Jan 31, 2025 | | Projected Jackpot | $59,000,000 | | Cash Value | $26,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,500,000 | | Federal Tax(24%) | $6,360,000 | | Additional Federal Tax | $3,405,330 | | State Tax(6.99%) | $1,852,350 | | Net Lumpsum Payment | $14,882,320 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$62,072 |
$537,043 |
| 2 |
$932,436 |
$305,332
$65,177 |
$561,927 |
| 3 |
$979,046 |
$322,577
$68,435 |
$588,034 |
| 4 |
$1,028,016 |
$340,696
$71,858 |
$615,462 |
| 5 |
$1,079,405 |
$359,710
$75,450 |
$644,245 |
| 6 |
$1,133,390 |
$379,685
$79,224 |
$674,481 |
| 7 |
$1,190,030 |
$400,641
$83,183 |
$706,206 |
| 8 |
$1,249,561 |
$422,668
$87,344 |
$739,549 |
| 9 |
$1,312,042 |
$445,786
$91,712 |
$774,544 |
| 10 |
$1,377,650 |
$470,061
$96,298 |
$811,291 |
| 11 |
$1,446,503 |
$495,536
$101,111 |
$849,856 |
| 12 |
$1,518,837 |
$522,300
$106,167 |
$890,370 |
| 13 |
$1,594,770 |
$550,395
$111,474 |
$932,901 |
| 14 |
$1,674,538 |
$579,909
$117,050 |
$977,579 |
| 15 |
$1,758,259 |
$610,886
$122,902 |
$1,024,471 |
| 16 |
$1,846,169 |
$643,413
$129,047 |
$1,073,709 |
| 17 |
$1,938,445 |
$677,555
$135,497 |
$1,125,393 |
| 18 |
$2,035,382 |
$713,422
$142,273 |
$1,179,687 |
| 19 |
$2,137,157 |
$751,078
$149,387 |
$1,236,692 |
| 20 |
$2,244,006 |
$790,613
$156,856 |
$1,296,537 |
| 21 |
$2,356,224 |
$832,133
$164,700 |
$1,359,391 |
| 22 |
$2,474,047 |
$875,728
$172,936 |
$1,425,383 |
| 23 |
$2,597,711 |
$921,483
$181,580 |
$1,494,648 |
| 24 |
$2,727,629 |
$969,553
$190,661 |
$1,567,415 |
| 25 |
$2,863,978 |
$1,020,002
$200,192 |
$1,643,784 |
| 26 |
$3,007,230 |
$1,073,005
$210,205 |
$1,724,020 |
| 27 |
$3,157,562 |
$1,128,628
$220,714 |
$1,808,220 |
| 28 |
$3,315,446 |
$1,187,045
$231,750 |
$1,896,651 |
| 29 |
$3,481,236 |
$1,248,388
$243,338 |
$1,989,510 |
| 30 |
$3,655,286 |
$1,312,786
$255,504 |
$2,086,996 |
|
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