The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 29, 2024 |
|---|
| Draw Date | Fri Nov 29, 2024 | | Projected Jackpot | $514,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(4%) | $9,640,000 | | Net Lumpsum Payment | $142,229,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$309,449 |
$4,604,035 |
| 2 |
$8,123,256 |
$2,965,935
$324,930 |
$4,832,391 |
| 3 |
$8,529,316 |
$3,116,177
$341,173 |
$5,071,966 |
| 4 |
$8,955,936 |
$3,274,027
$358,237 |
$5,323,672 |
| 5 |
$9,403,630 |
$3,439,673
$376,145 |
$5,587,812 |
| 6 |
$9,873,940 |
$3,613,688
$394,958 |
$5,865,294 |
| 7 |
$10,367,380 |
$3,796,261
$414,695 |
$6,156,424 |
| 8 |
$10,886,006 |
$3,988,153
$435,440 |
$6,462,413 |
| 9 |
$11,430,332 |
$4,189,553
$457,213 |
$6,783,566 |
| 10 |
$12,001,900 |
$4,401,033
$480,076 |
$7,120,791 |
| 11 |
$12,601,738 |
$4,622,973
$504,070 |
$7,474,695 |
| 12 |
$13,231,902 |
$4,856,134
$529,276 |
$7,846,492 |
| 13 |
$13,893,420 |
$5,100,896
$555,737 |
$8,236,787 |
| 14 |
$14,588,348 |
$5,358,019
$583,534 |
$8,646,795 |
| 15 |
$15,317,714 |
$5,627,885
$612,709 |
$9,077,120 |
| 16 |
$16,083,574 |
$5,911,253
$643,343 |
$9,528,978 |
| 17 |
$16,887,470 |
$6,208,694
$675,499 |
$10,003,277 |
| 18 |
$17,731,972 |
$6,521,160
$709,279 |
$10,501,533 |
| 19 |
$18,618,622 |
$6,849,221
$744,745 |
$11,024,656 |
| 20 |
$19,549,476 |
$7,193,637
$781,979 |
$11,573,860 |
| 21 |
$20,527,104 |
$7,555,359
$821,084 |
$12,150,661 |
| 22 |
$21,553,562 |
$7,935,148
$862,142 |
$12,756,272 |
| 23 |
$22,630,906 |
$8,333,766
$905,236 |
$13,391,904 |
| 24 |
$23,762,734 |
$8,752,542
$950,509 |
$14,059,683 |
| 25 |
$24,950,588 |
$9,192,048
$998,024 |
$14,760,516 |
| 26 |
$26,198,580 |
$9,653,805
$1,047,943 |
$15,496,832 |
| 27 |
$27,508,252 |
$10,138,384
$1,100,330 |
$16,269,538 |
| 28 |
$28,883,716 |
$10,647,305
$1,155,349 |
$17,081,062 |
| 29 |
$30,328,056 |
$11,181,711
$1,213,122 |
$17,933,223 |
| 30 |
$31,844,356 |
$11,742,742
$1,273,774 |
$18,827,840 |
|
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