The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 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 Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(6.99%) | $2,956,770 | | Net Lumpsum Payment | $23,731,900 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$98,894 |
$832,096 |
| 2 |
$1,485,576 |
$509,994
$103,842 |
$871,740 |
| 3 |
$1,559,836 |
$537,470
$109,033 |
$913,333 |
| 4 |
$1,637,856 |
$566,337
$114,486 |
$957,033 |
| 5 |
$1,719,730 |
$596,630
$120,209 |
$1,002,891 |
| 6 |
$1,805,740 |
$628,454
$126,221 |
$1,051,065 |
| 7 |
$1,895,980 |
$661,843
$132,529 |
$1,101,608 |
| 8 |
$1,990,826 |
$696,936
$139,159 |
$1,154,731 |
| 9 |
$2,090,372 |
$733,768
$146,117 |
$1,210,487 |
| 10 |
$2,194,900 |
$772,443
$153,424 |
$1,269,033 |
| 11 |
$2,304,598 |
$813,032
$161,091 |
$1,330,475 |
| 12 |
$2,419,842 |
$855,672
$169,147 |
$1,395,023 |
| 13 |
$2,540,820 |
$900,434
$177,603 |
$1,462,783 |
| 14 |
$2,667,908 |
$947,456
$186,487 |
$1,533,965 |
| 15 |
$2,801,294 |
$996,809
$195,810 |
$1,608,675 |
| 16 |
$2,941,354 |
$1,048,631
$205,601 |
$1,687,122 |
| 17 |
$3,088,370 |
$1,103,027
$215,877 |
$1,769,466 |
| 18 |
$3,242,812 |
$1,160,171
$226,673 |
$1,855,968 |
| 19 |
$3,404,962 |
$1,220,166
$238,007 |
$1,946,789 |
| 20 |
$3,575,196 |
$1,283,153
$249,906 |
$2,042,137 |
| 21 |
$3,753,984 |
$1,349,304
$262,403 |
$2,142,277 |
| 22 |
$3,941,702 |
$1,418,760
$275,525 |
$2,247,417 |
| 23 |
$4,138,726 |
$1,491,659
$289,297 |
$2,357,770 |
| 24 |
$4,345,714 |
$1,568,245
$303,765 |
$2,473,704 |
| 25 |
$4,562,948 |
$1,648,621
$318,950 |
$2,595,377 |
| 26 |
$4,791,180 |
$1,733,067
$334,903 |
$2,723,210 |
| 27 |
$5,030,692 |
$1,821,686
$351,645 |
$2,857,361 |
| 28 |
$5,282,236 |
$1,914,758
$369,228 |
$2,998,250 |
| 29 |
$5,546,376 |
$2,012,490
$387,692 |
$3,146,194 |
| 30 |
$5,823,676 |
$2,115,091
$407,075 |
$3,301,510 |
|
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