The jackpot for the MEGA Millions draw on Tue May 14, 2024, is projected to be $363 Million, with an option for a cash payout of $166.9 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 May 14, 2024 |
|---|
| Draw Date | Tue May 14, 2024 | | Projected Jackpot | $363,000,000 | | Cash Value | $166,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $166,900,000 | | Federal Tax(24%) | $40,056,000 | | Additional Federal Tax | $21,657,330 | | State Tax(6.99%) | $11,666,310 | | Net Lumpsum Payment | $93,520,360 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$381,900 |
$3,099,783 |
| 2 |
$5,736,852 |
$2,082,966
$401,006 |
$3,252,880 |
| 3 |
$6,023,622 |
$2,189,071
$421,051 |
$3,413,500 |
| 4 |
$6,324,912 |
$2,300,548
$442,111 |
$3,582,253 |
| 5 |
$6,641,085 |
$2,417,532
$464,212 |
$3,759,341 |
| 6 |
$6,973,230 |
$2,540,425
$487,429 |
$3,945,376 |
| 7 |
$7,321,710 |
$2,669,363
$511,788 |
$4,140,559 |
| 8 |
$7,687,977 |
$2,804,882
$537,390 |
$4,345,705 |
| 9 |
$8,072,394 |
$2,947,116
$564,260 |
$4,561,018 |
| 10 |
$8,476,050 |
$3,096,469
$592,476 |
$4,787,105 |
| 11 |
$8,899,671 |
$3,253,209
$622,087 |
$5,024,375 |
| 12 |
$9,344,709 |
$3,417,873
$653,195 |
$5,273,641 |
| 13 |
$9,811,890 |
$3,590,730
$685,851 |
$5,535,309 |
| 14 |
$10,302,666 |
$3,772,317
$720,156 |
$5,810,193 |
| 15 |
$10,817,763 |
$3,962,903
$756,162 |
$6,098,698 |
| 16 |
$11,358,633 |
$4,163,025
$793,968 |
$6,401,640 |
| 17 |
$11,926,365 |
$4,373,085
$833,653 |
$6,719,627 |
| 18 |
$12,522,774 |
$4,593,757
$875,342 |
$7,053,675 |
| 19 |
$13,148,949 |
$4,825,442
$919,112 |
$7,404,395 |
| 20 |
$13,806,342 |
$5,068,677
$965,063 |
$7,772,602 |
| 21 |
$14,496,768 |
$5,324,135
$1,013,324 |
$8,159,309 |
| 22 |
$15,221,679 |
$5,592,352
$1,063,995 |
$8,565,332 |
| 23 |
$15,982,527 |
$5,873,865
$1,117,179 |
$8,991,483 |
| 24 |
$16,781,853 |
$6,169,616
$1,173,052 |
$9,439,185 |
| 25 |
$17,620,746 |
$6,480,006
$1,231,690 |
$9,909,050 |
| 26 |
$18,502,110 |
$6,806,111
$1,293,297 |
$10,402,702 |
| 27 |
$19,427,034 |
$7,148,333
$1,357,950 |
$10,920,751 |
| 28 |
$20,398,422 |
$7,507,747
$1,425,850 |
$11,464,825 |
| 29 |
$21,418,452 |
$7,885,158
$1,497,150 |
$12,036,144 |
| 30 |
$22,489,302 |
$8,281,372
$1,572,002 |
$12,635,928 |
|
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