The jackpot for the MEGA Millions draw on Fri Jan 3, 2025, is projected to be $42 Million, with an option for a cash payout of $18.8 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 3, 2025 |
|---|
| Draw Date | Fri Jan 3, 2025 | | Projected Jackpot | $42,000,000 | | Cash Value | $18,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $18,800,000 | | Federal Tax(24%) | $4,512,000 | | Additional Federal Tax | $2,404,330 | | State Tax(6.99%) | $1,314,120 | | Net Lumpsum Payment | $10,569,550 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$632,142 |
$194,223
$44,187 |
$393,732 |
| 2 |
$663,768 |
$205,925
$46,397 |
$411,446 |
| 3 |
$696,948 |
$218,201
$48,717 |
$430,030 |
| 4 |
$731,808 |
$231,099
$51,153 |
$449,556 |
| 5 |
$768,390 |
$244,635
$53,710 |
$470,045 |
| 6 |
$806,820 |
$258,854
$56,397 |
$491,569 |
| 7 |
$847,140 |
$273,772
$59,215 |
$514,153 |
| 8 |
$889,518 |
$289,452
$62,177 |
$537,889 |
| 9 |
$933,996 |
$305,909
$65,286 |
$562,801 |
| 10 |
$980,700 |
$323,189
$68,551 |
$588,960 |
| 11 |
$1,029,714 |
$341,325
$71,977 |
$616,412 |
| 12 |
$1,081,206 |
$360,377
$75,576 |
$645,253 |
| 13 |
$1,135,260 |
$380,377
$79,355 |
$675,528 |
| 14 |
$1,192,044 |
$401,387
$83,324 |
$707,333 |
| 15 |
$1,251,642 |
$423,438
$87,490 |
$740,714 |
| 16 |
$1,314,222 |
$446,593
$91,864 |
$775,765 |
| 17 |
$1,379,910 |
$470,897
$96,456 |
$812,557 |
| 18 |
$1,448,916 |
$496,429
$101,279 |
$851,208 |
| 19 |
$1,521,366 |
$523,236
$106,343 |
$891,787 |
| 20 |
$1,597,428 |
$551,379
$111,660 |
$934,389 |
| 21 |
$1,677,312 |
$580,936
$117,244 |
$979,132 |
| 22 |
$1,761,186 |
$611,969
$123,107 |
$1,026,110 |
| 23 |
$1,849,218 |
$644,541
$129,260 |
$1,075,417 |
| 24 |
$1,941,702 |
$678,760
$135,725 |
$1,127,217 |
| 25 |
$2,038,764 |
$714,673
$142,510 |
$1,181,581 |
| 26 |
$2,140,740 |
$752,404
$149,638 |
$1,238,698 |
| 27 |
$2,247,756 |
$792,000
$157,118 |
$1,298,638 |
| 28 |
$2,360,148 |
$833,585
$164,974 |
$1,361,589 |
| 29 |
$2,478,168 |
$877,253
$173,224 |
$1,427,691 |
| 30 |
$2,602,068 |
$923,096
$181,885 |
$1,497,087 |
|
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