The jackpot for the MEGA Millions draw on Fri Feb 28, 2025, is projected to be $197 Million, with an option for a cash payout of $91.9 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 Fri Feb 28, 2025 |
|---|
| Draw Date | Fri Feb 28, 2025 | | Projected Jackpot | $197,000,000 | | Cash Value | $91,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $91,900,000 | | Federal Tax(24%) | $22,056,000 | | Additional Federal Tax | $11,907,330 | | State Tax(6.99%) | $6,423,810 | | Net Lumpsum Payment | $51,512,860 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$207,257 |
$1,700,392 |
| 2 |
$3,113,388 |
$1,112,284
$217,626 |
$1,783,478 |
| 3 |
$3,269,018 |
$1,169,867
$228,504 |
$1,870,647 |
| 4 |
$3,432,528 |
$1,230,366
$239,934 |
$1,962,228 |
| 5 |
$3,604,115 |
$1,293,853
$251,928 |
$2,058,334 |
| 6 |
$3,784,370 |
$1,360,547
$264,527 |
$2,159,296 |
| 7 |
$3,973,490 |
$1,430,522
$277,747 |
$2,265,221 |
| 8 |
$4,172,263 |
$1,504,068
$291,641 |
$2,376,554 |
| 9 |
$4,380,886 |
$1,581,258
$306,224 |
$2,493,404 |
| 10 |
$4,599,950 |
$1,662,312
$321,537 |
$2,616,101 |
| 11 |
$4,829,849 |
$1,747,375
$337,606 |
$2,744,868 |
| 12 |
$5,071,371 |
$1,836,738
$354,489 |
$2,880,144 |
| 13 |
$5,324,910 |
$1,930,547
$372,211 |
$3,022,152 |
| 14 |
$5,591,254 |
$2,029,094
$390,829 |
$3,171,331 |
| 15 |
$5,870,797 |
$2,132,525
$410,369 |
$3,327,903 |
| 16 |
$6,164,327 |
$2,241,131
$430,886 |
$3,492,310 |
| 17 |
$6,472,435 |
$2,355,131
$452,423 |
$3,664,881 |
| 18 |
$6,796,106 |
$2,474,890
$475,048 |
$3,846,168 |
| 19 |
$7,135,931 |
$2,600,625
$498,802 |
$4,036,504 |
| 20 |
$7,492,698 |
$2,732,629
$523,740 |
$4,236,329 |
| 21 |
$7,867,392 |
$2,871,265
$549,931 |
$4,446,196 |
| 22 |
$8,260,801 |
$3,016,827
$577,430 |
$4,666,544 |
| 23 |
$8,673,713 |
$3,169,604
$606,293 |
$4,897,816 |
| 24 |
$9,107,507 |
$3,330,108
$636,615 |
$5,140,784 |
| 25 |
$9,562,774 |
$3,498,557
$668,438 |
$5,395,779 |
| 26 |
$10,041,090 |
$3,675,534
$701,872 |
$5,663,684 |
| 27 |
$10,543,046 |
$3,861,257
$736,959 |
$5,944,830 |
| 28 |
$11,070,218 |
$4,056,311
$773,808 |
$6,240,099 |
| 29 |
$11,623,788 |
$4,261,132
$812,503 |
$6,550,153 |
| 30 |
$12,204,938 |
$4,476,157
$853,125 |
$6,875,656 |
|
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