If You Won the Over $1.5 Billion Mega Millions Jackpot in Colorado, Here’s How Much You’d Actually Get
By Shawn Patrick on August 8, 2023
Tonight’s (August 8th) Mega Millions drawing in Colorado has a historic estimated jackpot of $1.58 billion, but we all know if you won you wouldn’t actually see that much cash… So how much would you get?
First, the estimated cash value is $783.3 million, not $1.58 billion. That’s what you’d get if you chose the lump sum option… The annuity payment option is much more complicated, so we won’t get into that today.
The federal government automatically takes 24% in tax withholdings on all prizes over $5,000. So, at a cash value of $783.3 million, the feds would take a little over $187.9 million. That leaves you with $595.3 million.
Colorado also takes 4% of your prize, which in this case would be around $31.3 million.
So, after all of that, you’d take home $563.9 million, over $1 billion less than the jackpot value.
…I don’t know how you’d ever survive on that. HAHA!
