Kentucky Lottery

KYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Kentucky, your state will take 4.5% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Kentucky MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(4.5%)	$6,889,500
Net Lumpsum Payment	$89,603,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$224,185	$2,954,070
2	$5,231,124	-$1,895,846 -$235,401	$3,099,877
3	$5,492,614	-$1,992,598 -$247,168	$3,252,848
4	$5,767,344	-$2,094,248 -$259,530	$3,413,566
5	$6,055,645	-$2,200,919 -$272,504	$3,582,222
6	$6,358,510	-$2,312,979 -$286,133	$3,759,398
7	$6,676,270	-$2,430,550 -$300,432	$3,945,288
8	$7,010,249	-$2,554,123 -$315,461	$4,140,665
9	$7,360,778	-$2,683,818 -$331,235	$4,345,725
10	$7,728,850	-$2,820,005 -$347,798	$4,561,047
11	$8,115,127	-$2,962,927 -$365,181	$4,787,019
12	$8,520,933	-$3,113,076 -$383,442	$5,024,415
13	$8,946,930	-$3,270,694 -$402,612	$5,273,624
14	$9,394,442	-$3,436,274 -$422,750	$5,535,418
15	$9,864,131	-$3,610,059 -$443,886	$5,810,186
16	$10,357,321	-$3,792,539 -$466,079	$6,098,703
17	$10,875,005	-$3,984,082 -$489,375	$6,401,548
18	$11,418,838	-$4,185,300 -$513,848	$6,719,690
19	$11,989,813	-$4,396,561 -$539,542	$7,053,710
20	$12,589,254	-$4,618,354 -$566,516	$7,404,384
21	$13,218,816	-$4,851,292 -$594,847	$7,772,677
22	$13,879,823	-$5,095,865 -$624,592	$8,159,366
23	$14,573,599	-$5,352,562 -$655,812	$8,565,225
24	$15,302,461	-$5,622,241 -$688,611	$8,991,609
25	$16,067,402	-$5,905,269 -$723,033	$9,439,100
26	$16,871,070	-$6,202,626 -$759,198	$9,909,246
27	$17,714,458	-$6,514,680 -$797,151	$10,402,627
28	$18,600,214	-$6,842,410 -$837,010	$10,920,794
29	$19,530,324	-$7,186,550 -$878,865	$11,464,909
30	$20,506,774	-$7,547,837 -$922,805	$12,036,132