Kansas Lottery

KSLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 7, 2024 is estimated to be $306 Million, with a cash option of 140.1 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 Kansas, your state will take 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.

Kansas MEGA Millions Jackpot/Cash Option for Tue May 7, 2024

Draw Date	Jackpot	Cash Option
Tue May 7, 2024	$306,000,000	$140,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$140,100,000
Federal Tax(24%)	$33,624,000
Additional Federal Tax	$18,173,330
State Tax(5%)	$7,005,000
Net Lumpsum Payment	$81,297,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$230,280	$2,710,921
2	$4,836,024	-$1,749,659 -$241,801	$2,844,564
3	$5,077,764	-$1,839,103 -$253,888	$2,984,773
4	$5,331,744	-$1,933,076 -$266,587	$3,132,081
5	$5,598,270	-$2,031,690 -$279,914	$3,286,666
6	$5,878,260	-$2,135,287 -$293,913	$3,449,060
7	$6,172,020	-$2,243,978 -$308,601	$3,619,441
8	$6,480,774	-$2,358,217 -$324,039	$3,798,518
9	$6,804,828	-$2,478,117 -$340,241	$3,986,470
10	$7,145,100	-$2,604,017 -$357,255	$4,183,828
11	$7,502,202	-$2,736,145 -$375,110	$4,390,947
12	$7,877,358	-$2,874,953 -$393,868	$4,608,537
13	$8,271,180	-$3,020,667 -$413,559	$4,836,954
14	$8,684,892	-$3,173,740 -$434,245	$5,076,907
15	$9,119,106	-$3,334,400 -$455,955	$5,328,751
16	$9,575,046	-$3,503,097 -$478,752	$5,593,197
17	$10,053,630	-$3,680,173 -$502,682	$5,870,775
18	$10,556,388	-$3,866,194 -$527,819	$6,162,375
19	$11,084,238	-$4,061,498 -$554,212	$6,468,528
20	$11,638,404	-$4,266,540 -$581,920	$6,789,944
21	$12,220,416	-$4,481,884 -$611,021	$7,127,511
22	$12,831,498	-$4,707,985 -$641,575	$7,481,938
23	$13,472,874	-$4,945,294 -$673,644	$7,853,936
24	$14,146,686	-$5,194,604 -$707,334	$8,244,748
25	$14,853,852	-$5,456,256 -$742,693	$8,654,903
26	$15,596,820	-$5,731,154 -$779,841	$9,085,825
27	$16,376,508	-$6,019,638 -$818,825	$9,538,045
28	$17,195,364	-$6,322,615 -$859,768	$10,012,981
29	$18,055,224	-$6,640,763 -$902,761	$10,511,700
30	$18,957,924	-$6,974,762 -$947,896	$11,035,266