Kentucky Lottery

KYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 31, 2024 is estimated to be $20 Million, with a cash option of 9 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Kentucky MEGA Millions Jackpot/Cash Option for Tue Dec 31, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 31, 2024	$20,000,000	$9,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$9,000,000
Federal Tax(24%)	$2,160,000
Additional Federal Tax	$1,130,330
State Tax(4.5%)	$405,000
Net Lumpsum Payment	$5,304,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$13,546	$215,766
2	$316,080	-$77,280 -$14,224	$224,576
3	$331,880	-$83,126 -$14,935	$233,819
4	$348,480	-$89,268 -$15,682	$243,530
5	$365,900	-$95,713 -$16,466	$253,721
6	$384,200	-$102,484 -$17,289	$264,427
7	$403,400	-$109,588 -$18,153	$275,659
8	$423,580	-$117,055 -$19,061	$287,464
9	$444,760	-$124,892 -$20,014	$299,854
10	$467,000	-$133,120 -$21,015	$312,865
11	$490,340	-$141,756 -$22,065	$326,519
12	$514,860	-$150,829 -$23,169	$340,862
13	$540,600	-$160,352 -$24,327	$355,921
14	$567,640	-$170,357 -$25,544	$371,739
15	$596,020	-$180,858 -$26,821	$388,341
16	$625,820	-$191,884 -$28,162	$405,774
17	$657,100	-$203,457 -$29,570	$424,073
18	$689,960	-$215,616 -$31,048	$443,296
19	$724,460	-$228,381 -$32,601	$463,478
20	$760,680	-$241,782 -$34,231	$484,667
21	$798,720	-$255,857 -$35,942	$506,921
22	$838,660	-$270,635 -$37,740	$530,285
23	$880,580	-$286,145 -$39,626	$554,809
24	$924,620	-$302,440 -$41,608	$580,572
25	$970,840	-$319,541 -$43,688	$607,611
26	$1,019,400	-$337,508 -$45,873	$636,019
27	$1,070,360	-$356,364 -$48,166	$665,830
28	$1,123,880	-$376,166 -$50,575	$697,139
29	$1,180,080	-$396,960 -$53,104	$730,016
30	$1,239,080	-$418,790 -$55,759	$764,531