Kentucky Lottery

KYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Apr 30, 2024 is estimated to be $257 Million, with a cash option of 115.6 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 Tue Apr 30, 2024

Draw Date	Jackpot	Cash Option
Tue Apr 30, 2024	$257,000,000	$115,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$115,600,000
Federal Tax(24%)	$27,744,000
Additional Federal Tax	$14,988,330
State Tax(4.5%)	$5,202,000
Net Lumpsum Payment	$67,665,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,868,107	-$1,391,530 -$174,065	$2,302,512
2	$4,061,628	-$1,463,133 -$182,773	$2,415,722
3	$4,264,658	-$1,538,254 -$191,910	$2,534,494
4	$4,477,968	-$1,617,179 -$201,509	$2,659,280
5	$4,701,815	-$1,700,002 -$211,582	$2,790,231
6	$4,936,970	-$1,787,009 -$222,164	$2,927,797
7	$5,183,690	-$1,878,296 -$233,266	$3,072,128
8	$5,443,003	-$1,974,241 -$244,935	$3,223,827
9	$5,715,166	-$2,074,942 -$257,182	$3,383,042
10	$6,000,950	-$2,180,682 -$270,043	$3,550,225
11	$6,300,869	-$2,291,652 -$283,539	$3,725,678
12	$6,615,951	-$2,408,232 -$297,718	$3,910,001
13	$6,946,710	-$2,530,613 -$312,602	$4,103,495
14	$7,294,174	-$2,659,175 -$328,238	$4,306,761
15	$7,658,857	-$2,794,107 -$344,649	$4,520,101
16	$8,041,787	-$2,935,792 -$361,880	$4,744,115
17	$8,443,735	-$3,084,512 -$379,968	$4,979,255
18	$8,865,986	-$3,240,745 -$398,969	$5,226,272
19	$9,309,311	-$3,404,775 -$418,919	$5,485,617
20	$9,774,738	-$3,576,983 -$439,863	$5,757,892
21	$10,263,552	-$3,757,845 -$461,860	$6,043,847
22	$10,776,781	-$3,947,739 -$484,955	$6,344,087
23	$11,315,453	-$4,147,048 -$509,195	$6,659,210
24	$11,881,367	-$4,356,436 -$534,662	$6,990,269
25	$12,475,294	-$4,576,189 -$561,388	$7,337,717
26	$13,099,290	-$4,807,068 -$589,468	$7,702,754
27	$13,754,126	-$5,049,357 -$618,936	$8,085,833
28	$14,441,858	-$5,303,818 -$649,884	$8,488,156
29	$15,164,028	-$5,571,021 -$682,381	$8,910,626
30	$15,922,178	-$5,851,536 -$716,498	$9,354,144