Kentucky Lottery

KYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 22, 2024 is estimated to be $453 Million, with a cash option of 209.6 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Kentucky MEGA Millions Jackpot/Cash Option for Fri Nov 22, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 22, 2024	$453,000,000	$209,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$209,600,000
Federal Tax(24%)	$50,304,000
Additional Federal Tax	$27,208,330
State Tax(4.5%)	$9,432,000
Net Lumpsum Payment	$122,655,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$306,815	$4,028,260
2	$7,159,212	-$2,609,239 -$322,165	$4,227,808
3	$7,517,082	-$2,741,651 -$338,269	$4,437,162
4	$7,893,072	-$2,880,767 -$355,188	$4,657,117
5	$8,287,635	-$3,026,755 -$372,944	$4,887,936
6	$8,702,130	-$3,180,118 -$391,596	$5,130,416
7	$9,137,010	-$3,341,024 -$411,165	$5,384,821
8	$9,594,087	-$3,510,143 -$431,734	$5,652,210
9	$10,073,814	-$3,687,642 -$453,322	$5,932,850
10	$10,577,550	-$3,874,024 -$475,990	$6,227,536
11	$11,106,201	-$4,069,625 -$499,779	$6,536,797
12	$11,661,579	-$4,275,115 -$524,771	$6,861,693
13	$12,244,590	-$4,490,829 -$551,007	$7,202,754
14	$12,857,046	-$4,717,437 -$578,567	$7,561,042
15	$13,499,853	-$4,955,276 -$607,493	$7,937,084
16	$14,174,823	-$5,205,015 -$637,867	$8,331,941
17	$14,883,315	-$5,467,157 -$669,749	$8,746,409
18	$15,627,594	-$5,742,540 -$703,242	$9,181,812
19	$16,409,019	-$6,031,667 -$738,406	$9,638,946
20	$17,229,402	-$6,335,209 -$775,323	$10,118,870
21	$18,091,008	-$6,654,003 -$814,095	$10,622,910
22	$18,995,649	-$6,988,721 -$854,804	$11,152,124
23	$19,945,137	-$7,340,031 -$897,531	$11,707,575
24	$20,942,643	-$7,709,108 -$942,419	$12,291,116
25	$21,989,526	-$8,096,455 -$989,529	$12,903,542
26	$23,089,410	-$8,503,412 -$1,039,023	$13,546,975
27	$24,243,654	-$8,930,482 -$1,090,964	$14,222,208
28	$25,455,882	-$9,379,007 -$1,145,515	$14,931,360
29	$26,728,812	-$9,849,991 -$1,202,797	$15,676,024
30	$28,065,162	-$10,344,440 -$1,262,932	$16,457,790