The jackpot for the MEGA Millions draw on Fri Dec 27, 2024, is projected to be $1.15 Billion, with an option for a cash payout of $516.1 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Kentucky residents, the state will deduct 4.5% from your lottery earnings.
| Kentucky MEGA Millions Jackpot/Cash Option for Fri Dec 27, 2024 |
|---|
| Draw Date | Fri Dec 27, 2024 | | Projected Jackpot | $1,150,000,000 | | Cash Value | $516,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $516,100,000 | | Federal Tax(24%) | $123,864,000 | | Additional Federal Tax | $67,053,330 | | State Tax(4.5%) | $23,224,500 | | Net Lumpsum Payment | $301,958,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$778,889 |
$10,165,230 |
| 2 |
$18,174,600 |
$6,684,932
$817,857 |
$10,671,811 |
| 3 |
$19,083,100 |
$7,021,077
$858,740 |
$11,203,283 |
| 4 |
$20,037,600 |
$7,374,242
$901,692 |
$11,761,666 |
| 5 |
$21,039,250 |
$7,744,853
$946,766 |
$12,347,631 |
| 6 |
$22,091,500 |
$8,134,185
$994,118 |
$12,963,197 |
| 7 |
$23,195,500 |
$8,542,665
$1,043,798 |
$13,609,037 |
| 8 |
$24,355,850 |
$8,971,995
$1,096,013 |
$14,287,842 |
| 9 |
$25,573,700 |
$9,422,599
$1,150,817 |
$15,000,284 |
| 10 |
$26,852,500 |
$9,895,755
$1,208,363 |
$15,748,382 |
| 11 |
$28,194,550 |
$10,392,314
$1,268,755 |
$16,533,481 |
| 12 |
$29,604,450 |
$10,913,977
$1,332,200 |
$17,358,273 |
| 13 |
$31,084,500 |
$11,461,595
$1,398,803 |
$18,224,102 |
| 14 |
$32,639,300 |
$12,036,871
$1,468,769 |
$19,133,660 |
| 15 |
$34,271,150 |
$12,640,656
$1,542,202 |
$20,088,292 |
| 16 |
$35,984,650 |
$13,274,651
$1,619,309 |
$21,090,690 |
| 17 |
$37,783,250 |
$13,940,133
$1,700,246 |
$22,142,871 |
| 18 |
$39,672,700 |
$14,639,229
$1,785,272 |
$23,248,199 |
| 19 |
$41,656,450 |
$15,373,217
$1,874,540 |
$24,408,693 |
| 20 |
$43,739,100 |
$16,143,797
$1,968,260 |
$25,627,043 |
| 21 |
$45,926,400 |
$16,953,098
$2,066,688 |
$26,906,614 |
| 22 |
$48,222,950 |
$17,802,822
$2,170,033 |
$28,250,095 |
| 23 |
$50,633,350 |
$18,694,670
$2,278,501 |
$29,660,179 |
| 24 |
$53,165,650 |
$19,631,621
$2,392,454 |
$31,141,575 |
| 25 |
$55,823,300 |
$20,614,951
$2,512,049 |
$32,696,300 |
| 26 |
$58,615,500 |
$21,648,065
$2,637,698 |
$34,329,737 |
| 27 |
$61,545,700 |
$22,732,239
$2,769,557 |
$36,043,904 |
| 28 |
$64,623,100 |
$23,870,877
$2,908,040 |
$37,844,183 |
| 29 |
$67,854,600 |
$25,066,532
$3,053,457 |
$39,734,611 |
| 30 |
$71,247,100 |
$26,321,757
$3,206,120 |
$41,719,223 |
|
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