The jackpot for the MEGA Millions draw on Fri Jan 31, 2025, is projected to be $59 Million, with an option for a cash payout of $26.5 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 Jan 31, 2025 |
|---|
| Draw Date | Fri Jan 31, 2025 | | Projected Jackpot | $59,000,000 | | Cash Value | $26,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,500,000 | | Federal Tax(24%) | $6,360,000 | | Additional Federal Tax | $3,405,330 | | State Tax(4.5%) | $1,192,500 | | Net Lumpsum Payment | $15,542,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$39,960 |
$559,155 |
| 2 |
$932,436 |
$305,332
$41,960 |
$585,144 |
| 3 |
$979,046 |
$322,577
$44,057 |
$612,412 |
| 4 |
$1,028,016 |
$340,696
$46,261 |
$641,059 |
| 5 |
$1,079,405 |
$359,710
$48,573 |
$671,122 |
| 6 |
$1,133,390 |
$379,685
$51,003 |
$702,702 |
| 7 |
$1,190,030 |
$400,641
$53,551 |
$735,838 |
| 8 |
$1,249,561 |
$422,668
$56,230 |
$770,663 |
| 9 |
$1,312,042 |
$445,786
$59,042 |
$807,214 |
| 10 |
$1,377,650 |
$470,061
$61,994 |
$845,595 |
| 11 |
$1,446,503 |
$495,536
$65,093 |
$885,874 |
| 12 |
$1,518,837 |
$522,300
$68,348 |
$928,189 |
| 13 |
$1,594,770 |
$550,395
$71,765 |
$972,610 |
| 14 |
$1,674,538 |
$579,909
$75,354 |
$1,019,275 |
| 15 |
$1,758,259 |
$610,886
$79,122 |
$1,068,251 |
| 16 |
$1,846,169 |
$643,413
$83,078 |
$1,119,678 |
| 17 |
$1,938,445 |
$677,555
$87,230 |
$1,173,660 |
| 18 |
$2,035,382 |
$713,422
$91,592 |
$1,230,368 |
| 19 |
$2,137,157 |
$751,078
$96,172 |
$1,289,907 |
| 20 |
$2,244,006 |
$790,613
$100,980 |
$1,352,413 |
| 21 |
$2,356,224 |
$832,133
$106,030 |
$1,418,061 |
| 22 |
$2,474,047 |
$875,728
$111,332 |
$1,486,987 |
| 23 |
$2,597,711 |
$921,483
$116,897 |
$1,559,331 |
| 24 |
$2,727,629 |
$969,553
$122,743 |
$1,635,333 |
| 25 |
$2,863,978 |
$1,020,002
$128,879 |
$1,715,097 |
| 26 |
$3,007,230 |
$1,073,005
$135,325 |
$1,798,900 |
| 27 |
$3,157,562 |
$1,128,628
$142,090 |
$1,886,844 |
| 28 |
$3,315,446 |
$1,187,045
$149,195 |
$1,979,206 |
| 29 |
$3,481,236 |
$1,248,388
$156,656 |
$2,076,192 |
| 30 |
$3,655,286 |
$1,312,786
$164,488 |
$2,178,012 |
|
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