The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Nov 1, 2024 |
|---|
| Draw Date | Fri Nov 1, 2024 | | Projected Jackpot | $281,000,000 | | Cash Value | $129,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $129,800,000 | | Federal Tax(24%) | $31,152,000 | | Additional Federal Tax | $16,834,330 | | State Tax(4.5%) | $5,841,000 | | Net Lumpsum Payment | $75,972,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$190,320 |
$2,513,828 |
| 2 |
$4,440,924 |
$1,603,472
$199,842 |
$2,637,610 |
| 3 |
$4,662,914 |
$1,685,609
$209,831 |
$2,767,474 |
| 4 |
$4,896,144 |
$1,771,904
$220,326 |
$2,903,914 |
| 5 |
$5,140,895 |
$1,862,462
$231,340 |
$3,047,093 |
| 6 |
$5,398,010 |
$1,957,594
$242,910 |
$3,197,506 |
| 7 |
$5,667,770 |
$2,057,405
$255,050 |
$3,355,315 |
| 8 |
$5,951,299 |
$2,162,311
$267,808 |
$3,521,180 |
| 9 |
$6,248,878 |
$2,272,415
$281,200 |
$3,695,263 |
| 10 |
$6,561,350 |
$2,388,030
$295,261 |
$3,878,059 |
| 11 |
$6,889,277 |
$2,509,363
$310,017 |
$4,069,897 |
| 12 |
$7,233,783 |
$2,636,830
$325,520 |
$4,271,433 |
| 13 |
$7,595,430 |
$2,770,639
$341,794 |
$4,482,997 |
| 14 |
$7,975,342 |
$2,911,207
$358,890 |
$4,705,245 |
| 15 |
$8,374,081 |
$3,058,740
$376,834 |
$4,938,507 |
| 16 |
$8,792,771 |
$3,213,656
$395,675 |
$5,183,440 |
| 17 |
$9,232,255 |
$3,376,265
$415,451 |
$5,440,539 |
| 18 |
$9,693,938 |
$3,547,087
$436,227 |
$5,710,624 |
| 19 |
$10,178,663 |
$3,726,436
$458,040 |
$5,994,187 |
| 20 |
$10,687,554 |
$3,914,725
$480,940 |
$6,291,889 |
| 21 |
$11,222,016 |
$4,112,476
$504,991 |
$6,604,549 |
| 22 |
$11,783,173 |
$4,320,104
$530,243 |
$6,932,826 |
| 23 |
$12,372,149 |
$4,538,026
$556,747 |
$7,277,376 |
| 24 |
$12,990,911 |
$4,766,967
$584,591 |
$7,639,353 |
| 25 |
$13,640,302 |
$5,007,242
$613,814 |
$8,019,246 |
| 26 |
$14,322,570 |
$5,259,681
$644,516 |
$8,418,373 |
| 27 |
$15,038,558 |
$5,524,597
$676,735 |
$8,837,226 |
| 28 |
$15,790,514 |
$5,802,821
$710,573 |
$9,277,120 |
| 29 |
$16,580,124 |
$6,094,976
$746,106 |
$9,739,042 |
| 30 |
$17,409,074 |
$6,401,688
$783,408 |
$10,223,978 |
|
|
