The jackpot for the MEGA Millions draw on Tue Jan 28, 2025, is projected to be $44 Million, with an option for a cash payout of $19.5 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 Tue Jan 28, 2025 |
|---|
| Draw Date | Tue Jan 28, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $19,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $19,500,000 | | Federal Tax(24%) | $4,680,000 | | Additional Federal Tax | $2,495,330 | | State Tax(4.5%) | $877,500 | | Net Lumpsum Payment | $11,447,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$29,801 |
$427,082 |
| 2 |
$695,376 |
$217,620
$31,292 |
$446,464 |
| 3 |
$730,136 |
$230,481
$32,856 |
$466,799 |
| 4 |
$766,656 |
$243,993
$34,500 |
$488,163 |
| 5 |
$804,980 |
$258,173
$36,224 |
$510,583 |
| 6 |
$845,240 |
$273,069
$38,036 |
$534,135 |
| 7 |
$887,480 |
$288,698
$39,937 |
$558,845 |
| 8 |
$931,876 |
$305,125
$41,934 |
$584,817 |
| 9 |
$978,472 |
$322,365
$44,031 |
$612,076 |
| 10 |
$1,027,400 |
$340,468
$46,233 |
$640,699 |
| 11 |
$1,078,748 |
$359,467
$48,544 |
$670,737 |
| 12 |
$1,132,692 |
$379,426
$50,971 |
$702,295 |
| 13 |
$1,189,320 |
$400,379
$53,519 |
$735,422 |
| 14 |
$1,248,808 |
$422,389
$56,196 |
$770,223 |
| 15 |
$1,311,244 |
$445,491
$59,006 |
$806,747 |
| 16 |
$1,376,804 |
$469,748
$61,956 |
$845,100 |
| 17 |
$1,445,620 |
$495,210
$65,053 |
$885,357 |
| 18 |
$1,517,912 |
$521,958
$68,306 |
$927,648 |
| 19 |
$1,593,812 |
$550,041
$71,722 |
$972,049 |
| 20 |
$1,673,496 |
$579,524
$75,307 |
$1,018,665 |
| 21 |
$1,757,184 |
$610,488
$79,073 |
$1,067,623 |
| 22 |
$1,845,052 |
$643,000
$83,027 |
$1,119,025 |
| 23 |
$1,937,276 |
$677,123
$87,177 |
$1,172,976 |
| 24 |
$2,034,164 |
$712,971
$91,537 |
$1,229,656 |
| 25 |
$2,135,848 |
$750,594
$96,113 |
$1,289,141 |
| 26 |
$2,242,680 |
$790,122
$100,921 |
$1,351,637 |
| 27 |
$2,354,792 |
$831,603
$105,966 |
$1,417,223 |
| 28 |
$2,472,536 |
$875,169
$111,264 |
$1,486,103 |
| 29 |
$2,596,176 |
$920,916
$116,828 |
$1,558,432 |
| 30 |
$2,725,976 |
$968,942
$122,669 |
$1,634,365 |
|
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