Kentucky Lottery

KYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 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 Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Kentucky MEGA Millions Jackpot/Cash Option for Fri Jan 10, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 10, 2025	$77,000,000	$34,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,100,000
Federal Tax(24%)	$8,184,000
Additional Federal Tax	$4,393,330
State Tax(4.5%)	$1,534,500
Net Lumpsum Payment	$19,988,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$52,152	$717,642
2	$1,216,908	-$410,586 -$54,761	$751,561
3	$1,277,738	-$433,093 -$57,498	$787,147
4	$1,341,648	-$456,740 -$60,374	$824,534
5	$1,408,715	-$481,555 -$63,392	$863,768
6	$1,479,170	-$507,623 -$66,563	$904,984
7	$1,553,090	-$534,974 -$69,889	$948,227
8	$1,630,783	-$563,720 -$73,385	$993,678
9	$1,712,326	-$593,891 -$77,055	$1,041,380
10	$1,797,950	-$625,572 -$80,908	$1,091,470
11	$1,887,809	-$658,820 -$84,951	$1,144,038
12	$1,982,211	-$693,748 -$89,199	$1,199,264
13	$2,081,310	-$730,415 -$93,659	$1,257,236
14	$2,185,414	-$768,934 -$98,344	$1,318,136
15	$2,294,677	-$809,361 -$103,260	$1,382,056
16	$2,409,407	-$851,811 -$108,423	$1,449,173
17	$2,529,835	-$896,369 -$113,843	$1,519,623
18	$2,656,346	-$943,178 -$119,536	$1,593,632
19	$2,789,171	-$992,324 -$125,513	$1,671,334
20	$2,928,618	-$1,043,919 -$131,788	$1,752,911
21	$3,075,072	-$1,098,107 -$138,378	$1,838,587
22	$3,228,841	-$1,155,002 -$145,298	$1,928,541
23	$3,390,233	-$1,214,717 -$152,560	$2,022,956
24	$3,559,787	-$1,277,452 -$160,190	$2,122,145
25	$3,737,734	-$1,343,292 -$168,198	$2,226,244
26	$3,924,690	-$1,412,466 -$176,611	$2,335,613
27	$4,120,886	-$1,485,058 -$185,440	$2,450,388
28	$4,326,938	-$1,561,297 -$194,712	$2,570,929
29	$4,543,308	-$1,641,354 -$204,449	$2,697,505
30	$4,770,458	-$1,725,400 -$214,671	$2,830,387