Kentucky Lottery

KYLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 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 Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(4.5%)	$1,075,500
Net Lumpsum Payment	$14,021,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$31,833	$453,497
2	$742,788	-$235,162 -$33,425	$474,201
3	$779,918	-$248,900 -$35,096	$495,922
4	$818,928	-$263,334 -$36,852	$518,742
5	$859,865	-$278,480 -$38,694	$542,691
6	$902,870	-$294,392 -$40,629	$567,849
7	$947,990	-$311,087 -$42,660	$594,243
8	$995,413	-$328,633 -$44,794	$621,986
9	$1,045,186	-$347,049 -$47,033	$651,104
10	$1,097,450	-$366,387 -$49,385	$681,678
11	$1,152,299	-$386,681 -$51,853	$713,765
12	$1,209,921	-$408,001 -$54,446	$747,474
13	$1,270,410	-$430,382 -$57,168	$782,860
14	$1,333,954	-$453,893 -$60,028	$820,033
15	$1,400,647	-$478,570 -$63,029	$859,048
16	$1,470,677	-$504,481 -$66,180	$900,016
17	$1,544,185	-$531,679 -$69,488	$943,018
18	$1,621,406	-$560,251 -$72,963	$988,192
19	$1,702,481	-$590,248 -$76,612	$1,035,621
20	$1,787,598	-$621,742 -$80,442	$1,085,414
21	$1,876,992	-$654,817 -$84,465	$1,137,710
22	$1,970,851	-$689,545 -$88,688	$1,192,618
23	$2,069,363	-$725,995 -$93,121	$1,250,247
24	$2,172,857	-$764,287 -$97,779	$1,310,791
25	$2,281,474	-$804,476 -$102,666	$1,374,332
26	$2,395,590	-$846,699 -$107,802	$1,441,089
27	$2,515,346	-$891,008 -$113,191	$1,511,147
28	$2,641,118	-$937,544 -$118,850	$1,584,724
29	$2,773,188	-$986,410 -$124,793	$1,661,985
30	$2,911,838	-$1,037,710 -$131,033	$1,743,095