The jackpot for the MEGA Millions draw on Tue Oct 1, 2024, is projected to be $93 Million, with an option for a cash payout of $46 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 Oct 1, 2024 |
|---|
| Draw Date | Tue Oct 1, 2024 | | Projected Jackpot | $93,000,000 | | Cash Value | $46,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $46,000,000 | | Federal Tax(24%) | $11,040,000 | | Additional Federal Tax | $5,940,330 | | State Tax(4.5%) | $2,070,000 | | Net Lumpsum Payment | $26,949,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$62,988 |
$858,520 |
| 2 |
$1,469,772 |
$504,146
$66,140 |
$899,486 |
| 3 |
$1,543,242 |
$531,330
$69,446 |
$942,466 |
| 4 |
$1,620,432 |
$559,890
$72,919 |
$987,623 |
| 5 |
$1,701,435 |
$589,861
$76,565 |
$1,035,009 |
| 6 |
$1,786,530 |
$621,346
$80,394 |
$1,084,790 |
| 7 |
$1,875,810 |
$654,380
$84,411 |
$1,137,019 |
| 8 |
$1,969,647 |
$689,100
$88,634 |
$1,191,913 |
| 9 |
$2,068,134 |
$725,540
$93,066 |
$1,249,528 |
| 10 |
$2,171,550 |
$763,804
$97,720 |
$1,310,026 |
| 11 |
$2,280,081 |
$803,960
$102,604 |
$1,373,517 |
| 12 |
$2,394,099 |
$846,147
$107,734 |
$1,440,218 |
| 13 |
$2,513,790 |
$890,433
$113,121 |
$1,510,236 |
| 14 |
$2,639,526 |
$936,955
$118,779 |
$1,583,792 |
| 15 |
$2,771,493 |
$985,783
$124,717 |
$1,660,993 |
| 16 |
$2,910,063 |
$1,037,054
$130,953 |
$1,742,056 |
| 17 |
$3,055,515 |
$1,090,871
$137,498 |
$1,827,146 |
| 18 |
$3,208,314 |
$1,147,407
$144,374 |
$1,916,533 |
| 19 |
$3,368,739 |
$1,206,764
$151,593 |
$2,010,382 |
| 20 |
$3,537,162 |
$1,269,080
$159,172 |
$2,108,910 |
| 21 |
$3,714,048 |
$1,334,528
$167,132 |
$2,212,388 |
| 22 |
$3,899,769 |
$1,403,245
$175,490 |
$2,321,034 |
| 23 |
$4,094,697 |
$1,475,368
$184,261 |
$2,435,068 |
| 24 |
$4,299,483 |
$1,551,139
$193,477 |
$2,554,867 |
| 25 |
$4,514,406 |
$1,630,661
$203,148 |
$2,680,597 |
| 26 |
$4,740,210 |
$1,714,208
$213,309 |
$2,812,693 |
| 27 |
$4,977,174 |
$1,801,885
$223,973 |
$2,951,316 |
| 28 |
$5,226,042 |
$1,893,966
$235,172 |
$3,096,904 |
| 29 |
$5,487,372 |
$1,990,658
$246,932 |
$3,249,782 |
| 30 |
$5,761,722 |
$2,092,168
$259,277 |
$3,410,277 |
|
|
