The jackpot for the MEGA Millions draw on Tue May 14, 2024, is projected to be $363 Million, with an option for a cash payout of $166.9 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 May 14, 2024 |
|---|
| Draw Date | Tue May 14, 2024 | | Projected Jackpot | $363,000,000 | | Cash Value | $166,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $166,900,000 | | Federal Tax(24%) | $40,056,000 | | Additional Federal Tax | $21,657,330 | | State Tax(4.5%) | $7,510,500 | | Net Lumpsum Payment | $97,676,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$245,858 |
$3,235,825 |
| 2 |
$5,736,852 |
$2,082,966
$258,158 |
$3,395,728 |
| 3 |
$6,023,622 |
$2,189,071
$271,063 |
$3,563,488 |
| 4 |
$6,324,912 |
$2,300,548
$284,621 |
$3,739,743 |
| 5 |
$6,641,085 |
$2,417,532
$298,849 |
$3,924,704 |
| 6 |
$6,973,230 |
$2,540,425
$313,795 |
$4,119,010 |
| 7 |
$7,321,710 |
$2,669,363
$329,477 |
$4,322,870 |
| 8 |
$7,687,977 |
$2,804,882
$345,959 |
$4,537,136 |
| 9 |
$8,072,394 |
$2,947,116
$363,258 |
$4,762,020 |
| 10 |
$8,476,050 |
$3,096,469
$381,422 |
$4,998,159 |
| 11 |
$8,899,671 |
$3,253,209
$400,485 |
$5,245,977 |
| 12 |
$9,344,709 |
$3,417,873
$420,512 |
$5,506,324 |
| 13 |
$9,811,890 |
$3,590,730
$441,535 |
$5,779,625 |
| 14 |
$10,302,666 |
$3,772,317
$463,620 |
$6,066,729 |
| 15 |
$10,817,763 |
$3,962,903
$486,799 |
$6,368,061 |
| 16 |
$11,358,633 |
$4,163,025
$511,138 |
$6,684,470 |
| 17 |
$11,926,365 |
$4,373,085
$536,686 |
$7,016,594 |
| 18 |
$12,522,774 |
$4,593,757
$563,525 |
$7,365,492 |
| 19 |
$13,148,949 |
$4,825,442
$591,703 |
$7,731,804 |
| 20 |
$13,806,342 |
$5,068,677
$621,285 |
$8,116,380 |
| 21 |
$14,496,768 |
$5,324,135
$652,355 |
$8,520,278 |
| 22 |
$15,221,679 |
$5,592,352
$684,976 |
$8,944,351 |
| 23 |
$15,982,527 |
$5,873,865
$719,214 |
$9,389,448 |
| 24 |
$16,781,853 |
$6,169,616
$755,183 |
$9,857,054 |
| 25 |
$17,620,746 |
$6,480,006
$792,934 |
$10,347,806 |
| 26 |
$18,502,110 |
$6,806,111
$832,595 |
$10,863,404 |
| 27 |
$19,427,034 |
$7,148,333
$874,217 |
$11,404,484 |
| 28 |
$20,398,422 |
$7,507,747
$917,929 |
$11,972,746 |
| 29 |
$21,418,452 |
$7,885,158
$963,830 |
$12,569,464 |
| 30 |
$22,489,302 |
$8,281,372
$1,012,019 |
$13,195,911 |
|
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