The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 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 Fri Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(4.5%) | $1,903,500 | | Net Lumpsum Payment | $24,785,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$63,666 |
$867,324 |
| 2 |
$1,485,576 |
$509,994
$66,851 |
$908,731 |
| 3 |
$1,559,836 |
$537,470
$70,193 |
$952,173 |
| 4 |
$1,637,856 |
$566,337
$73,704 |
$997,815 |
| 5 |
$1,719,730 |
$596,630
$77,388 |
$1,045,712 |
| 6 |
$1,805,740 |
$628,454
$81,258 |
$1,096,028 |
| 7 |
$1,895,980 |
$661,843
$85,319 |
$1,148,818 |
| 8 |
$1,990,826 |
$696,936
$89,587 |
$1,204,303 |
| 9 |
$2,090,372 |
$733,768
$94,067 |
$1,262,537 |
| 10 |
$2,194,900 |
$772,443
$98,771 |
$1,323,686 |
| 11 |
$2,304,598 |
$813,032
$103,707 |
$1,387,859 |
| 12 |
$2,419,842 |
$855,672
$108,893 |
$1,455,277 |
| 13 |
$2,540,820 |
$900,434
$114,337 |
$1,526,049 |
| 14 |
$2,667,908 |
$947,456
$120,056 |
$1,600,396 |
| 15 |
$2,801,294 |
$996,809
$126,058 |
$1,678,427 |
| 16 |
$2,941,354 |
$1,048,631
$132,361 |
$1,760,362 |
| 17 |
$3,088,370 |
$1,103,027
$138,977 |
$1,846,366 |
| 18 |
$3,242,812 |
$1,160,171
$145,927 |
$1,936,714 |
| 19 |
$3,404,962 |
$1,220,166
$153,223 |
$2,031,573 |
| 20 |
$3,575,196 |
$1,283,153
$160,884 |
$2,131,159 |
| 21 |
$3,753,984 |
$1,349,304
$168,929 |
$2,235,751 |
| 22 |
$3,941,702 |
$1,418,760
$177,377 |
$2,345,565 |
| 23 |
$4,138,726 |
$1,491,659
$186,243 |
$2,460,824 |
| 24 |
$4,345,714 |
$1,568,245
$195,557 |
$2,581,912 |
| 25 |
$4,562,948 |
$1,648,621
$205,333 |
$2,708,994 |
| 26 |
$4,791,180 |
$1,733,067
$215,603 |
$2,842,510 |
| 27 |
$5,030,692 |
$1,821,686
$226,381 |
$2,982,625 |
| 28 |
$5,282,236 |
$1,914,758
$237,701 |
$3,129,777 |
| 29 |
$5,546,376 |
$2,012,490
$249,587 |
$3,284,299 |
| 30 |
$5,823,676 |
$2,115,091
$262,065 |
$3,446,520 |
|
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