The jackpot for the MEGA Millions draw on Fri Jan 17, 2025, is projected to be $113 Million, with an option for a cash payout of $49.2 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 Jan 17, 2025 |
|---|
| Draw Date | Fri Jan 17, 2025 | | Projected Jackpot | $113,000,000 | | Cash Value | $49,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $49,200,000 | | Federal Tax(24%) | $11,808,000 | | Additional Federal Tax | $6,356,330 | | State Tax(4.5%) | $2,214,000 | | Net Lumpsum Payment | $28,821,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$76,534 |
$1,034,616 |
| 2 |
$1,785,852 |
$621,096
$80,363 |
$1,084,393 |
| 3 |
$1,875,122 |
$654,126
$84,380 |
$1,136,616 |
| 4 |
$1,968,912 |
$688,828
$88,601 |
$1,191,483 |
| 5 |
$2,067,335 |
$725,244
$93,030 |
$1,249,061 |
| 6 |
$2,170,730 |
$763,500
$97,683 |
$1,309,547 |
| 7 |
$2,279,210 |
$803,638
$102,564 |
$1,373,008 |
| 8 |
$2,393,227 |
$845,824
$107,695 |
$1,439,708 |
| 9 |
$2,512,894 |
$890,101
$113,080 |
$1,509,713 |
| 10 |
$2,638,550 |
$936,594
$118,735 |
$1,583,221 |
| 11 |
$2,770,421 |
$985,386
$124,669 |
$1,660,366 |
| 12 |
$2,908,959 |
$1,036,645
$130,903 |
$1,741,411 |
| 13 |
$3,054,390 |
$1,090,455
$137,448 |
$1,826,487 |
| 14 |
$3,207,166 |
$1,146,982
$144,322 |
$1,915,862 |
| 15 |
$3,367,513 |
$1,206,310
$151,538 |
$2,009,665 |
| 16 |
$3,535,883 |
$1,268,607
$159,115 |
$2,108,161 |
| 17 |
$3,712,615 |
$1,333,998
$167,068 |
$2,211,549 |
| 18 |
$3,898,274 |
$1,402,692
$175,422 |
$2,320,160 |
| 19 |
$4,093,199 |
$1,474,814
$184,194 |
$2,434,191 |
| 20 |
$4,297,842 |
$1,550,532
$193,403 |
$2,553,907 |
| 21 |
$4,512,768 |
$1,630,055
$203,075 |
$2,679,638 |
| 22 |
$4,738,429 |
$1,713,549
$213,229 |
$2,811,651 |
| 23 |
$4,975,277 |
$1,801,183
$223,887 |
$2,950,207 |
| 24 |
$5,224,103 |
$1,893,248
$235,085 |
$3,095,770 |
| 25 |
$5,485,246 |
$1,989,871
$246,836 |
$3,248,539 |
| 26 |
$5,759,610 |
$2,091,386
$259,182 |
$3,409,042 |
| 27 |
$6,047,534 |
$2,197,918
$272,139 |
$3,577,477 |
| 28 |
$6,349,922 |
$2,309,802
$285,746 |
$3,754,374 |
| 29 |
$6,667,452 |
$2,427,288
$300,035 |
$3,940,129 |
| 30 |
$7,000,802 |
$2,550,627
$315,036 |
$4,135,139 |
|
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