The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 Nov 29, 2024 |
|---|
| Draw Date | Fri Nov 29, 2024 | | Projected Jackpot | $514,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(4.5%) | $10,845,000 | | Net Lumpsum Payment | $141,024,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$348,130 |
$4,565,354 |
| 2 |
$8,123,256 |
$2,965,935
$365,547 |
$4,791,774 |
| 3 |
$8,529,316 |
$3,116,177
$383,819 |
$5,029,320 |
| 4 |
$8,955,936 |
$3,274,027
$403,017 |
$5,278,892 |
| 5 |
$9,403,630 |
$3,439,673
$423,163 |
$5,540,794 |
| 6 |
$9,873,940 |
$3,613,688
$444,327 |
$5,815,925 |
| 7 |
$10,367,380 |
$3,796,261
$466,532 |
$6,104,587 |
| 8 |
$10,886,006 |
$3,988,153
$489,870 |
$6,407,983 |
| 9 |
$11,430,332 |
$4,189,553
$514,365 |
$6,726,414 |
| 10 |
$12,001,900 |
$4,401,033
$540,086 |
$7,060,781 |
| 11 |
$12,601,738 |
$4,622,973
$567,078 |
$7,411,687 |
| 12 |
$13,231,902 |
$4,856,134
$595,436 |
$7,780,332 |
| 13 |
$13,893,420 |
$5,100,896
$625,204 |
$8,167,320 |
| 14 |
$14,588,348 |
$5,358,019
$656,476 |
$8,573,853 |
| 15 |
$15,317,714 |
$5,627,885
$689,297 |
$9,000,532 |
| 16 |
$16,083,574 |
$5,911,253
$723,761 |
$9,448,560 |
| 17 |
$16,887,470 |
$6,208,694
$759,936 |
$9,918,840 |
| 18 |
$17,731,972 |
$6,521,160
$797,939 |
$10,412,873 |
| 19 |
$18,618,622 |
$6,849,221
$837,838 |
$10,931,563 |
| 20 |
$19,549,476 |
$7,193,637
$879,726 |
$11,476,113 |
| 21 |
$20,527,104 |
$7,555,359
$923,720 |
$12,048,025 |
| 22 |
$21,553,562 |
$7,935,148
$969,910 |
$12,648,504 |
| 23 |
$22,630,906 |
$8,333,766
$1,018,391 |
$13,278,749 |
| 24 |
$23,762,734 |
$8,752,542
$1,069,323 |
$13,940,869 |
| 25 |
$24,950,588 |
$9,192,048
$1,122,776 |
$14,635,764 |
| 26 |
$26,198,580 |
$9,653,805
$1,178,936 |
$15,365,839 |
| 27 |
$27,508,252 |
$10,138,384
$1,237,871 |
$16,131,997 |
| 28 |
$28,883,716 |
$10,647,305
$1,299,767 |
$16,936,644 |
| 29 |
$30,328,056 |
$11,181,711
$1,364,763 |
$17,781,582 |
| 30 |
$31,844,356 |
$11,742,742
$1,432,996 |
$18,668,618 |
|
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