The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 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 May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(4.5%) | $8,167,500 | | Net Lumpsum Payment | $106,217,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$266,177 |
$3,499,970 |
| 2 |
$6,210,972 |
$2,258,390
$279,494 |
$3,673,088 |
| 3 |
$6,521,442 |
$2,373,264
$293,465 |
$3,854,713 |
| 4 |
$6,847,632 |
$2,493,954
$308,143 |
$4,045,535 |
| 5 |
$7,189,935 |
$2,620,606
$323,547 |
$4,245,782 |
| 6 |
$7,549,530 |
$2,753,656
$339,729 |
$4,456,145 |
| 7 |
$7,926,810 |
$2,893,250
$356,706 |
$4,676,854 |
| 8 |
$8,323,347 |
$3,039,969
$374,551 |
$4,908,827 |
| 9 |
$8,739,534 |
$3,193,958
$393,279 |
$5,152,297 |
| 10 |
$9,176,550 |
$3,355,654
$412,945 |
$5,407,951 |
| 11 |
$9,635,181 |
$3,525,347
$433,583 |
$5,676,251 |
| 12 |
$10,116,999 |
$3,703,620
$455,265 |
$5,958,114 |
| 13 |
$10,622,790 |
$3,890,763
$478,026 |
$6,254,001 |
| 14 |
$11,154,126 |
$4,087,357
$501,936 |
$6,564,833 |
| 15 |
$11,711,793 |
$4,293,694
$527,031 |
$6,891,068 |
| 16 |
$12,297,363 |
$4,510,355
$553,381 |
$7,233,627 |
| 17 |
$12,912,015 |
$4,737,776
$581,041 |
$7,593,198 |
| 18 |
$13,557,714 |
$4,976,685
$610,097 |
$7,970,932 |
| 19 |
$14,235,639 |
$5,227,517
$640,604 |
$8,367,518 |
| 20 |
$14,947,362 |
$5,490,854
$672,631 |
$8,783,877 |
| 21 |
$15,694,848 |
$5,767,424
$706,268 |
$9,221,156 |
| 22 |
$16,479,669 |
$6,057,808
$741,585 |
$9,680,276 |
| 23 |
$17,303,397 |
$6,362,587
$778,653 |
$10,162,157 |
| 24 |
$18,168,783 |
$6,682,780
$817,595 |
$10,668,408 |
| 25 |
$19,077,006 |
$7,018,823
$858,465 |
$11,199,718 |
| 26 |
$20,031,210 |
$7,371,878
$901,404 |
$11,757,928 |
| 27 |
$21,032,574 |
$7,742,383
$946,466 |
$12,343,725 |
| 28 |
$22,084,242 |
$8,131,500
$993,791 |
$12,958,951 |
| 29 |
$23,188,572 |
$8,540,102
$1,043,486 |
$13,604,984 |
| 30 |
$24,347,922 |
$8,969,062
$1,095,656 |
$14,283,204 |
|
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