The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(4.5%) | $8,815,500 | | Net Lumpsum Payment | $114,641,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$285,141 |
$3,746,505 |
| 2 |
$6,653,484 |
$2,422,119
$299,407 |
$3,931,958 |
| 3 |
$6,986,074 |
$2,545,178
$314,373 |
$4,126,523 |
| 4 |
$7,335,504 |
$2,674,467
$330,098 |
$4,330,939 |
| 5 |
$7,702,195 |
$2,810,143
$346,599 |
$4,545,453 |
| 6 |
$8,087,410 |
$2,952,672
$363,933 |
$4,770,805 |
| 7 |
$8,491,570 |
$3,102,211
$382,121 |
$5,007,238 |
| 8 |
$8,916,359 |
$3,259,383
$401,236 |
$5,255,740 |
| 9 |
$9,362,198 |
$3,424,344
$421,299 |
$5,516,555 |
| 10 |
$9,830,350 |
$3,597,560
$442,366 |
$5,790,424 |
| 11 |
$10,321,657 |
$3,779,343
$464,475 |
$6,077,839 |
| 12 |
$10,837,803 |
$3,970,317
$487,701 |
$6,379,785 |
| 13 |
$11,379,630 |
$4,170,793
$512,083 |
$6,696,754 |
| 14 |
$11,948,822 |
$4,381,395
$537,697 |
$7,029,730 |
| 15 |
$12,546,221 |
$4,602,432
$564,580 |
$7,379,209 |
| 16 |
$13,173,511 |
$4,834,529
$592,808 |
$7,746,174 |
| 17 |
$13,831,955 |
$5,078,154
$622,438 |
$8,131,363 |
| 18 |
$14,523,658 |
$5,334,084
$653,565 |
$8,536,009 |
| 19 |
$15,249,883 |
$5,602,787
$686,245 |
$8,960,851 |
| 20 |
$16,012,314 |
$5,884,887
$720,554 |
$9,406,873 |
| 21 |
$16,813,056 |
$6,181,161
$756,588 |
$9,875,307 |
| 22 |
$17,653,793 |
$6,492,234
$794,421 |
$10,367,138 |
| 23 |
$18,536,209 |
$6,818,728
$834,129 |
$10,883,352 |
| 24 |
$19,463,251 |
$7,161,733
$875,846 |
$11,425,672 |
| 25 |
$20,436,182 |
$7,521,718
$919,628 |
$11,994,836 |
| 26 |
$21,458,370 |
$7,899,927
$965,627 |
$12,592,816 |
| 27 |
$22,531,078 |
$8,296,829
$1,013,899 |
$13,220,350 |
| 28 |
$23,657,674 |
$8,713,670
$1,064,595 |
$13,879,409 |
| 29 |
$24,840,684 |
$9,151,383
$1,117,831 |
$14,571,470 |
| 30 |
$26,082,634 |
$9,610,905
$1,173,719 |
$15,298,010 |
|
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