The jackpot for the MEGA Millions draw on Fri May 10, 2024, is projected to be $331 Million, with an option for a cash payout of $153.1 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 Arkansas residents, the state will deduct 4.9% from your lottery earnings.
| Arkansas MEGA Millions Jackpot/Cash Option for Fri May 10, 2024 |
|---|
| Draw Date | Fri May 10, 2024 | | Projected Jackpot | $331,000,000 | | Cash Value | $153,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $153,100,000 | | Federal Tax(24%) | $36,744,000 | | Additional Federal Tax | $19,863,330 | | State Tax(4.9%) | $7,501,900 | | Net Lumpsum Payment | $88,990,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$244,112 |
$2,934,143 |
| 2 |
$5,231,124 |
$1,895,846
$256,325 |
$3,078,953 |
| 3 |
$5,492,614 |
$1,992,598
$269,138 |
$3,230,878 |
| 4 |
$5,767,344 |
$2,094,248
$282,600 |
$3,390,496 |
| 5 |
$6,055,645 |
$2,200,919
$296,727 |
$3,557,999 |
| 6 |
$6,358,510 |
$2,312,979
$311,567 |
$3,733,964 |
| 7 |
$6,676,270 |
$2,430,550
$327,137 |
$3,918,583 |
| 8 |
$7,010,249 |
$2,554,123
$343,502 |
$4,112,624 |
| 9 |
$7,360,778 |
$2,683,818
$360,678 |
$4,316,282 |
| 10 |
$7,728,850 |
$2,820,005
$378,714 |
$4,530,131 |
| 11 |
$8,115,127 |
$2,962,927
$397,641 |
$4,754,559 |
| 12 |
$8,520,933 |
$3,113,076
$417,526 |
$4,990,331 |
| 13 |
$8,946,930 |
$3,270,694
$438,400 |
$5,237,836 |
| 14 |
$9,394,442 |
$3,436,274
$460,328 |
$5,497,840 |
| 15 |
$9,864,131 |
$3,610,059
$483,342 |
$5,770,730 |
| 16 |
$10,357,321 |
$3,792,539
$507,509 |
$6,057,273 |
| 17 |
$10,875,005 |
$3,984,082
$532,875 |
$6,358,048 |
| 18 |
$11,418,838 |
$4,185,300
$559,523 |
$6,674,015 |
| 19 |
$11,989,813 |
$4,396,561
$587,501 |
$7,005,751 |
| 20 |
$12,589,254 |
$4,618,354
$616,873 |
$7,354,027 |
| 21 |
$13,218,816 |
$4,851,292
$647,722 |
$7,719,802 |
| 22 |
$13,879,823 |
$5,095,865
$680,111 |
$8,103,847 |
| 23 |
$14,573,599 |
$5,352,562
$714,106 |
$8,506,931 |
| 24 |
$15,302,461 |
$5,622,241
$749,821 |
$8,930,399 |
| 25 |
$16,067,402 |
$5,905,269
$787,303 |
$9,374,830 |
| 26 |
$16,871,070 |
$6,202,626
$826,682 |
$9,841,762 |
| 27 |
$17,714,458 |
$6,514,680
$868,008 |
$10,331,770 |
| 28 |
$18,600,214 |
$6,842,410
$911,410 |
$10,846,394 |
| 29 |
$19,530,324 |
$7,186,550
$956,986 |
$11,386,788 |
| 30 |
$20,506,774 |
$7,547,837
$1,004,832 |
$11,954,105 |
|
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