The jackpot for the MEGA Millions draw on Tue Dec 31, 2024, is projected to be $20 Million, with an option for a cash payout of $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 Arkansas residents, the state will deduct 4.9% from your lottery earnings.
| Arkansas MEGA Millions Jackpot/Cash Option for Tue Dec 31, 2024 |
|---|
| Draw Date | Tue Dec 31, 2024 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,000,000 | | Federal Tax(24%) | $2,160,000 | | Additional Federal Tax | $1,130,330 | | State Tax(4.9%) | $441,000 | | Net Lumpsum Payment | $5,268,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$14,750 |
$214,562 |
| 2 |
$316,080 |
$77,280
$15,488 |
$223,312 |
| 3 |
$331,880 |
$83,126
$16,262 |
$232,492 |
| 4 |
$348,480 |
$89,268
$17,076 |
$242,136 |
| 5 |
$365,900 |
$95,713
$17,929 |
$252,258 |
| 6 |
$384,200 |
$102,484
$18,826 |
$262,890 |
| 7 |
$403,400 |
$109,588
$19,767 |
$274,045 |
| 8 |
$423,580 |
$117,055
$20,755 |
$285,770 |
| 9 |
$444,760 |
$124,892
$21,793 |
$298,075 |
| 10 |
$467,000 |
$133,120
$22,883 |
$310,997 |
| 11 |
$490,340 |
$141,756
$24,027 |
$324,557 |
| 12 |
$514,860 |
$150,829
$25,228 |
$338,803 |
| 13 |
$540,600 |
$160,352
$26,489 |
$353,759 |
| 14 |
$567,640 |
$170,357
$27,814 |
$369,469 |
| 15 |
$596,020 |
$180,858
$29,205 |
$385,957 |
| 16 |
$625,820 |
$191,884
$30,665 |
$403,271 |
| 17 |
$657,100 |
$203,457
$32,198 |
$421,445 |
| 18 |
$689,960 |
$215,616
$33,808 |
$440,536 |
| 19 |
$724,460 |
$228,381
$35,499 |
$460,580 |
| 20 |
$760,680 |
$241,782
$37,273 |
$481,625 |
| 21 |
$798,720 |
$255,857
$39,137 |
$503,726 |
| 22 |
$838,660 |
$270,635
$41,094 |
$526,931 |
| 23 |
$880,580 |
$286,145
$43,148 |
$551,287 |
| 24 |
$924,620 |
$302,440
$45,306 |
$576,874 |
| 25 |
$970,840 |
$319,541
$47,571 |
$603,728 |
| 26 |
$1,019,400 |
$337,508
$49,951 |
$631,941 |
| 27 |
$1,070,360 |
$356,364
$52,448 |
$661,548 |
| 28 |
$1,123,880 |
$376,166
$55,070 |
$692,644 |
| 29 |
$1,180,080 |
$396,960
$57,824 |
$725,296 |
| 30 |
$1,239,080 |
$418,790
$60,715 |
$759,575 |
|
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