The jackpot for the MEGA Millions draw on Fri Oct 18, 2024, is projected to be $185 Million, with an option for a cash payout of $88.4 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 Oct 18, 2024 |
|---|
| Draw Date | Fri Oct 18, 2024 | | Projected Jackpot | $185,000,000 | | Cash Value | $88,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $88,400,000 | | Federal Tax(24%) | $21,216,000 | | Additional Federal Tax | $11,452,330 | | State Tax(4.9%) | $4,331,600 | | Net Lumpsum Payment | $51,400,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,784,435 |
$990,571
$136,437 |
$1,657,427 |
| 2 |
$2,923,740 |
$1,042,114
$143,263 |
$1,738,363 |
| 3 |
$3,069,890 |
$1,096,190
$150,425 |
$1,823,275 |
| 4 |
$3,223,440 |
$1,153,003
$157,949 |
$1,912,488 |
| 5 |
$3,384,575 |
$1,212,623
$165,844 |
$2,006,108 |
| 6 |
$3,553,850 |
$1,275,255
$174,139 |
$2,104,456 |
| 7 |
$3,731,450 |
$1,340,967
$182,841 |
$2,207,642 |
| 8 |
$3,918,115 |
$1,410,033
$191,988 |
$2,316,094 |
| 9 |
$4,114,030 |
$1,482,521
$201,587 |
$2,429,922 |
| 10 |
$4,319,750 |
$1,558,638
$211,668 |
$2,549,444 |
| 11 |
$4,535,645 |
$1,638,519
$222,247 |
$2,674,879 |
| 12 |
$4,762,455 |
$1,722,439
$233,360 |
$2,806,656 |
| 13 |
$5,000,550 |
$1,810,534
$245,027 |
$2,944,989 |
| 14 |
$5,250,670 |
$1,903,078
$257,283 |
$3,090,309 |
| 15 |
$5,513,185 |
$2,000,209
$270,146 |
$3,242,830 |
| 16 |
$5,788,835 |
$2,102,199
$283,653 |
$3,402,983 |
| 17 |
$6,078,175 |
$2,209,255
$297,831 |
$3,571,089 |
| 18 |
$6,382,130 |
$2,321,718
$312,724 |
$3,747,688 |
| 19 |
$6,701,255 |
$2,439,795
$328,361 |
$3,933,099 |
| 20 |
$7,036,290 |
$2,563,758
$344,778 |
$4,127,754 |
| 21 |
$7,388,160 |
$2,693,950
$362,020 |
$4,332,190 |
| 22 |
$7,757,605 |
$2,830,644
$380,123 |
$4,546,838 |
| 23 |
$8,145,365 |
$2,974,115
$399,123 |
$4,772,127 |
| 24 |
$8,552,735 |
$3,124,842
$419,084 |
$5,008,809 |
| 25 |
$8,980,270 |
$3,283,030
$440,033 |
$5,257,207 |
| 26 |
$9,429,450 |
$3,449,227
$462,043 |
$5,518,180 |
| 27 |
$9,900,830 |
$3,623,637
$485,141 |
$5,792,052 |
| 28 |
$10,395,890 |
$3,806,810
$509,399 |
$6,079,681 |
| 29 |
$10,915,740 |
$3,999,154
$534,871 |
$6,381,715 |
| 30 |
$11,461,490 |
$4,201,082
$561,613 |
$6,698,795 |
|
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