The jackpot for the MEGA Millions draw on Fri Dec 27, 2024, is projected to be $1.15 Billion, with an option for a cash payout of $516.1 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 Dec 27, 2024 |
|---|
| Draw Date | Fri Dec 27, 2024 | | Projected Jackpot | $1,150,000,000 | | Cash Value | $516,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $516,100,000 | | Federal Tax(24%) | $123,864,000 | | Additional Federal Tax | $67,053,330 | | State Tax(4.9%) | $25,288,900 | | Net Lumpsum Payment | $299,893,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$17,308,650 |
$6,364,531
$848,124 |
$10,095,995 |
| 2 |
$18,174,600 |
$6,684,932
$890,555 |
$10,599,113 |
| 3 |
$19,083,100 |
$7,021,077
$935,072 |
$11,126,951 |
| 4 |
$20,037,600 |
$7,374,242
$981,842 |
$11,681,516 |
| 5 |
$21,039,250 |
$7,744,853
$1,030,923 |
$12,263,474 |
| 6 |
$22,091,500 |
$8,134,185
$1,082,484 |
$12,874,831 |
| 7 |
$23,195,500 |
$8,542,665
$1,136,580 |
$13,516,255 |
| 8 |
$24,355,850 |
$8,971,995
$1,193,437 |
$14,190,418 |
| 9 |
$25,573,700 |
$9,422,599
$1,253,111 |
$14,897,990 |
| 10 |
$26,852,500 |
$9,895,755
$1,315,773 |
$15,640,972 |
| 11 |
$28,194,550 |
$10,392,314
$1,381,533 |
$16,420,703 |
| 12 |
$29,604,450 |
$10,913,977
$1,450,618 |
$17,239,855 |
| 13 |
$31,084,500 |
$11,461,595
$1,523,141 |
$18,099,764 |
| 14 |
$32,639,300 |
$12,036,871
$1,599,326 |
$19,003,103 |
| 15 |
$34,271,150 |
$12,640,656
$1,679,286 |
$19,951,208 |
| 16 |
$35,984,650 |
$13,274,651
$1,763,248 |
$20,946,751 |
| 17 |
$37,783,250 |
$13,940,133
$1,851,379 |
$21,991,738 |
| 18 |
$39,672,700 |
$14,639,229
$1,943,962 |
$23,089,509 |
| 19 |
$41,656,450 |
$15,373,217
$2,041,166 |
$24,242,067 |
| 20 |
$43,739,100 |
$16,143,797
$2,143,216 |
$25,452,087 |
| 21 |
$45,926,400 |
$16,953,098
$2,250,394 |
$26,722,908 |
| 22 |
$48,222,950 |
$17,802,822
$2,362,925 |
$28,057,203 |
| 23 |
$50,633,350 |
$18,694,670
$2,481,034 |
$29,457,646 |
| 24 |
$53,165,650 |
$19,631,621
$2,605,117 |
$30,928,912 |
| 25 |
$55,823,300 |
$20,614,951
$2,735,342 |
$32,473,007 |
| 26 |
$58,615,500 |
$21,648,065
$2,872,160 |
$34,095,275 |
| 27 |
$61,545,700 |
$22,732,239
$3,015,739 |
$35,797,722 |
| 28 |
$64,623,100 |
$23,870,877
$3,166,532 |
$37,585,691 |
| 29 |
$67,854,600 |
$25,066,532
$3,324,875 |
$39,463,193 |
| 30 |
$71,247,100 |
$26,321,757
$3,491,108 |
$41,434,235 |
|
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