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 Arizona residents, the state will deduct 2.5% from your lottery earnings.
| Arizona 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(2.5%) | $225,000 | | Net Lumpsum Payment | $5,484,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$7,526 |
$221,786 |
| 2 |
$316,080 |
$77,280
$7,902 |
$230,898 |
| 3 |
$331,880 |
$83,126
$8,297 |
$240,457 |
| 4 |
$348,480 |
$89,268
$8,712 |
$250,500 |
| 5 |
$365,900 |
$95,713
$9,148 |
$261,039 |
| 6 |
$384,200 |
$102,484
$9,605 |
$272,111 |
| 7 |
$403,400 |
$109,588
$10,085 |
$283,727 |
| 8 |
$423,580 |
$117,055
$10,590 |
$295,935 |
| 9 |
$444,760 |
$124,892
$11,119 |
$308,749 |
| 10 |
$467,000 |
$133,120
$11,675 |
$322,205 |
| 11 |
$490,340 |
$141,756
$12,259 |
$336,325 |
| 12 |
$514,860 |
$150,829
$12,872 |
$351,159 |
| 13 |
$540,600 |
$160,352
$13,515 |
$366,733 |
| 14 |
$567,640 |
$170,357
$14,191 |
$383,092 |
| 15 |
$596,020 |
$180,858
$14,901 |
$400,261 |
| 16 |
$625,820 |
$191,884
$15,646 |
$418,290 |
| 17 |
$657,100 |
$203,457
$16,428 |
$437,215 |
| 18 |
$689,960 |
$215,616
$17,249 |
$457,095 |
| 19 |
$724,460 |
$228,381
$18,112 |
$477,967 |
| 20 |
$760,680 |
$241,782
$19,017 |
$499,881 |
| 21 |
$798,720 |
$255,857
$19,968 |
$522,895 |
| 22 |
$838,660 |
$270,635
$20,967 |
$547,058 |
| 23 |
$880,580 |
$286,145
$22,015 |
$572,420 |
| 24 |
$924,620 |
$302,440
$23,116 |
$599,064 |
| 25 |
$970,840 |
$319,541
$24,271 |
$627,028 |
| 26 |
$1,019,400 |
$337,508
$25,485 |
$656,407 |
| 27 |
$1,070,360 |
$356,364
$26,759 |
$687,237 |
| 28 |
$1,123,880 |
$376,166
$28,097 |
$719,617 |
| 29 |
$1,180,080 |
$396,960
$29,502 |
$753,618 |
| 30 |
$1,239,080 |
$418,790
$30,977 |
$789,313 |
|
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