The jackpot for the MEGA Millions draw on Fri Jan 31, 2025, is projected to be $59 Million, with an option for a cash payout of $26.5 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 Jan 31, 2025 |
|---|
| Draw Date | Fri Jan 31, 2025 | | Projected Jackpot | $59,000,000 | | Cash Value | $26,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,500,000 | | Federal Tax(24%) | $6,360,000 | | Additional Federal Tax | $3,405,330 | | State Tax(4.9%) | $1,298,500 | | Net Lumpsum Payment | $15,436,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$43,512 |
$555,603 |
| 2 |
$932,436 |
$305,332
$45,689 |
$581,415 |
| 3 |
$979,046 |
$322,577
$47,973 |
$608,496 |
| 4 |
$1,028,016 |
$340,696
$50,373 |
$636,947 |
| 5 |
$1,079,405 |
$359,710
$52,891 |
$666,804 |
| 6 |
$1,133,390 |
$379,685
$55,536 |
$698,169 |
| 7 |
$1,190,030 |
$400,641
$58,311 |
$731,078 |
| 8 |
$1,249,561 |
$422,668
$61,228 |
$765,665 |
| 9 |
$1,312,042 |
$445,786
$64,290 |
$801,966 |
| 10 |
$1,377,650 |
$470,061
$67,505 |
$840,084 |
| 11 |
$1,446,503 |
$495,536
$70,879 |
$880,088 |
| 12 |
$1,518,837 |
$522,300
$74,423 |
$922,114 |
| 13 |
$1,594,770 |
$550,395
$78,144 |
$966,231 |
| 14 |
$1,674,538 |
$579,909
$82,052 |
$1,012,577 |
| 15 |
$1,758,259 |
$610,886
$86,155 |
$1,061,218 |
| 16 |
$1,846,169 |
$643,413
$90,462 |
$1,112,294 |
| 17 |
$1,938,445 |
$677,555
$94,984 |
$1,165,906 |
| 18 |
$2,035,382 |
$713,422
$99,734 |
$1,222,226 |
| 19 |
$2,137,157 |
$751,078
$104,721 |
$1,281,358 |
| 20 |
$2,244,006 |
$790,613
$109,956 |
$1,343,437 |
| 21 |
$2,356,224 |
$832,133
$115,455 |
$1,408,636 |
| 22 |
$2,474,047 |
$875,728
$121,228 |
$1,477,091 |
| 23 |
$2,597,711 |
$921,483
$127,288 |
$1,548,940 |
| 24 |
$2,727,629 |
$969,553
$133,654 |
$1,624,422 |
| 25 |
$2,863,978 |
$1,020,002
$140,335 |
$1,703,641 |
| 26 |
$3,007,230 |
$1,073,005
$147,354 |
$1,786,871 |
| 27 |
$3,157,562 |
$1,128,628
$154,721 |
$1,874,213 |
| 28 |
$3,315,446 |
$1,187,045
$162,457 |
$1,965,944 |
| 29 |
$3,481,236 |
$1,248,388
$170,581 |
$2,062,267 |
| 30 |
$3,655,286 |
$1,312,786
$179,109 |
$2,163,391 |
|
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