Arkansas Lottery

ARLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Arkansas, your state will take 4.9% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Arkansas MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(4.9%)	$7,501,900
Net Lumpsum Payment	$88,990,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$244,112	$2,934,143
2	$5,231,124	-$1,895,846 -$256,325	$3,078,953
3	$5,492,614	-$1,992,598 -$269,138	$3,230,878
4	$5,767,344	-$2,094,248 -$282,600	$3,390,496
5	$6,055,645	-$2,200,919 -$296,727	$3,557,999
6	$6,358,510	-$2,312,979 -$311,567	$3,733,964
7	$6,676,270	-$2,430,550 -$327,137	$3,918,583
8	$7,010,249	-$2,554,123 -$343,502	$4,112,624
9	$7,360,778	-$2,683,818 -$360,678	$4,316,282
10	$7,728,850	-$2,820,005 -$378,714	$4,530,131
11	$8,115,127	-$2,962,927 -$397,641	$4,754,559
12	$8,520,933	-$3,113,076 -$417,526	$4,990,331
13	$8,946,930	-$3,270,694 -$438,400	$5,237,836
14	$9,394,442	-$3,436,274 -$460,328	$5,497,840
15	$9,864,131	-$3,610,059 -$483,342	$5,770,730
16	$10,357,321	-$3,792,539 -$507,509	$6,057,273
17	$10,875,005	-$3,984,082 -$532,875	$6,358,048
18	$11,418,838	-$4,185,300 -$559,523	$6,674,015
19	$11,989,813	-$4,396,561 -$587,501	$7,005,751
20	$12,589,254	-$4,618,354 -$616,873	$7,354,027
21	$13,218,816	-$4,851,292 -$647,722	$7,719,802
22	$13,879,823	-$5,095,865 -$680,111	$8,103,847
23	$14,573,599	-$5,352,562 -$714,106	$8,506,931
24	$15,302,461	-$5,622,241 -$749,821	$8,930,399
25	$16,067,402	-$5,905,269 -$787,303	$9,374,830
26	$16,871,070	-$6,202,626 -$826,682	$9,841,762
27	$17,714,458	-$6,514,680 -$868,008	$10,331,770
28	$18,600,214	-$6,842,410 -$911,410	$10,846,394
29	$19,530,324	-$7,186,550 -$956,986	$11,386,788
30	$20,506,774	-$7,547,837 -$1,004,832	$11,954,105