Arizona Lottery

AZLottery 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 Arizona, your state will take 2.5% 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.

Arizona 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(2.5%)	$3,827,500
Net Lumpsum Payment	$92,665,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$124,547	$3,053,708
2	$5,231,124	-$1,895,846 -$130,778	$3,204,500
3	$5,492,614	-$1,992,598 -$137,315	$3,362,701
4	$5,767,344	-$2,094,248 -$144,184	$3,528,912
5	$6,055,645	-$2,200,919 -$151,391	$3,703,335
6	$6,358,510	-$2,312,979 -$158,963	$3,886,568
7	$6,676,270	-$2,430,550 -$166,907	$4,078,813
8	$7,010,249	-$2,554,123 -$175,256	$4,280,870
9	$7,360,778	-$2,683,818 -$184,019	$4,492,941
10	$7,728,850	-$2,820,005 -$193,221	$4,715,624
11	$8,115,127	-$2,962,927 -$202,878	$4,949,322
12	$8,520,933	-$3,113,076 -$213,023	$5,194,834
13	$8,946,930	-$3,270,694 -$223,673	$5,452,563
14	$9,394,442	-$3,436,274 -$234,861	$5,723,307
15	$9,864,131	-$3,610,059 -$246,603	$6,007,469
16	$10,357,321	-$3,792,539 -$258,933	$6,305,849
17	$10,875,005	-$3,984,082 -$271,875	$6,619,048
18	$11,418,838	-$4,185,300 -$285,471	$6,948,067
19	$11,989,813	-$4,396,561 -$299,745	$7,293,507
20	$12,589,254	-$4,618,354 -$314,731	$7,656,169
21	$13,218,816	-$4,851,292 -$330,470	$8,037,054
22	$13,879,823	-$5,095,865 -$346,996	$8,436,962
23	$14,573,599	-$5,352,562 -$364,340	$8,856,697
24	$15,302,461	-$5,622,241 -$382,562	$9,297,658
25	$16,067,402	-$5,905,269 -$401,685	$9,760,448
26	$16,871,070	-$6,202,626 -$421,777	$10,246,667
27	$17,714,458	-$6,514,680 -$442,861	$10,756,917
28	$18,600,214	-$6,842,410 -$465,005	$11,292,799
29	$19,530,324	-$7,186,550 -$488,258	$11,855,516
30	$20,506,774	-$7,547,837 -$512,669	$12,446,268