Arkansas Lottery

ARLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 3, 2024 is estimated to be $284 Million, with a cash option of 127.6 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 3, 2024

Draw Date	Jackpot	Cash Option
Fri May 3, 2024	$284,000,000	$127,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$127,600,000
Federal Tax(24%)	$30,624,000
Additional Federal Tax	$16,548,330
State Tax(4.9%)	$6,252,400
Net Lumpsum Payment	$74,175,270

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$209,450	$2,523,145
2	$4,488,336	-$1,621,015 -$219,928	$2,647,393
3	$4,712,696	-$1,704,028 -$230,922	$2,777,746
4	$4,948,416	-$1,791,244 -$242,472	$2,914,700
5	$5,195,780	-$1,882,769 -$254,593	$3,058,418
6	$5,455,640	-$1,978,917 -$267,326	$3,209,397
7	$5,728,280	-$2,079,794 -$280,686	$3,367,800
8	$6,014,836	-$2,185,820 -$294,727	$3,534,289
9	$6,315,592	-$2,297,099 -$309,464	$3,709,029
10	$6,631,400	-$2,413,948 -$324,939	$3,892,513
11	$6,962,828	-$2,536,577 -$341,179	$4,085,072
12	$7,311,012	-$2,665,405 -$358,240	$4,287,367
13	$7,676,520	-$2,800,643 -$376,149	$4,499,728
14	$8,060,488	-$2,942,711 -$394,964	$4,722,813
15	$8,463,484	-$3,091,819 -$414,711	$4,956,954
16	$8,886,644	-$3,248,389 -$435,446	$5,202,809
17	$9,330,820	-$3,412,734 -$457,210	$5,460,876
18	$9,797,432	-$3,585,380 -$480,074	$5,731,978
19	$10,287,332	-$3,766,643 -$504,079	$6,016,610
20	$10,801,656	-$3,956,943 -$529,281	$6,315,432
21	$11,341,824	-$4,156,805 -$555,749	$6,629,270
22	$11,908,972	-$4,366,650 -$583,540	$6,958,782
23	$12,504,236	-$4,586,898 -$612,708	$7,304,630
24	$13,129,604	-$4,818,284 -$643,351	$7,667,969
25	$13,785,928	-$5,061,124 -$675,510	$8,049,294
26	$14,475,480	-$5,316,258 -$709,299	$8,449,923
27	$15,199,112	-$5,584,002 -$744,756	$8,870,354
28	$15,959,096	-$5,865,196 -$781,996	$9,311,904
29	$16,757,136	-$6,160,471 -$821,100	$9,775,565
30	$17,594,936	-$6,470,457 -$862,152	$10,262,327