Arkansas Lottery

ARLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 31, 2024 is estimated to be $20 Million, with a cash option of 9 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Arkansas MEGA Millions Jackpot/Cash Option for Tue Dec 31, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 31, 2024	$20,000,000	$9,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$9,000,000
Federal Tax(24%)	$2,160,000
Additional Federal Tax	$1,130,330
State Tax(4.9%)	$441,000
Net Lumpsum Payment	$5,268,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$14,750	$214,562
2	$316,080	-$77,280 -$15,488	$223,312
3	$331,880	-$83,126 -$16,262	$232,492
4	$348,480	-$89,268 -$17,076	$242,136
5	$365,900	-$95,713 -$17,929	$252,258
6	$384,200	-$102,484 -$18,826	$262,890
7	$403,400	-$109,588 -$19,767	$274,045
8	$423,580	-$117,055 -$20,755	$285,770
9	$444,760	-$124,892 -$21,793	$298,075
10	$467,000	-$133,120 -$22,883	$310,997
11	$490,340	-$141,756 -$24,027	$324,557
12	$514,860	-$150,829 -$25,228	$338,803
13	$540,600	-$160,352 -$26,489	$353,759
14	$567,640	-$170,357 -$27,814	$369,469
15	$596,020	-$180,858 -$29,205	$385,957
16	$625,820	-$191,884 -$30,665	$403,271
17	$657,100	-$203,457 -$32,198	$421,445
18	$689,960	-$215,616 -$33,808	$440,536
19	$724,460	-$228,381 -$35,499	$460,580
20	$760,680	-$241,782 -$37,273	$481,625
21	$798,720	-$255,857 -$39,137	$503,726
22	$838,660	-$270,635 -$41,094	$526,931
23	$880,580	-$286,145 -$43,148	$551,287
24	$924,620	-$302,440 -$45,306	$576,874
25	$970,840	-$319,541 -$47,571	$603,728
26	$1,019,400	-$337,508 -$49,951	$631,941
27	$1,070,360	-$356,364 -$52,448	$661,548
28	$1,123,880	-$376,166 -$55,070	$692,644
29	$1,180,080	-$396,960 -$57,824	$725,296
30	$1,239,080	-$418,790 -$60,715	$759,575