Arizona Lottery

AZLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 15, 2024 is estimated to be $387 Million, with a cash option of 181.4 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Arizona MEGA Millions Jackpot/Cash Option for Fri Nov 15, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 15, 2024	$387,000,000	$181,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$181,400,000
Federal Tax(24%)	$43,536,000
Additional Federal Tax	$23,542,330
State Tax(2.5%)	$4,535,000
Net Lumpsum Payment	$109,786,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,824,737	-$2,115,483 -$145,618	$3,563,636
2	$6,116,148	-$2,223,305 -$152,904	$3,739,939
3	$6,421,878	-$2,336,425 -$160,547	$3,924,906
4	$6,743,088	-$2,455,273 -$168,577	$4,119,238
5	$7,080,165	-$2,579,991 -$177,004	$4,323,170
6	$7,434,270	-$2,711,010 -$185,857	$4,537,403
7	$7,805,790	-$2,848,473 -$195,145	$4,762,172
8	$8,196,273	-$2,992,951 -$204,907	$4,998,415
9	$8,606,106	-$3,144,590 -$215,153	$5,246,363
10	$9,036,450	-$3,303,817 -$225,911	$5,506,722
11	$9,488,079	-$3,470,920 -$237,202	$5,779,957
12	$9,962,541	-$3,646,471 -$249,064	$6,067,006
13	$10,460,610	-$3,830,756 -$261,515	$6,368,339
14	$10,983,834	-$4,024,349 -$274,596	$6,684,889
15	$11,532,987	-$4,227,536 -$288,325	$7,017,126
16	$12,109,617	-$4,440,889 -$302,740	$7,365,988
17	$12,714,885	-$4,664,838 -$317,872	$7,732,175
18	$13,350,726	-$4,900,099 -$333,768	$8,116,859
19	$14,018,301	-$5,147,102 -$350,458	$8,520,741
20	$14,719,158	-$5,406,419 -$367,979	$8,944,760
21	$15,455,232	-$5,678,766 -$386,381	$9,390,085
22	$16,228,071	-$5,964,717 -$405,702	$9,857,652
23	$17,039,223	-$6,264,843 -$425,981	$10,348,399
24	$17,891,397	-$6,580,147 -$447,285	$10,863,965
25	$18,785,754	-$6,911,059 -$469,644	$11,405,051
26	$19,725,390	-$7,258,725 -$493,135	$11,973,530
27	$20,711,466	-$7,623,573 -$517,787	$12,570,106
28	$21,747,078	-$8,006,749 -$543,677	$13,196,652
29	$22,834,548	-$8,409,113 -$570,864	$13,854,571
30	$23,976,198	-$8,831,524 -$599,405	$14,545,269