Arizona Lottery

AZLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 7, 2024 is estimated to be $306 Million, with a cash option of 140.1 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 Tue May 7, 2024

Draw Date	Jackpot	Cash Option
Tue May 7, 2024	$306,000,000	$140,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$140,100,000
Federal Tax(24%)	$33,624,000
Additional Federal Tax	$18,173,330
State Tax(2.5%)	$3,502,500
Net Lumpsum Payment	$84,800,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$115,140	$2,826,061
2	$4,836,024	-$1,749,659 -$120,901	$2,965,464
3	$5,077,764	-$1,839,103 -$126,944	$3,111,717
4	$5,331,744	-$1,933,076 -$133,294	$3,265,374
5	$5,598,270	-$2,031,690 -$139,957	$3,426,623
6	$5,878,260	-$2,135,287 -$146,957	$3,596,016
7	$6,172,020	-$2,243,978 -$154,301	$3,773,741
8	$6,480,774	-$2,358,217 -$162,019	$3,960,538
9	$6,804,828	-$2,478,117 -$170,121	$4,156,590
10	$7,145,100	-$2,604,017 -$178,628	$4,362,455
11	$7,502,202	-$2,736,145 -$187,555	$4,578,502
12	$7,877,358	-$2,874,953 -$196,934	$4,805,471
13	$8,271,180	-$3,020,667 -$206,780	$5,043,733
14	$8,684,892	-$3,173,740 -$217,122	$5,294,030
15	$9,119,106	-$3,334,400 -$227,978	$5,556,728
16	$9,575,046	-$3,503,097 -$239,376	$5,832,573
17	$10,053,630	-$3,680,173 -$251,341	$6,122,116
18	$10,556,388	-$3,866,194 -$263,910	$6,426,284
19	$11,084,238	-$4,061,498 -$277,106	$6,745,634
20	$11,638,404	-$4,266,540 -$290,960	$7,080,904
21	$12,220,416	-$4,481,884 -$305,510	$7,433,022
22	$12,831,498	-$4,707,985 -$320,787	$7,802,726
23	$13,472,874	-$4,945,294 -$336,822	$8,190,758
24	$14,146,686	-$5,194,604 -$353,667	$8,598,415
25	$14,853,852	-$5,456,256 -$371,346	$9,026,250
26	$15,596,820	-$5,731,154 -$389,921	$9,475,745
27	$16,376,508	-$6,019,638 -$409,413	$9,947,457
28	$17,195,364	-$6,322,615 -$429,884	$10,442,865
29	$18,055,224	-$6,640,763 -$451,381	$10,963,080
30	$18,957,924	-$6,974,762 -$473,948	$11,509,214