Arizona Lottery

AZLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 Tue Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(2.5%)	$10,735,000
Net Lumpsum Payment	$259,826,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$355,204	$8,635,596
2	$14,918,976	-$5,480,352 -$372,974	$9,065,650
3	$15,664,736	-$5,756,283 -$391,618	$9,516,835
4	$16,448,256	-$6,046,185 -$411,206	$9,990,865
5	$17,270,480	-$6,350,408 -$431,762	$10,488,310
6	$18,134,240	-$6,669,999 -$453,356	$11,010,885
7	$19,040,480	-$7,005,308 -$476,012	$11,559,160
8	$19,992,976	-$7,357,732 -$499,824	$12,135,420
9	$20,992,672	-$7,727,619 -$524,817	$12,740,236
10	$22,042,400	-$8,116,018 -$551,060	$13,375,322
11	$23,144,048	-$8,523,628 -$578,601	$14,041,819
12	$24,301,392	-$8,951,845 -$607,535	$14,742,012
13	$25,516,320	-$9,401,369 -$637,908	$15,477,043
14	$26,792,608	-$9,873,595 -$669,815	$16,249,198
15	$28,132,144	-$10,369,224 -$703,304	$17,059,616
16	$29,538,704	-$10,889,651 -$738,468	$17,910,585
17	$31,015,120	-$11,435,925 -$775,378	$18,803,817
18	$32,566,112	-$12,009,792 -$814,153	$19,742,167
19	$34,194,512	-$12,612,300 -$854,863	$20,727,349
20	$35,904,096	-$13,244,846 -$897,602	$21,761,648
21	$37,699,584	-$13,909,176 -$942,490	$22,847,918
22	$39,584,752	-$14,606,689 -$989,619	$23,988,444
23	$41,563,376	-$15,338,780 -$1,039,084	$25,185,512
24	$43,642,064	-$16,107,894 -$1,091,052	$26,443,118
25	$45,823,648	-$16,915,080 -$1,145,591	$27,762,977
26	$48,115,680	-$17,763,132 -$1,202,892	$29,149,656
27	$50,520,992	-$18,653,097 -$1,263,025	$30,604,870
28	$53,047,136	-$19,587,771 -$1,326,178	$32,133,187
29	$55,699,776	-$20,569,248 -$1,392,494	$33,738,034
30	$58,484,576	-$21,599,624 -$1,462,114	$35,422,838