Arizona Lottery

AZLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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 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 Jan 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(2.5%)	$222,500
Net Lumpsum Payment	$5,424,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$7,526	$221,786
2	$316,080	-$77,280 -$7,902	$230,898
3	$331,880	-$83,126 -$8,297	$240,457
4	$348,480	-$89,268 -$8,712	$250,500
5	$365,900	-$95,713 -$9,148	$261,039
6	$384,200	-$102,484 -$9,605	$272,111
7	$403,400	-$109,588 -$10,085	$283,727
8	$423,580	-$117,055 -$10,590	$295,935
9	$444,760	-$124,892 -$11,119	$308,749
10	$467,000	-$133,120 -$11,675	$322,205
11	$490,340	-$141,756 -$12,259	$336,325
12	$514,860	-$150,829 -$12,872	$351,159
13	$540,600	-$160,352 -$13,515	$366,733
14	$567,640	-$170,357 -$14,191	$383,092
15	$596,020	-$180,858 -$14,901	$400,261
16	$625,820	-$191,884 -$15,646	$418,290
17	$657,100	-$203,457 -$16,428	$437,215
18	$689,960	-$215,616 -$17,249	$457,095
19	$724,460	-$228,381 -$18,112	$477,967
20	$760,680	-$241,782 -$19,017	$499,881
21	$798,720	-$255,857 -$19,968	$522,895
22	$838,660	-$270,635 -$20,967	$547,058
23	$880,580	-$286,145 -$22,015	$572,420
24	$924,620	-$302,440 -$23,116	$599,064
25	$970,840	-$319,541 -$24,271	$627,028
26	$1,019,400	-$337,508 -$25,485	$656,407
27	$1,070,360	-$356,364 -$26,759	$687,237
28	$1,123,880	-$376,166 -$28,097	$719,617
29	$1,180,080	-$396,960 -$29,502	$753,618
30	$1,239,080	-$418,790 -$30,977	$789,313