The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Arizona residents, the state will deduct 2.5% from your lottery earnings.
| Arizona MEGA Millions Jackpot/Cash Option for Tue May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(2.5%) | $4,897,500 | | Net Lumpsum Payment | $118,559,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$158,412 |
$3,873,234 |
| 2 |
$6,653,484 |
$2,422,119
$166,337 |
$4,065,028 |
| 3 |
$6,986,074 |
$2,545,178
$174,652 |
$4,266,244 |
| 4 |
$7,335,504 |
$2,674,467
$183,388 |
$4,477,649 |
| 5 |
$7,702,195 |
$2,810,143
$192,555 |
$4,699,497 |
| 6 |
$8,087,410 |
$2,952,672
$202,185 |
$4,932,553 |
| 7 |
$8,491,570 |
$3,102,211
$212,289 |
$5,177,070 |
| 8 |
$8,916,359 |
$3,259,383
$222,909 |
$5,434,067 |
| 9 |
$9,362,198 |
$3,424,344
$234,055 |
$5,703,799 |
| 10 |
$9,830,350 |
$3,597,560
$245,759 |
$5,987,031 |
| 11 |
$10,321,657 |
$3,779,343
$258,041 |
$6,284,273 |
| 12 |
$10,837,803 |
$3,970,317
$270,945 |
$6,596,541 |
| 13 |
$11,379,630 |
$4,170,793
$284,491 |
$6,924,346 |
| 14 |
$11,948,822 |
$4,381,395
$298,721 |
$7,268,706 |
| 15 |
$12,546,221 |
$4,602,432
$313,656 |
$7,630,133 |
| 16 |
$13,173,511 |
$4,834,529
$329,338 |
$8,009,644 |
| 17 |
$13,831,955 |
$5,078,154
$345,799 |
$8,408,002 |
| 18 |
$14,523,658 |
$5,334,084
$363,091 |
$8,826,483 |
| 19 |
$15,249,883 |
$5,602,787
$381,247 |
$9,265,849 |
| 20 |
$16,012,314 |
$5,884,887
$400,308 |
$9,727,119 |
| 21 |
$16,813,056 |
$6,181,161
$420,326 |
$10,211,569 |
| 22 |
$17,653,793 |
$6,492,234
$441,345 |
$10,720,214 |
| 23 |
$18,536,209 |
$6,818,728
$463,405 |
$11,254,076 |
| 24 |
$19,463,251 |
$7,161,733
$486,581 |
$11,814,937 |
| 25 |
$20,436,182 |
$7,521,718
$510,905 |
$12,403,559 |
| 26 |
$21,458,370 |
$7,899,927
$536,459 |
$13,021,984 |
| 27 |
$22,531,078 |
$8,296,829
$563,277 |
$13,670,972 |
| 28 |
$23,657,674 |
$8,713,670
$591,442 |
$14,352,562 |
| 29 |
$24,840,684 |
$9,151,383
$621,017 |
$15,068,284 |
| 30 |
$26,082,634 |
$9,610,905
$652,066 |
$15,819,663 |
|
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