The jackpot for the MEGA Millions draw on Fri Dec 6, 2024, is projected to be $579 Million, with an option for a cash payout of $276.6 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 Arkansas residents, the state will deduct 4.9% from your lottery earnings.
| Arkansas MEGA Millions Jackpot/Cash Option for Fri Dec 6, 2024 |
|---|
| Draw Date | Fri Dec 6, 2024 | | Projected Jackpot | $579,000,000 | | Cash Value | $276,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $276,600,000 | | Federal Tax(24%) | $66,384,000 | | Additional Federal Tax | $35,918,330 | | State Tax(4.9%) | $13,553,400 | | Net Lumpsum Payment | $160,744,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,714,529 |
$3,184,706
$427,012 |
$5,102,811 |
| 2 |
$9,150,516 |
$3,346,021
$448,375 |
$5,356,120 |
| 3 |
$9,607,926 |
$3,515,263
$470,788 |
$5,621,875 |
| 4 |
$10,088,496 |
$3,693,074
$494,336 |
$5,901,086 |
| 5 |
$10,592,805 |
$3,879,668
$519,047 |
$6,194,090 |
| 6 |
$11,122,590 |
$4,075,689
$545,007 |
$6,501,894 |
| 7 |
$11,678,430 |
$4,281,349
$572,243 |
$6,824,838 |
| 8 |
$12,262,641 |
$4,497,508
$600,869 |
$7,164,264 |
| 9 |
$12,875,802 |
$4,724,377
$630,914 |
$7,520,511 |
| 10 |
$13,519,650 |
$4,962,601
$662,463 |
$7,894,586 |
| 11 |
$14,195,343 |
$5,212,607
$695,572 |
$8,287,164 |
| 12 |
$14,905,197 |
$5,475,253
$730,355 |
$8,699,589 |
| 13 |
$15,650,370 |
$5,750,967
$766,868 |
$9,132,535 |
| 14 |
$16,433,178 |
$6,040,606
$805,226 |
$9,587,346 |
| 15 |
$17,254,779 |
$6,344,599
$845,484 |
$10,064,696 |
| 16 |
$18,117,489 |
$6,663,801
$887,757 |
$10,565,931 |
| 17 |
$19,023,045 |
$6,998,857
$932,129 |
$11,092,059 |
| 18 |
$19,974,342 |
$7,350,837
$978,743 |
$11,644,762 |
| 19 |
$20,973,117 |
$7,720,384
$1,027,683 |
$12,225,050 |
| 20 |
$22,021,686 |
$8,108,354
$1,079,063 |
$12,834,269 |
| 21 |
$23,122,944 |
$8,515,820
$1,133,024 |
$13,474,100 |
| 22 |
$24,279,207 |
$8,943,637
$1,189,681 |
$14,145,889 |
| 23 |
$25,492,791 |
$9,392,663
$1,249,147 |
$14,850,981 |
| 24 |
$26,767,749 |
$9,864,398
$1,311,620 |
$15,591,731 |
| 25 |
$28,105,818 |
$10,359,483
$1,377,185 |
$16,369,150 |
| 26 |
$29,511,630 |
$10,879,633
$1,446,070 |
$17,185,927 |
| 27 |
$30,986,922 |
$11,425,492
$1,518,359 |
$18,043,071 |
| 28 |
$32,536,326 |
$11,998,771
$1,594,280 |
$18,943,275 |
| 29 |
$34,163,316 |
$12,600,757
$1,674,002 |
$19,888,557 |
| 30 |
$35,871,366 |
$13,232,736
$1,757,697 |
$20,880,933 |
|
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