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 Arkansas residents, the state will deduct 4.9% from your lottery earnings.
Arkansas MEGA Millions Jackpot/Cash Option for Tue May 21, 2024 |
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Draw Date | Tue May 21, 2024 | Projected Jackpot | $421,000,000 | Cash Value | $195,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $195,900,000 | Federal Tax(24%) | $47,016,000 | Additional Federal Tax | $25,427,330 | State Tax(4.9%) | $9,599,100 | Net Lumpsum Payment | $113,857,570 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $310,487 |
$3,721,159 |
2 |
$6,653,484 |
$2,422,119 $326,021 |
$3,905,344 |
3 |
$6,986,074 |
$2,545,178 $342,318 |
$4,098,578 |
4 |
$7,335,504 |
$2,674,467 $359,440 |
$4,301,597 |
5 |
$7,702,195 |
$2,810,143 $377,408 |
$4,514,644 |
6 |
$8,087,410 |
$2,952,672 $396,283 |
$4,738,455 |
7 |
$8,491,570 |
$3,102,211 $416,087 |
$4,973,272 |
8 |
$8,916,359 |
$3,259,383 $436,902 |
$5,220,074 |
9 |
$9,362,198 |
$3,424,344 $458,748 |
$5,479,106 |
10 |
$9,830,350 |
$3,597,560 $481,687 |
$5,751,103 |
11 |
$10,321,657 |
$3,779,343 $505,761 |
$6,036,553 |
12 |
$10,837,803 |
$3,970,317 $531,052 |
$6,336,434 |
13 |
$11,379,630 |
$4,170,793 $557,602 |
$6,651,235 |
14 |
$11,948,822 |
$4,381,395 $585,492 |
$6,981,935 |
15 |
$12,546,221 |
$4,602,432 $614,765 |
$7,329,024 |
16 |
$13,173,511 |
$4,834,529 $645,502 |
$7,693,480 |
17 |
$13,831,955 |
$5,078,154 $677,766 |
$8,076,035 |
18 |
$14,523,658 |
$5,334,084 $711,659 |
$8,477,915 |
19 |
$15,249,883 |
$5,602,787 $747,244 |
$8,899,852 |
20 |
$16,012,314 |
$5,884,887 $784,603 |
$9,342,824 |
21 |
$16,813,056 |
$6,181,161 $823,840 |
$9,808,055 |
22 |
$17,653,793 |
$6,492,234 $865,036 |
$10,296,523 |
23 |
$18,536,209 |
$6,818,728 $908,274 |
$10,809,207 |
24 |
$19,463,251 |
$7,161,733 $953,699 |
$11,347,819 |
25 |
$20,436,182 |
$7,521,718 $1,001,373 |
$11,913,091 |
26 |
$21,458,370 |
$7,899,927 $1,051,460 |
$12,506,983 |
27 |
$22,531,078 |
$8,296,829 $1,104,023 |
$13,130,226 |
28 |
$23,657,674 |
$8,713,670 $1,159,226 |
$13,784,778 |
29 |
$24,840,684 |
$9,151,383 $1,217,194 |
$14,472,107 |
30 |
$26,082,634 |
$9,610,905 $1,278,049 |
$15,193,680 |
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