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 |
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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(2.5%) | $4,897,500 | Net Lumpsum Payment | $118,559,170 |
Annuity Payment in 30 Installations |
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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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