The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 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 Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(4.9%) | $2,072,700 | | Net Lumpsum Payment | $24,615,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$69,325 |
$861,665 |
| 2 |
$1,485,576 |
$509,994
$72,793 |
$902,789 |
| 3 |
$1,559,836 |
$537,470
$76,432 |
$945,934 |
| 4 |
$1,637,856 |
$566,337
$80,255 |
$991,264 |
| 5 |
$1,719,730 |
$596,630
$84,267 |
$1,038,833 |
| 6 |
$1,805,740 |
$628,454
$88,481 |
$1,088,805 |
| 7 |
$1,895,980 |
$661,843
$92,903 |
$1,141,234 |
| 8 |
$1,990,826 |
$696,936
$97,550 |
$1,196,340 |
| 9 |
$2,090,372 |
$733,768
$102,428 |
$1,254,176 |
| 10 |
$2,194,900 |
$772,443
$107,550 |
$1,314,907 |
| 11 |
$2,304,598 |
$813,032
$112,925 |
$1,378,641 |
| 12 |
$2,419,842 |
$855,672
$118,572 |
$1,445,598 |
| 13 |
$2,540,820 |
$900,434
$124,500 |
$1,515,886 |
| 14 |
$2,667,908 |
$947,456
$130,727 |
$1,589,725 |
| 15 |
$2,801,294 |
$996,809
$137,263 |
$1,667,222 |
| 16 |
$2,941,354 |
$1,048,631
$144,126 |
$1,748,597 |
| 17 |
$3,088,370 |
$1,103,027
$151,330 |
$1,834,013 |
| 18 |
$3,242,812 |
$1,160,171
$158,898 |
$1,923,743 |
| 19 |
$3,404,962 |
$1,220,166
$166,843 |
$2,017,953 |
| 20 |
$3,575,196 |
$1,283,153
$175,185 |
$2,116,858 |
| 21 |
$3,753,984 |
$1,349,304
$183,945 |
$2,220,735 |
| 22 |
$3,941,702 |
$1,418,760
$193,143 |
$2,329,799 |
| 23 |
$4,138,726 |
$1,491,659
$202,798 |
$2,444,269 |
| 24 |
$4,345,714 |
$1,568,245
$212,940 |
$2,564,529 |
| 25 |
$4,562,948 |
$1,648,621
$223,584 |
$2,690,743 |
| 26 |
$4,791,180 |
$1,733,067
$234,768 |
$2,823,345 |
| 27 |
$5,030,692 |
$1,821,686
$246,504 |
$2,962,502 |
| 28 |
$5,282,236 |
$1,914,758
$258,830 |
$3,108,648 |
| 29 |
$5,546,376 |
$2,012,490
$271,772 |
$3,262,114 |
| 30 |
$5,823,676 |
$2,115,091
$285,360 |
$3,423,225 |
|
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