The jackpot for the MEGA Millions draw on Tue May 14, 2024, is projected to be $363 Million, with an option for a cash payout of $166.9 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 14, 2024 |
|---|
| Draw Date | Tue May 14, 2024 | | Projected Jackpot | $363,000,000 | | Cash Value | $166,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $166,900,000 | | Federal Tax(24%) | $40,056,000 | | Additional Federal Tax | $21,657,330 | | State Tax(4.9%) | $8,178,100 | | Net Lumpsum Payment | $97,008,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$267,712 |
$3,213,971 |
| 2 |
$5,736,852 |
$2,082,966
$281,106 |
$3,372,780 |
| 3 |
$6,023,622 |
$2,189,071
$295,157 |
$3,539,394 |
| 4 |
$6,324,912 |
$2,300,548
$309,921 |
$3,714,443 |
| 5 |
$6,641,085 |
$2,417,532
$325,413 |
$3,898,140 |
| 6 |
$6,973,230 |
$2,540,425
$341,688 |
$4,091,117 |
| 7 |
$7,321,710 |
$2,669,363
$358,764 |
$4,293,583 |
| 8 |
$7,687,977 |
$2,804,882
$376,711 |
$4,506,384 |
| 9 |
$8,072,394 |
$2,947,116
$395,547 |
$4,729,731 |
| 10 |
$8,476,050 |
$3,096,469
$415,326 |
$4,964,255 |
| 11 |
$8,899,671 |
$3,253,209
$436,084 |
$5,210,378 |
| 12 |
$9,344,709 |
$3,417,873
$457,891 |
$5,468,945 |
| 13 |
$9,811,890 |
$3,590,730
$480,783 |
$5,740,377 |
| 14 |
$10,302,666 |
$3,772,317
$504,831 |
$6,025,518 |
| 15 |
$10,817,763 |
$3,962,903
$530,070 |
$6,324,790 |
| 16 |
$11,358,633 |
$4,163,025
$556,573 |
$6,639,035 |
| 17 |
$11,926,365 |
$4,373,085
$584,392 |
$6,968,888 |
| 18 |
$12,522,774 |
$4,593,757
$613,616 |
$7,315,401 |
| 19 |
$13,148,949 |
$4,825,442
$644,299 |
$7,679,208 |
| 20 |
$13,806,342 |
$5,068,677
$676,511 |
$8,061,154 |
| 21 |
$14,496,768 |
$5,324,135
$710,342 |
$8,462,291 |
| 22 |
$15,221,679 |
$5,592,352
$745,862 |
$8,883,465 |
| 23 |
$15,982,527 |
$5,873,865
$783,144 |
$9,325,518 |
| 24 |
$16,781,853 |
$6,169,616
$822,311 |
$9,789,926 |
| 25 |
$17,620,746 |
$6,480,006
$863,417 |
$10,277,323 |
| 26 |
$18,502,110 |
$6,806,111
$906,603 |
$10,789,396 |
| 27 |
$19,427,034 |
$7,148,333
$951,925 |
$11,326,776 |
| 28 |
$20,398,422 |
$7,507,747
$999,523 |
$11,891,152 |
| 29 |
$21,418,452 |
$7,885,158
$1,049,504 |
$12,483,790 |
| 30 |
$22,489,302 |
$8,281,372
$1,101,976 |
$13,105,954 |
|
|
