The jackpot for the MEGA Millions draw on Fri Jan 17, 2025, is projected to be $113 Million, with an option for a cash payout of $49.2 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 Jan 17, 2025 |
|---|
| Draw Date | Fri Jan 17, 2025 | | Projected Jackpot | $113,000,000 | | Cash Value | $49,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $49,200,000 | | Federal Tax(24%) | $11,808,000 | | Additional Federal Tax | $6,356,330 | | State Tax(4.9%) | $2,410,800 | | Net Lumpsum Payment | $28,624,870 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$83,337 |
$1,027,813 |
| 2 |
$1,785,852 |
$621,096
$87,507 |
$1,077,249 |
| 3 |
$1,875,122 |
$654,126
$91,881 |
$1,129,115 |
| 4 |
$1,968,912 |
$688,828
$96,477 |
$1,183,607 |
| 5 |
$2,067,335 |
$725,244
$101,299 |
$1,240,792 |
| 6 |
$2,170,730 |
$763,500
$106,366 |
$1,300,864 |
| 7 |
$2,279,210 |
$803,638
$111,681 |
$1,363,891 |
| 8 |
$2,393,227 |
$845,824
$117,268 |
$1,430,135 |
| 9 |
$2,512,894 |
$890,101
$123,132 |
$1,499,661 |
| 10 |
$2,638,550 |
$936,594
$129,289 |
$1,572,667 |
| 11 |
$2,770,421 |
$985,386
$135,751 |
$1,649,284 |
| 12 |
$2,908,959 |
$1,036,645
$142,539 |
$1,729,775 |
| 13 |
$3,054,390 |
$1,090,455
$149,665 |
$1,814,270 |
| 14 |
$3,207,166 |
$1,146,982
$157,151 |
$1,903,033 |
| 15 |
$3,367,513 |
$1,206,310
$165,008 |
$1,996,195 |
| 16 |
$3,535,883 |
$1,268,607
$173,258 |
$2,094,018 |
| 17 |
$3,712,615 |
$1,333,998
$181,918 |
$2,196,699 |
| 18 |
$3,898,274 |
$1,402,692
$191,015 |
$2,304,567 |
| 19 |
$4,093,199 |
$1,474,814
$200,567 |
$2,417,818 |
| 20 |
$4,297,842 |
$1,550,532
$210,594 |
$2,536,716 |
| 21 |
$4,512,768 |
$1,630,055
$221,126 |
$2,661,587 |
| 22 |
$4,738,429 |
$1,713,549
$232,183 |
$2,792,697 |
| 23 |
$4,975,277 |
$1,801,183
$243,789 |
$2,930,305 |
| 24 |
$5,224,103 |
$1,893,248
$255,981 |
$3,074,874 |
| 25 |
$5,485,246 |
$1,989,871
$268,777 |
$3,226,598 |
| 26 |
$5,759,610 |
$2,091,386
$282,221 |
$3,386,003 |
| 27 |
$6,047,534 |
$2,197,918
$296,329 |
$3,553,287 |
| 28 |
$6,349,922 |
$2,309,802
$311,146 |
$3,728,974 |
| 29 |
$6,667,452 |
$2,427,288
$326,705 |
$3,913,459 |
| 30 |
$7,000,802 |
$2,550,627
$343,039 |
$4,107,136 |
|
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