The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 Nov 29, 2024 |
|---|
| Draw Date | Fri Nov 29, 2024 | | Projected Jackpot | $514,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(4.9%) | $11,809,000 | | Net Lumpsum Payment | $140,060,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$379,074 |
$4,534,410 |
| 2 |
$8,123,256 |
$2,965,935
$398,040 |
$4,759,281 |
| 3 |
$8,529,316 |
$3,116,177
$417,936 |
$4,995,203 |
| 4 |
$8,955,936 |
$3,274,027
$438,841 |
$5,243,068 |
| 5 |
$9,403,630 |
$3,439,673
$460,778 |
$5,503,179 |
| 6 |
$9,873,940 |
$3,613,688
$483,823 |
$5,776,429 |
| 7 |
$10,367,380 |
$3,796,261
$508,002 |
$6,063,117 |
| 8 |
$10,886,006 |
$3,988,153
$533,414 |
$6,364,439 |
| 9 |
$11,430,332 |
$4,189,553
$560,086 |
$6,680,693 |
| 10 |
$12,001,900 |
$4,401,033
$588,093 |
$7,012,774 |
| 11 |
$12,601,738 |
$4,622,973
$617,485 |
$7,361,280 |
| 12 |
$13,231,902 |
$4,856,134
$648,363 |
$7,727,405 |
| 13 |
$13,893,420 |
$5,100,896
$680,778 |
$8,111,746 |
| 14 |
$14,588,348 |
$5,358,019
$714,829 |
$8,515,500 |
| 15 |
$15,317,714 |
$5,627,885
$750,568 |
$8,939,261 |
| 16 |
$16,083,574 |
$5,911,253
$788,095 |
$9,384,226 |
| 17 |
$16,887,470 |
$6,208,694
$827,486 |
$9,851,290 |
| 18 |
$17,731,972 |
$6,521,160
$868,867 |
$10,341,945 |
| 19 |
$18,618,622 |
$6,849,221
$912,312 |
$10,857,089 |
| 20 |
$19,549,476 |
$7,193,637
$957,924 |
$11,397,915 |
| 21 |
$20,527,104 |
$7,555,359
$1,005,828 |
$11,965,917 |
| 22 |
$21,553,562 |
$7,935,148
$1,056,125 |
$12,562,289 |
| 23 |
$22,630,906 |
$8,333,766
$1,108,914 |
$13,188,226 |
| 24 |
$23,762,734 |
$8,752,542
$1,164,374 |
$13,845,818 |
| 25 |
$24,950,588 |
$9,192,048
$1,222,579 |
$14,535,961 |
| 26 |
$26,198,580 |
$9,653,805
$1,283,730 |
$15,261,045 |
| 27 |
$27,508,252 |
$10,138,384
$1,347,904 |
$16,021,964 |
| 28 |
$28,883,716 |
$10,647,305
$1,415,302 |
$16,821,109 |
| 29 |
$30,328,056 |
$11,181,711
$1,486,075 |
$17,660,270 |
| 30 |
$31,844,356 |
$11,742,742
$1,560,373 |
$18,541,241 |
|
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