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 Arizona residents, the state will deduct 2.5% from your lottery earnings.
| Arizona 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(2.5%) | $4,172,500 | | Net Lumpsum Payment | $101,014,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$136,588 |
$3,345,095 |
| 2 |
$5,736,852 |
$2,082,966
$143,421 |
$3,510,465 |
| 3 |
$6,023,622 |
$2,189,071
$150,591 |
$3,683,960 |
| 4 |
$6,324,912 |
$2,300,548
$158,123 |
$3,866,241 |
| 5 |
$6,641,085 |
$2,417,532
$166,027 |
$4,057,526 |
| 6 |
$6,973,230 |
$2,540,425
$174,331 |
$4,258,474 |
| 7 |
$7,321,710 |
$2,669,363
$183,043 |
$4,469,304 |
| 8 |
$7,687,977 |
$2,804,882
$192,199 |
$4,690,896 |
| 9 |
$8,072,394 |
$2,947,116
$201,810 |
$4,923,468 |
| 10 |
$8,476,050 |
$3,096,469
$211,901 |
$5,167,680 |
| 11 |
$8,899,671 |
$3,253,209
$222,492 |
$5,423,970 |
| 12 |
$9,344,709 |
$3,417,873
$233,618 |
$5,693,218 |
| 13 |
$9,811,890 |
$3,590,730
$245,297 |
$5,975,863 |
| 14 |
$10,302,666 |
$3,772,317
$257,567 |
$6,272,782 |
| 15 |
$10,817,763 |
$3,962,903
$270,444 |
$6,584,416 |
| 16 |
$11,358,633 |
$4,163,025
$283,966 |
$6,911,642 |
| 17 |
$11,926,365 |
$4,373,085
$298,159 |
$7,255,121 |
| 18 |
$12,522,774 |
$4,593,757
$313,069 |
$7,615,948 |
| 19 |
$13,148,949 |
$4,825,442
$328,724 |
$7,994,783 |
| 20 |
$13,806,342 |
$5,068,677
$345,159 |
$8,392,506 |
| 21 |
$14,496,768 |
$5,324,135
$362,419 |
$8,810,214 |
| 22 |
$15,221,679 |
$5,592,352
$380,542 |
$9,248,785 |
| 23 |
$15,982,527 |
$5,873,865
$399,563 |
$9,709,099 |
| 24 |
$16,781,853 |
$6,169,616
$419,546 |
$10,192,691 |
| 25 |
$17,620,746 |
$6,480,006
$440,519 |
$10,700,221 |
| 26 |
$18,502,110 |
$6,806,111
$462,553 |
$11,233,446 |
| 27 |
$19,427,034 |
$7,148,333
$485,676 |
$11,793,025 |
| 28 |
$20,398,422 |
$7,507,747
$509,961 |
$12,380,714 |
| 29 |
$21,418,452 |
$7,885,158
$535,461 |
$12,997,833 |
| 30 |
$22,489,302 |
$8,281,372
$562,233 |
$13,645,697 |
|
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