The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 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 May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(4.9%) | $8,893,500 | | Net Lumpsum Payment | $105,491,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$289,837 |
$3,476,310 |
| 2 |
$6,210,972 |
$2,258,390
$304,338 |
$3,648,244 |
| 3 |
$6,521,442 |
$2,373,264
$319,551 |
$3,828,627 |
| 4 |
$6,847,632 |
$2,493,954
$335,534 |
$4,018,144 |
| 5 |
$7,189,935 |
$2,620,606
$352,307 |
$4,217,022 |
| 6 |
$7,549,530 |
$2,753,656
$369,927 |
$4,425,947 |
| 7 |
$7,926,810 |
$2,893,250
$388,414 |
$4,645,146 |
| 8 |
$8,323,347 |
$3,039,969
$407,844 |
$4,875,534 |
| 9 |
$8,739,534 |
$3,193,958
$428,237 |
$5,117,339 |
| 10 |
$9,176,550 |
$3,355,654
$449,651 |
$5,371,245 |
| 11 |
$9,635,181 |
$3,525,347
$472,124 |
$5,637,710 |
| 12 |
$10,116,999 |
$3,703,620
$495,733 |
$5,917,646 |
| 13 |
$10,622,790 |
$3,890,763
$520,517 |
$6,211,510 |
| 14 |
$11,154,126 |
$4,087,357
$546,552 |
$6,520,217 |
| 15 |
$11,711,793 |
$4,293,694
$573,878 |
$6,844,221 |
| 16 |
$12,297,363 |
$4,510,355
$602,571 |
$7,184,437 |
| 17 |
$12,912,015 |
$4,737,776
$632,689 |
$7,541,550 |
| 18 |
$13,557,714 |
$4,976,685
$664,328 |
$7,916,701 |
| 19 |
$14,235,639 |
$5,227,517
$697,546 |
$8,310,576 |
| 20 |
$14,947,362 |
$5,490,854
$732,421 |
$8,724,087 |
| 21 |
$15,694,848 |
$5,767,424
$769,048 |
$9,158,376 |
| 22 |
$16,479,669 |
$6,057,808
$807,504 |
$9,614,357 |
| 23 |
$17,303,397 |
$6,362,587
$847,866 |
$10,092,944 |
| 24 |
$18,168,783 |
$6,682,780
$890,270 |
$10,595,733 |
| 25 |
$19,077,006 |
$7,018,823
$934,773 |
$11,123,410 |
| 26 |
$20,031,210 |
$7,371,878
$981,529 |
$11,677,803 |
| 27 |
$21,032,574 |
$7,742,383
$1,030,596 |
$12,259,595 |
| 28 |
$22,084,242 |
$8,131,500
$1,082,128 |
$12,870,614 |
| 29 |
$23,188,572 |
$8,540,102
$1,136,240 |
$13,512,230 |
| 30 |
$24,347,922 |
$8,969,062
$1,193,048 |
$14,185,812 |
|
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