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 Arizona residents, the state will deduct 2.5% from your lottery earnings.
| Arizona 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(2.5%) | $4,537,500 | | Net Lumpsum Payment | $109,847,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$147,876 |
$3,618,271 |
| 2 |
$6,210,972 |
$2,258,390
$155,274 |
$3,797,308 |
| 3 |
$6,521,442 |
$2,373,264
$163,036 |
$3,985,142 |
| 4 |
$6,847,632 |
$2,493,954
$171,191 |
$4,182,487 |
| 5 |
$7,189,935 |
$2,620,606
$179,748 |
$4,389,581 |
| 6 |
$7,549,530 |
$2,753,656
$188,738 |
$4,607,136 |
| 7 |
$7,926,810 |
$2,893,250
$198,170 |
$4,835,390 |
| 8 |
$8,323,347 |
$3,039,969
$208,084 |
$5,075,294 |
| 9 |
$8,739,534 |
$3,193,958
$218,488 |
$5,327,088 |
| 10 |
$9,176,550 |
$3,355,654
$229,414 |
$5,591,482 |
| 11 |
$9,635,181 |
$3,525,347
$240,880 |
$5,868,954 |
| 12 |
$10,116,999 |
$3,703,620
$252,925 |
$6,160,454 |
| 13 |
$10,622,790 |
$3,890,763
$265,570 |
$6,466,457 |
| 14 |
$11,154,126 |
$4,087,357
$278,853 |
$6,787,916 |
| 15 |
$11,711,793 |
$4,293,694
$292,795 |
$7,125,304 |
| 16 |
$12,297,363 |
$4,510,355
$307,434 |
$7,479,574 |
| 17 |
$12,912,015 |
$4,737,776
$322,800 |
$7,851,439 |
| 18 |
$13,557,714 |
$4,976,685
$338,943 |
$8,242,086 |
| 19 |
$14,235,639 |
$5,227,517
$355,891 |
$8,652,231 |
| 20 |
$14,947,362 |
$5,490,854
$373,684 |
$9,082,824 |
| 21 |
$15,694,848 |
$5,767,424
$392,371 |
$9,535,053 |
| 22 |
$16,479,669 |
$6,057,808
$411,992 |
$10,009,869 |
| 23 |
$17,303,397 |
$6,362,587
$432,585 |
$10,508,225 |
| 24 |
$18,168,783 |
$6,682,780
$454,220 |
$11,031,783 |
| 25 |
$19,077,006 |
$7,018,823
$476,925 |
$11,581,258 |
| 26 |
$20,031,210 |
$7,371,878
$500,780 |
$12,158,552 |
| 27 |
$21,032,574 |
$7,742,383
$525,814 |
$12,764,377 |
| 28 |
$22,084,242 |
$8,131,500
$552,106 |
$13,400,636 |
| 29 |
$23,188,572 |
$8,540,102
$579,714 |
$14,068,756 |
| 30 |
$24,347,922 |
$8,969,062
$608,698 |
$14,770,162 |
|
|
