Arkansas Lottery

ARLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Arkansas, your state will take 4.9% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Arkansas MEGA Millions Jackpot/Cash Option for Fri Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(4.9%)	$1,171,100
Net Lumpsum Payment	$13,925,570

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$34,662	$450,668
2	$742,788	-$235,162 -$36,397	$471,229
3	$779,918	-$248,900 -$38,216	$492,802
4	$818,928	-$263,334 -$40,127	$515,467
5	$859,865	-$278,480 -$42,133	$539,252
6	$902,870	-$294,392 -$44,241	$564,237
7	$947,990	-$311,087 -$46,452	$590,451
8	$995,413	-$328,633 -$48,775	$618,005
9	$1,045,186	-$347,049 -$51,214	$646,923
10	$1,097,450	-$366,387 -$53,775	$677,288
11	$1,152,299	-$386,681 -$56,463	$709,155
12	$1,209,921	-$408,001 -$59,286	$742,634
13	$1,270,410	-$430,382 -$62,250	$777,778
14	$1,333,954	-$453,893 -$65,364	$814,697
15	$1,400,647	-$478,570 -$68,632	$853,445
16	$1,470,677	-$504,481 -$72,063	$894,133
17	$1,544,185	-$531,679 -$75,665	$936,841
18	$1,621,406	-$560,251 -$79,449	$981,706
19	$1,702,481	-$590,248 -$83,422	$1,028,811
20	$1,787,598	-$621,742 -$87,592	$1,078,264
21	$1,876,992	-$654,817 -$91,973	$1,130,202
22	$1,970,851	-$689,545 -$96,572	$1,184,734
23	$2,069,363	-$725,995 -$101,399	$1,241,969
24	$2,172,857	-$764,287 -$106,470	$1,302,100
25	$2,281,474	-$804,476 -$111,792	$1,365,206
26	$2,395,590	-$846,699 -$117,384	$1,431,507
27	$2,515,346	-$891,008 -$123,252	$1,501,086
28	$2,641,118	-$937,544 -$129,415	$1,574,159
29	$2,773,188	-$986,410 -$135,886	$1,650,892
30	$2,911,838	-$1,037,710 -$142,680	$1,731,448