Mega Millions Payout: How Much You’ll Win After Tax by State

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If you’re playing the $750 million Mega Millions lottery tonight, then you’re likely imagining what you could do if you won $750 million. But even if you’re the only winner, you’ll still be taking home a lot less than you might expect, depending on where you live. Here is just how much the payout will be tonight, how much will you take home, and how it would change after taxes.


How Much Would You Take Home if You Won $750 Million?

Let’s get into some more specifics about the jackpot itself. If the jackpot is $750 million, just how much will you actually be taking home?

The $750 million amount is what you would be paid in total if you took the yearly option, pre-tax. This means you wouldn’t be getting $750 million dollars upfront if you win. Instead, the winnings would be spread out over 30 multimillion-dollar annual payments for 29 years, starting with one immediate payment. Each year’s payment is 5% bigger than the previous one, to help protect against inflation.

If you take the lump-sum cash option instead, you’ll get a one-time, lump-sum payment. It won’t be $750 million, but it will be equal to all the cash that’s in the jackpot prize pool. Mega Millions currently estimates the cash option to be $550.6 million (before tax.)


How Much Do You Win After Tax Per State?

All prizes are also subject to income taxes. Exactly how much is taken out depends on where you live, and whether you’re subject to a federal income tax only or a federal and state income tax (and in some cases, local taxes too.)

One good after-tax and payout calculator is available at USA Mega’s jackpot analysis page. The calculations are based on a $750 million annuity or a $550.6 million lump sum.

Lottery Critic also offers a Mega Millions Payout Calculator that is helpful in determining what the winnings will actually be. For this one, you’ll need to enter the jackpot amount and then the state that you are in.

No matter where you are, you’ll lose 24% of your gross prize to federal income taxes. This means that if you’re taking 30 average annual payments of $25 million, then you’ll lose a total of $6 million each time plus an additional $3 million in federal taxes, taking home about $15.785 million each year after federal taxes. (This doesn’t account for yearly changes due to inflation.) If you take a lump sum, you’ll lose a total of $132 million upfront plus another $71 million from additional federal taxes, for a total of $346.9 million after just federal taxes alone.

Here are your annuity (average per year) and average lump sum net payouts per state after taxes, as calculated and presented by USA MegaPlease note that the amounts below are not guaranteed, and might also not include local taxes if relevant. These are also averages per year, so they don’t indicate the increase that you will see each year due to inflation if taking a yearly sum.

  • Arizona: 4.8% tax for in-state residents: $14.5 million a year or $320.485 million cash in a lump sum (6% tax for non-Arizona residents: $14.285 million a year or $313.877 million cash in a lump sum)
  • Arkansas: 6.6% state tax: $14.135 million per year or $310.574 million cash lump sum
  • California: No state tax
  • Colorado: 4% state tax (with final 4.63% due to additional state taxes): $14.6 million per year or $321.421 million cash in one lump sum
  • Connecticut: 6.99% state tax: $14.038 million per year or $308.426 million cash in one lump sum
  • Delaware: No state tax, but additional state taxes lead to a 6.6% tax rate: 14.135 million per year or $310.574 million cash lump sum
  • Florida: No state tax
  • Georgia: 5.75% tax: $14.348 million per year or $315.254 million cash in one lump sum
  • Idaho: 6.925% tax: $14.054 million per year or $308.784 million cash in one lump sum
  • Illinois: 4.95% state tax: $14.548 million per year or $319.659 million cash in one lump sum
  • Indiana: 3.23% state tax: $14.978 million per year or $329.129 million cash in one lump sum
  • Iowa: 5% tax (but additional taxes bring an 8.53% final rate): $13.65 million a year or $299.947 million cash in one lump sum
  • Kansas: 5% tax (but additional taxes bring it to a 5.7% tax rate): $14.36 million a year or $315.529 million cash in one lump sum
  • Kentucky: 5% tax: $14.535 million a year or $319.383 million cash in one lump sum
  • Louisiana: 5% tax (but additional taxes bring it to a 6% final rate): $14.285 million a year or $313.877 million cash in a lump sum
  • Maine: 5% tax (but additional taxes bring it to a 7.15% final tax): $13.998 million a year or $307.546 million cash in one lump sum
  • Maryland: 8.95% state tax for in-state residents: $13.548 million per year or $297.635 million cash in one lump sum. (Note that there is an 8% state tax for non-Maryland residents: $13.785 million per year or $302.865 million lump sum.)
  • Massachusetts: 5% tax: $14.535 million a year or $319.383 million cash in one lump sum
  • Michigan: 4.25% tax: $14.723 million a year or $323.513 million cash in one lump sum
  • Minnesota: 7.25% state tax: $13.323 million a year or $292.679 million cash in one lump sum
  • Mississippi: 5% state tax: $14.535 million a year or $319.383 million cash in one lump sum
  • Missouri: 4% state tax (but additional taxes bring it up to 5.4% tax): $14.435 million per year or $317.181 million cash in one lump sum
  • Montana: 6.9% tax: $14.06 million a year or $308.922 million in one cash lump sum
  • Nebraska: 5% tax (but other taxes bring it to 6.84%): $14.075 million a year or $309.252 million cash in one lump sum
  • New Hampshire: No state tax
  • New Jersey: 8% state tax: $13.785 million per year or $302.865 million lump sum for one cash payment
  • New Mexico: 6% tax: $14.285 million a year or $313.877 million cash in a lump sum
  • New York: 8.82% tax: $13.58 million per year or $298.351 million cash in a lump sum
  • North Carolina: 5.25% tax: $14.473 million a year or $318.007 million cash in a lump sum
  • North Dakota: 2.9% tax: $15.06 million a year or $330.946 million cash in a lump sum
  • Ohio: 4.797% state tax: $14.586 million per year or $320.501 million cash in a lump sum
  • Oklahoma: 5% state tax: $14.535 million a year or $319.383 million cash in one lump sum
  • Oregon: 8% state tax: $13.785 million per year or $302.865 million lump sum for one cash payment
  • Pennsylvania: 3.07% tax: $15.018 million a year or $330.01 million cash in one lump payment
  • Rhode Island: 5.99% tax: $14.288 million a year or $313.932 million cash in one lump payment
  • South Carolina: 7% state tax: $14.035 million per year or $308.371 million cash
  • South Dakota: no state taxes
  • Tennessee: No state taxes
  • Texas: No state taxes
  • U.S. Virgin Islands: Not known
  • Vermont: 6% tax (but additional taxes bring it to 8.75%): $13.598 million a year or $298.736 million cash in a lump sum
  • Virginia: 4% state tax (but additional state taxes bring it to 5.75%): $14.348 million per year or $315.254 million cash in one lump sum
  • Washington: No state tax
  • Washington D.C.: 8.95% tax: $13.548 million a year or $297.635 million cash in one lump sum
  • West Virginia: 6.5% tax: $14.16 million a year or $311.124 million cash in one lump sum
  • Wisconsin: 7.65% tax: $13.873 million a year or $304.793 million cash in one lump sum
  • Wyoming: No state tax

Note: The numbers above are all averages, and other factors (like the yearly 5% increase due to inflation) might affect the final number.

Remember also that if more than one person wins the lottery, you’ll be splitting the prize, which will make what you take home even less.

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