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Mega Millions Calculator

Updated Sep 10, 2026 By Infinity Calculator
Rate Formulas Sources
Latest Mega Millions Draw — Reference Only
Winning Numbers
239444656 23 (Mega Ball)
Estimated Next Jackpot
$637,000,000
Next Draw Date
Tuesday, July 14, 2026
Example values — update with current draw data. This panel does not affect the calculator.
Enter Your Jackpot & Tax Details
Type any amount — commas are added automatically.
Quick-Fill Jackpot Presets

Lump Sum vs. Annuity — After-Tax Comparison

Lump Sum — Cash Option The cash option is the immediate one-time payment. Mega Millions typically sets this at approximately 61% of the advertised jackpot, representing the actual prize pool before the annuity structure is applied.
Cash Value (61% of jackpot)$0.00
Federal Tax (24%) Federal taxes are withheld at the rate shown. The 24% withholding rate is taken automatically at payout; the 37% marginal rate applies to high earners and may affect what you owe at filing. $0.00
State Tax (0%) State income tax rates on lottery winnings vary. Some states exempt lottery prizes entirely. Rates shown are approximate; local taxes may also apply. $0.00
Total Taxes Withheld$0.00
Net Payout (Take-Home)$0.00
Effective Tax Rate Your effective tax rate is the total percentage of your gross payout paid in taxes, combining both federal and state. It may differ from the stated withholding rates. 0.0%
You Keep: 0.0% of the jackpot
Annuity — 30 Graduated Payments The annuity option pays you in 30 graduated installments over 29 years. Each payment is approximately 5% larger than the previous one to account for inflation.
Gross Total (Advertised Jackpot)$0.00
Federal Tax (24%)$0.00
State Tax (0%)$0.00
Total Taxes Withheld$0.00
Net Total Payout (Take-Home)$0.00
Effective Tax Rate0.0%
You Keep: 0.0% of the jackpot

Visual Payout Breakdown

Taxes Take-Home
Lump Sum (Cash Option)$0.00
Annuity (30 Payments)$0.00

Annuity Payments Over Time (After Tax)

Annuity Payment Milestones (After Tax)

Annuity payments grow by 5% per year. Below are four milestone payments to illustrate how your after-tax income changes over time.

After-tax annuity milestone payments (1st, 10th, 20th and 30th payment)
Milestone Year Gross Payment Federal Tax State Tax Net Payment

Step-by-Step Solution

Full Annuity Schedule

Introduction

Winning the Mega Millions jackpot is exciting, but taxes take a big chunk of your prize before you see a dime. This free Mega Millions calculator shows you exactly how much money you take home after federal and state taxes. Enter any jackpot amount, pick your state, and instantly compare the two payout options: a one-time lump sum cash payment or 30 annual annuity payments spread over 29 years.1

The calculator breaks down your federal tax withholding, state tax deductions, and net payout for both options side by side. You also get a full 30-year annuity schedule, a visual chart of how your payments grow over time, and a step-by-step math solution so you can see how every number is calculated. Whether the jackpot is $20 million or $1 billion, this tool helps you understand what you actually keep, and our Lottery Tax Calculator gives a broader look at lottery winnings across all games.

How to Use Our Mega Millions Calculator

Enter a few details about your jackpot and taxes below. The calculator will show you how much money you take home after taxes for both the lump sum and annuity payout options.

Advertised Jackpot Amount: Type the total jackpot prize in dollars. You can type any amount and the commas will be added for you. You can also click a preset button like $100M or $1 Billion to fill in the amount fast.

Federal Tax Rate / Filing Status: Pick your federal tax rate from the dropdown. Choose 24% for the standard withholding rate taken at payout, or choose your filing status at the 37% top bracket to see what you may owe when you file your return.

State or Locality: Select the state or territory where you live. Each state has a different tax rate on lottery winnings. Some states like Florida and Texas have no state tax. If you live in New York City or Yonkers, pick those options for a more accurate estimate that includes local taxes.

Calculate & Reset: Press Calculate to see your results. Press Reset to return all fields to their default values and start over.

How the Mega Millions Calculator Works

Mega Millions is one of the biggest lottery games in the United States. Tickets cost $5 per play, with a multiplier included.1 Drawings happen every Tuesday and Friday night. To win the jackpot, you must match all five white balls (numbers 1 through 70) plus the gold Mega Ball (numbers 1 through 24).1 The odds of winning the jackpot are 1 in 290,472,336.1 That number comes from the total number of possible ticket combinations.

If you win, you get to pick how you receive your money. You can take a lump sum or an annuity. The lump sum gives you one big payment right away, but it is smaller than the advertised jackpot, which this calculator estimates at 61% of the total. The annuity pays you the full jackpot amount as one immediate payment followed by 29 annual payments,1 and our Annuity Calculator can compare the Mega Millions annuity structure with other annuity products. Each annuity payment grows by 5% over the one before it to help keep up with inflation.1

No matter which option you choose, you will owe taxes on your winnings. The federal government withholds at least 24% from lottery prizes.3 If you are in the top tax bracket, you may owe up to 37% in federal income tax when you file your return, and our Income Tax Calculator can help you estimate your total federal tax liability based on your full income picture.4 Most states also charge their own income tax on lottery winnings. Florida, Texas, and Tennessee have no state income tax,5 and California does not tax winnings from the California Lottery.6

This calculator estimates your after-tax take-home pay for both the lump sum and the annuity. Enter any jackpot amount, pick your federal tax rate, and select your state. The tool instantly shows how much goes to taxes and how much you keep. It also builds a full 30-year annuity schedule so you can see how each payment grows over time.

Keep in mind that these numbers are estimates. Your actual tax bill depends on your total income, deductions, filing status, and any local taxes that may apply. Always talk to a qualified tax professional or financial advisor before making decisions about a large lottery prize.

Formulas used

Cash Value (Lump Sum Gross)
\text{Cash Value} = \text{Jackpot} \times 0.61
First Annuity Payment
P_1 = \frac{\text{Jackpot}}{66.4388}
Annuity Payment in Year n
P_n = P_1 \times 1.05^{\,(n-1)}
Net Lump-Sum Payout
\text{Net Lump Sum} = \text{Cash Value} - (\text{Cash Value} \times r_{\text{fed}}) - (\text{Cash Value} \times r_{\text{state}})
Net Annuity Payment per Year
\text{Net}_n = P_n \times (1 - r_{\text{fed}} - r_{\text{state}})
Effective Tax Rate
\text{Effective Rate} = \frac{\text{Total Taxes}}{\text{Gross Payout}} \times 100\%

Frequently asked questions

How much tax do you pay on Mega Millions winnings?

You pay both federal and state taxes on Mega Millions winnings. The federal government withholds 24% right away.3 If you are in the top tax bracket, you may owe up to 37% federal tax when you file your return.4 State taxes range from 0% to over 10% depending on where you live,5 and New York City residents pay city tax on top.7 Use this calculator to see your exact combined tax amount for any jackpot size and state.

What is the lump sum cash value of a Mega Millions jackpot?

This calculator estimates the lump sum cash value at 61% of the advertised jackpot. The real figure is all the cash in the jackpot prize pool, which is based on actual sales.2 For example, if the jackpot is $637 million, the cash value would be roughly $388.57 million before taxes. The higher advertised number reflects what you would receive if you chose the annuity paid out over 29 years.1

Which states do not tax Mega Millions winnings?

Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming have no state income tax.5 California does not tax winnings from the California Lottery.6 The US Virgin Islands also charges no state-level tax. If you live in one of these places, you only pay federal tax on your prize.

Why is the annuity total different from the advertised jackpot?

The advertised jackpot is the annuity total. When you add up all 30 graduated payments, they equal the full jackpot amount.1 Because each payment grows by 5% per year, the first payment is smaller and the last payment is the largest.1 The total across all 30 years matches the jackpot number you see on the news.

Is the lump sum or annuity better?

It depends on your goals. The lump sum gives you less money upfront, but you can invest it and potentially earn more over time. The annuity gives you more total money and steady income for 29 years, but you cannot access it all at once.1 The lump sum can come out ahead if you invest it well, while the annuity provides built-in spending discipline.

Do I owe extra tax if I pick the 24% withholding option?

Most likely, yes. The 24% rate is just what gets withheld at payout. A large jackpot pushes your income into the top federal bracket of 37%.4 You would owe the difference between 37% and 24% when you file your tax return. Select the 37% option in this calculator to see a more realistic estimate of your total federal tax.

How do New York City and Yonkers taxes work for lottery winners?

New York City residents pay New York State tax, whose top rate is 10.9%,5 plus the city resident income tax, and Yonkers residents pay the state tax plus a city surcharge.7 Select "New York City, NY" or "Yonkers, NY" in the state dropdown to see the calculator's combined rates applied.

How many annuity payments does Mega Millions pay?

Mega Millions pays 30 annual payments over 29 years.1 The first payment comes right after you claim the prize. Each following payment is 5% larger than the one before it.1 This 5% annual increase is designed to help your income keep pace with inflation.

What does the effective tax rate mean?

The effective tax rate is the total percentage of your gross payout that goes to taxes. It combines your federal and state taxes into one number. For example, if you pay 24% federal and 10.9% state, your effective tax rate is 34.9%. This tells you at a glance how much of every dollar goes to the government.

Why does Delaware show a tax rate if it does not withhold at payout?

Delaware does not withhold state tax at the time of payout, but Delaware Lottery prizes are subject to Delaware income tax,8 whose top rate is 6.6%.5 The calculator shows this rate so you can see what your potential tax bill might be at filing time, even though nothing is taken out up front.

Sources

  1. How to Play Mega Millions. Mega Millions. Accessed September 10, 2026.
  2. Mega Millions FAQs. Mega Millions. Accessed September 10, 2026.
  3. Publication 505, Tax Withholding and Estimated Tax. Internal Revenue Service. Gambling Winnings. Accessed September 10, 2026.
  4. IRS releases tax inflation adjustments for tax year 2026, including amendments from the One, Big, Beautiful Bill. Internal Revenue Service. 2025;IR-2025-103. Accessed September 10, 2026.
  5. Yushkov A, Loughead K. State Individual Income Tax Rates and Brackets, 2025. Tax Foundation. 2025. Accessed September 10, 2026.
  6. Gambling. California Franchise Tax Board. California lottery. Accessed September 10, 2026.
  7. Publication 140-W, FAQs: New York State Lottery Winners. New York State Department of Taxation and Finance. 2009. Accessed September 10, 2026.
  8. FAQs. Delaware Lottery. How much is taken out of my winnings for Federal and State taxes?. Accessed September 10, 2026.

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