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 estimates 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 $50 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.
Cash Value: Mega Millions posts an estimated cash value next to each jackpot. Enter it for the most accurate lump sum figure. If you leave it blank, the calculator estimates it with the cash share of the July 28, 2026 drawing, 43.03% of the jackpot.
Federal Tax Rate / Filing Status and Tax Year: Choose "Withholding Only (24%)" to see the federal tax taken out at payout. Pick your filing status and the tax year to estimate the federal income tax you owe when you file. The calculator taxes the prize on its own, with no other income or deductions, using that year's federal brackets, which reach 37%. For 2026, the 37% rate applies to taxable income over $640,600 for single filers and $768,700 for married couples filing jointly.4 For 2027, those lines are $661,375 and $793,650.11 Income below the top bracket is taxed at the lower rates, so the federal tax on a large lump sum works out a little under 37%. Each annuity payment is taxed with the brackets for the year it is paid, and payments after 2027 use the 2027 brackets.
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. The state where you buy your ticket may also tax your prize if you live somewhere else. New York, for example, taxes a nonresident's New York State Lottery prize when the proceeds are more than $5,000.7 The calculator applies only the state you pick. If you live in New York City or Yonkers, pick those options for a more accurate estimate that includes local taxes. With Withholding Only, the calculator uses the tax your state withholds from a lottery prize. With a filing status, it applies your state's top income tax rate to the whole prize instead, which in some states is higher than what is withheld. That is an upper estimate: it overstates the state tax on smaller prizes and on annuity payments that fall below the state's top bracket.
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 much smaller than the advertised jackpot. It is equal to all the cash in the jackpot prize pool.2 For the July 28, 2026 drawing, the jackpot was worth $803 million, or $345.5 million in cash.10 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.