Mega Millions Jackpot Analysis and Tax
The Mega Millions Jackpot Analysis below helps you to find out exactly how much you would be paid out if you won the grand prize. It takes the current jackpot and breaks down how much would be taxed, whether you choose the annuity option or the cash lump sum.
There's also a Mega Millions Annuity Calculator further down the page if you're thinking of taking the annual payments.
Current Jackpot Analysis
Take a look at the advertised jackpot amount for the next drawing in the table to the right. You can see the annuity value and the cash value.
It also works as a tax calculator, so just select the state where you bought your ticket to find out how much the jackpot is worth after tax. Federal taxes are applied to every Mega Millions prize above $5,000 at a rate of 24-37 percent depending on the individual winner's situation.
We've detected you're in Ohio so we've automatically applied the applicable state tax in the table below. If desired, you can change this value using the drop-down box.
| Jackpot Type | Annuity | Cash Lump Sum |
|---|---|---|
| Initial Advertised Value | $453,000,000.00 | $209,600,000.00 |
| Federal Tax: | -$108,720,000.00 | -$50,304,000.00 |
| State Tax: | -$18,120,000.00 | -$8,384,000.00 |
| Final Total* | $326,160,000.00 | $150,912,000.00 |
*Please Note: As well as federal and state tax, there is a local income tax in many cities and counties. Check with your local authority to see if this applies to you.
Mega Millions Annuity Calculation Table
Jackpot winners who opt for the annuity payout will receive their winnings over a period of 29 years, with 30 payments in total. Each payment is 5 percent larger than the one before, so the last one will be considerably larger than the first.
It is entirely down to personal preference whether you take the annuity or the cash if you win, but most Mega Millions winners have chosen the lump sum. The table below acts as a payout calculator and shows what you would receive each year if you took the annuity for the current jackpot, based on your selections above.
| Year | Gross Annuity Value | Federal Tax (24%) | State Tax (4%) | Net Total |
|---|---|---|---|---|
| 1 | $6,818,300.09 | -$1,636,392.02 | -$272,732.00 | $4,909,176.07 |
| 2 | $7,159,215.10 | -$1,718,211.62 | -$286,368.60 | $5,154,634.87 |
| 3 | $7,517,175.85 | -$1,804,122.20 | -$300,687.03 | $5,412,366.61 |
| 4 | $7,893,034.64 | -$1,894,328.31 | -$315,721.39 | $5,682,984.94 |
| 5 | $8,287,686.38 | -$1,989,044.73 | -$331,507.46 | $5,967,134.19 |
| 6 | $8,702,070.69 | -$2,088,496.97 | -$348,082.83 | $6,265,490.90 |
| 7 | $9,137,174.23 | -$2,192,921.81 | -$365,486.97 | $6,578,765.44 |
| 8 | $9,594,032.94 | -$2,302,567.91 | -$383,761.32 | $6,907,703.72 |
| 9 | $10,073,734.59 | -$2,417,696.30 | -$402,949.38 | $7,253,088.90 |
| 10 | $10,577,421.32 | -$2,538,581.12 | -$423,096.85 | $7,615,743.35 |
| 11 | $11,106,292.38 | -$2,665,510.17 | -$444,251.70 | $7,996,530.52 |
| 12 | $11,661,607.00 | -$2,798,785.68 | -$466,464.28 | $8,396,357.04 |
| 13 | $12,244,687.35 | -$2,938,724.96 | -$489,787.49 | $8,816,174.89 |
| 14 | $12,856,921.72 | -$3,085,661.21 | -$514,276.87 | $9,256,983.64 |
| 15 | $13,499,767.81 | -$3,239,944.27 | -$539,990.71 | $9,719,832.82 |
| 16 | $14,174,756.20 | -$3,401,941.49 | -$566,990.25 | $10,205,824.46 |
| 17 | $14,883,494.01 | -$3,572,038.56 | -$595,339.76 | $10,716,115.68 |
| 18 | $15,627,668.71 | -$3,750,640.49 | -$625,106.75 | $11,251,921.47 |
| 19 | $16,409,052.14 | -$3,938,172.51 | -$656,362.09 | $11,814,517.54 |
| 20 | $17,229,504.75 | -$4,135,081.14 | -$689,180.19 | $12,405,243.42 |
| 21 | $18,090,979.99 | -$4,341,835.20 | -$723,639.20 | $13,025,505.59 |
| 22 | $18,995,528.98 | -$4,558,926.96 | -$759,821.16 | $13,676,780.87 |
| 23 | $19,945,305.43 | -$4,786,873.30 | -$797,812.22 | $14,360,619.91 |
| 24 | $20,942,570.71 | -$5,026,216.97 | -$837,702.83 | $15,078,650.91 |
| 25 | $21,989,699.24 | -$5,277,527.82 | -$879,587.97 | $15,832,583.45 |
| 26 | $23,089,184.20 | -$5,541,404.21 | -$923,567.37 | $16,624,212.63 |
| 27 | $24,243,643.41 | -$5,818,474.42 | -$969,745.74 | $17,455,423.26 |
| 28 | $25,455,825.58 | -$6,109,398.14 | -$1,018,233.02 | $18,328,194.42 |
| 29 | $26,728,616.86 | -$6,414,868.05 | -$1,069,144.67 | $19,244,604.14 |
| 30 | $28,065,047.71 | -$6,735,611.45 | -$1,122,601.91 | $20,206,834.35 |
| TOTALS | $453,000,000.00 | -$108,720,000.00 | -$18,120,000.00 | $326,160,000.00 |