Mega Millions Payout Calculator
See how much of a Mega Millions jackpot you keep after taxes. Enter the advertised jackpot and your state to compare the cash lump sum with the 30-year annuity under 2026 federal tax brackets.
Free · No sign-up · Runs in your browser · Last reviewed November 2026
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About the Mega Millions Payout Calculator
The advertised Mega Millions jackpot is the total of 30 annuity payments. Winners can instead take the smaller cash value at once. Either way the prize is taxed as ordinary income. This calculator estimates both options after federal tax and the state rate you choose.
How to use it
- Enter the advertised jackpot and the cash value percentage published for the drawing (about 46% if unknown).
- Choose your filing status and your state to fill in a state tax rate.
- Compare the cash option and the annuity after federal and state taxes.
Mega Millions payout after taxes by jackpot size
Estimates for a single filer with no other income, cash value at 46% of the advertised jackpot, 2026 federal brackets, before state tax:
| Advertised jackpot | Cash value | Withheld (24%) | Federal tax on cash | Cash after federal tax | First annuity payment | Annuity total after federal tax |
|---|---|---|---|---|---|---|
| $20 million | $9,200,000 | $2,208,000 | $3,354,000 | $5,846,000 | $301,029 | $14,032,280 |
| $50 million | $23,000,000 | $5,520,000 | $8,460,000 | $14,540,000 | $752,572 | $32,999,993 |
| $100 million | $46,000,000 | $11,040,000 | $16,970,000 | $29,030,000 | $1,505,144 | $64,499,993 |
| $200 million | $92,000,000 | $22,080,000 | $33,990,000 | $58,010,000 | $3,010,287 | $127,499,993 |
| $300 million | $138,000,000 | $33,120,000 | $51,010,000 | $86,990,000 | $4,515,431 | $190,499,993 |
| $500 million | $230,000,000 | $55,200,000 | $85,050,000 | $144,950,000 | $7,525,718 | $316,499,993 |
| $750 million | $345,000,000 | $82,800,000 | $127,600,000 | $217,400,000 | $11,288,576 | $473,999,993 |
| $1 billion | $460,000,000 | $110,400,000 | $170,150,000 | $289,850,000 | $15,051,435 | $631,499,993 |
| $1.5 billion | $690,000,000 | $165,600,000 | $255,250,000 | $434,750,000 | $22,577,153 | $946,499,993 |
| $2 billion | $920,000,000 | $220,800,000 | $340,350,000 | $579,650,000 | $30,102,870 | $1,261,499,993 |
How the Mega Millions payout is calculated
- Cash option: cash value − federal income tax (24% withheld, 37% top rate) − state tax.
- Annuity option: first payment = jackpot × 0.05 ÷ (1.0530 − 1); each later payment is 5% higher. Every payment is taxed in the year it is received.
- State tax: the state selector fills in the top state income tax rate as an estimate; edit it if your state treats lottery prizes differently.
Example: $500 million jackpot. Cash value about $230,000,000; federal tax about $85,050,000; $144,950,000 left before state tax. As an annuity the first payment is about $7,525,718 and the 30 payments total about $316,499,993 after federal tax.
Mega Millions facts
- Tickets cost $5 and include a built-in multiplier for non-jackpot prizes.
- Drawings are held Tuesday and Friday nights.
- Jackpots start at $50 million.
- Matching five white balls without the Mega Ball pays $2 million to $10 million depending on the multiplier.
- Mega Millions is sold in 45 states, Washington DC and the US Virgin Islands.
Taxes on smaller prizes
Every lottery prize is taxable income. Prizes over $5,000 have 24% withheld for the IRS; smaller prizes are still reported on your return. For a single cash prize of any size use the lottery tax calculator.
Frequently asked questions
How much do you take home if you win the Mega Millions jackpot?
It depends on the option. For a $500 million advertised jackpot with a cash value of about $230,000,000, federal tax is about $85,050,000, leaving roughly $144,950,000 before state tax. The 30-payment annuity pays the full $500 million and leaves about $316,499,993 after federal tax.
How much tax is taken from Mega Millions winnings?
The lottery withholds 24% for federal tax on prizes over $5,000. Jackpots are taxed at the top federal rate of 37%, so about 13% more is due when you file. Most states also tax the prize, at rates up to 10.9%.
Is it better to take the Mega Millions lump sum or the annuity?
The cash option gives you less money in total but all of it now. The annuity pays the full advertised jackpot in 30 payments over 29 years, each 5% larger than the last. After tax the annuity total is higher; the cash option can come out ahead only if you invest it at a higher return than the annuity earns.
How is the Mega Millions annuity paid?
One immediate payment followed by 29 annual payments, each 5% bigger than the one before. For a $500 million jackpot the first payment is about $7,525,718 and the last about $30,976,874, before taxes.
What is the cash value of the Mega Millions jackpot?
The cash value is the money in the prize pool, usually around 45% to 50% of the advertised annuity jackpot depending on interest rates. The lottery publishes the exact cash value for each drawing; enter that percentage in the calculator for a precise result.
Which states do not tax Mega Millions winnings?
States with no tax on lottery prizes include California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. Winners elsewhere pay state income tax, and some cities such as New York City add a local tax.
What are the odds of winning the Mega Millions jackpot?
The odds of matching all five white balls and the Mega Ball are 1 in 290.5 million under the rules in effect since April 2025. The overall odds of winning any prize are about 1 in 23.
Official sources
Last reviewed: November 2026. Estimates only, not tax advice. Cash values, state rules and tax rates change; confirm with the lottery and your state.