Mega Millions Payout Calculator
Calculate Mega Millions jackpot payouts with lump sum vs annuity comparison and tax calculations by state
Calculate Mega Millions Payout
Advertised Mega Millions jackpot amount
Select your tax filing status
Select your state for tax calculation
Typically 52% of advertised jackpot
Advanced Options
Additional return rate for annuity calculations
Payout Comparison
| Option | Gross Payout | Federal Tax | State Tax | Net Payout |
|---|---|---|---|---|
| Lump Sum | $0 | $0 | $0 | $0 |
| Annuity (30 years) | $0 | $0 | $0 | $0 |
Quick Summary
Recommendation
Tax Breakdown Details
Lump Sum Taxes
Annuity Taxes (30 Years)
Key Decision Factors
Investment Knowledge
Can you invest lump sum to beat annuity returns?
Financial Discipline
Annuity prevents overspending large amounts
Age & Health
Younger winners may benefit from lump sum
Tax Rates
Current vs future tax rate expectations
Mega Millions Facts
Drawings occur Tuesday and Friday at 11 PM ET
Odds of winning jackpot: 1 in 302.6 million
Tickets cost $2 per play ($3 with Megaplier)
Lump sum is typically 52% of advertised amount
Annuity payments increase 5% annually
You have 180 days to claim your prize
Understanding Mega Millions Payouts
Lump Sum vs Annuity
When you win the Mega Millions jackpot, you have two payout options. The advertised jackpot is the total amount you'd receive through annuity payments over 30 years.
Tax Implications
All lottery winnings are subject to federal and state taxes. Federal taxes start with 24% withholding, but you may owe more depending on your total income and tax bracket.
State Variations
State tax rates vary significantly. Some states like Florida and Texas have no income tax, while others like California can tax winnings at over 13%.
Calculation Method
Lump Sum: Jackpot × 52% (typical)
Annuity: 30 payments increasing 5% annually
Taxes: Federal (24%-37%) + State (0%-13.3%)
Important: This calculator provides estimates for educational purposes. Actual tax calculations may vary. Consult with financial and tax professionals for personalized advice.