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Mega Millions Jackpot Analysis

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The tax information provided here is based on 2021 federal marginal rates and state tax rates. We show both the intial mandated federal withholding of 24% as well as the remaining federal taxes that will be due. The initial state withholding taxes are based on published guidance from each state lottery and the final state tax rates are from state government publications.

All annuity amounts shown are the average amounts a jackpot winner would receive. Mega Millions annuity payments are made on an annually-increasing rate schedule, so to see what the payments would be on a year-by-year basis for any state, click the Annual Payment Schedule link next to the state.

Important: Be sure to review the Important Notes section at the bottom of the page, which provide additional context about the numbers presented here.

Federal Filing Status:

Annuity Cash
Mega Millions Jackpot for Fri, Jan 15, 2021 $750,000,000 $550,600,000
Gross Prize 30 average annual payments of $25,000,000 Cash: $550,600,000
– 24% federal tax – $6,000,000 – $132,144,000
– Add’l federal taxes due (37% final rate) – $3,214,072 – $71,542,072
Subtotal $15,785,928 $346,913,928
– State Tax:
Arizona: 4.8% state tax for in-state residents – $1,200,000 – $26,428,800
Your average net per year: $14,585,928 Your net payout: $320,485,128
After 30 payments: $437,577,840
Annuity Payment Schedule
Non-Arizona residents: 6% state tax – $1,500,000 – $33,036,000
Your average net per year: $14,285,928 Your net payout: $313,877,928
After 30 payments: $428,577,840
Annuity Payment Schedule
Arkansas: 6.6% state tax – $1,650,000 – $36,339,600
Your average net per year: $14,135,928 Your net payout: $310,574,328
After 30 payments: $424,077,840
Annuity Payment Schedule
California: No state tax on lottery prizes
Your average net per year: $15,785,928 Your net payout: $346,913,928
After 30 payments: $473,577,840
Annuity Payment Schedule
Colorado: 4% state tax withheld – $1,000,000 – $22,024,000
Add’l state taxes due (4.63% final rate) – $157,500 – $3,468,780
Your average net per year: $14,628,428 Your net payout: $321,421,148
After 30 payments: $438,852,840
Annuity Payment Schedule
Connecticut: 6.99% state tax – $1,747,500 – $38,486,940
Your average net per year: $14,038,428 Your net payout: $308,426,988
After 30 payments: $421,152,840
Annuity Payment Schedule
Delaware: 0% state tax withheld – $0 – $0
Add’l state taxes due (6.6% final rate) – $1,650,000 – $36,339,600
Your average net per year: $14,135,928 Your net payout: $310,574,328
After 30 payments: $424,077,840
Annuity Payment Schedule
Florida: No state tax on lottery prizes
Your average net per year: $15,785,928 Your net payout: $346,913,928
After 30 payments: $473,577,840
Annuity Payment Schedule
Georgia: 5.75% state tax – $1,437,500 – $31,659,500
Your average net per year: $14,348,428 Your net payout: $315,254,428
After 30 payments: $430,452,840
Annuity Payment Schedule
Idaho: 6.925% state tax – $1,731,250 – $38,129,050
Your average net per year: $14,054,678 Your net payout: $308,784,878
After 30 payments: $421,640,340
Annuity Payment Schedule
Illinois: 4.95% state tax – $1,237,500 – $27,254,700
Your average net per year: $14,548,428 Your net payout: $319,659,228
After 30 payments: $436,452,840
Annuity Payment Schedule
Indiana: 3.23% state tax – $807,500 – $17,784,380
Your average net per year: $14,978,428 Your net payout: $329,129,548
After 30 payments: $449,352,840
Annuity Payment Schedule
Iowa: 5% state tax withheld – $1,250,000 – $27,530,000
Add’l state taxes due (8.53% final rate) – $882,500 – $19,436,180
Your average net per year: $13,653,428 Your net payout: $299,947,748
After 30 payments: $409,602,840
Annuity Payment Schedule
Kansas: 5% state tax withheld – $1,250,000 – $27,530,000
Add’l state taxes due (5.7% final rate) – $175,000 – $3,854,200
Your average net per year: $14,360,928 Your net payout: $315,529,728
After 30 payments: $430,827,840
Annuity Payment Schedule
Kentucky: 5% state tax – $1,250,000 – $27,530,000
Your average net per year: $14,535,928 Your net payout: $319,383,928
After 30 payments: $436,077,840
Annuity Payment Schedule
Louisiana: 5% state tax withheld – $1,250,000 – $27,530,000
Add’l state taxes due (6% final rate) – $250,000 – $5,506,000
Your average net per year: $14,285,928 Your net payout: $313,877,928
After 30 payments: $428,577,840
Annuity Payment Schedule
Maine: 5% state tax withheld – $1,250,000 – $27,530,000
Add’l state taxes due (7.15% final rate) – $537,500 – $11,837,900
Your average net per year: $13,998,428 Your net payout: $307,546,028
After 30 payments: $419,952,840
Annuity Payment Schedule
Maryland: 8.95% state tax for in-state residents – $2,237,500 – $49,278,700
Your average net per year: $13,548,428 Your net payout: $297,635,228
After 30 payments: $406,452,840
Annuity Payment Schedule
Non-Maryland residents: 8% state tax – $2,000,000 – $44,048,000
Your average net per year: $13,785,928 Your net payout: $302,865,928
After 30 payments: $413,577,840
Annuity Payment Schedule
Massachusetts: 5% state tax – $1,250,000 – $27,530,000
Your average net per year: $14,535,928 Your net payout: $319,383,928
After 30 payments: $436,077,840
Annuity Payment Schedule
Michigan: 4.25% state tax – $1,062,500 – $23,400,500
Your average net per year: $14,723,428 Your net payout: $323,513,428
After 30 payments: $441,702,840
Annuity Payment Schedule
Minnesota: 7.25% state tax withheld – $1,812,500 – $39,918,500
Add’l state taxes due (9.85% final rate) – $650,000 – $14,315,600
Your average net per year: $13,323,428 Your net payout: $292,679,828
After 30 payments: $399,702,840
Annuity Payment Schedule
Mississippi: 5% state tax – $1,250,000 – $27,530,000
Your average net per year: $14,535,928 Your net payout: $319,383,928
After 30 payments: $436,077,840
Annuity Payment Schedule
Missouri: 4% state tax withheld – $1,000,000 – $22,024,000
Add’l state taxes due (5.4% final rate) – $350,000 – $7,708,400
Your average net per year: $14,435,928 Your net payout: $317,181,528
After 30 payments: $433,077,840
Annuity Payment Schedule
Montana: 6.9% state tax – $1,725,000 – $37,991,400
Your average net per year: $14,060,928 Your net payout: $308,922,528
After 30 payments: $421,827,840
Annuity Payment Schedule
Nebraska: 5% state tax withheld – $1,250,000 – $27,530,000
Add’l state taxes due (6.84% final rate) – $460,000 – $10,131,040
Your average net per year: $14,075,928 Your net payout: $309,252,888
After 30 payments: $422,277,840
Annuity Payment Schedule
New Hampshire: No state tax on lottery prizes
Your average net per year: $15,785,928 Your net payout: $346,913,928
After 30 payments: $473,577,840
Annuity Payment Schedule
New Jersey: 8% state tax withheld – $2,000,000 – $44,048,000
Add’l state taxes due (10.75% final rate) – $687,500 – $15,141,500
Your average net per year: $13,098,428 Your net payout: $287,724,428
After 30 payments: $392,952,840
Annuity Payment Schedule
New Mexico: 6% state tax – $1,500,000 – $33,036,000
Your average net per year: $14,285,928 Your net payout: $313,877,928
After 30 payments: $428,577,840
Annuity Payment Schedule
New York: 8.82% state tax † – $2,205,000 – $48,562,920
Your average net per year: $13,580,928 Your net payout: $298,351,008
After 30 payments: $407,427,840
Annuity Payment Schedule
North Carolina: 5.25% state tax – $1,312,500 – $28,906,500
Your average net per year: $14,473,428 Your net payout: $318,007,428
After 30 payments: $434,202,840
Annuity Payment Schedule
North Dakota: 2.9% state tax – $725,000 – $15,967,400
Your average net per year: $15,060,928 Your net payout: $330,946,528
After 30 payments: $451,827,840
Annuity Payment Schedule
Ohio: 4.797% state tax – $1,199,250 – $26,412,282
Your average net per year: $14,586,678 Your net payout: $320,501,646
After 30 payments: $437,600,340
Annuity Payment Schedule
Oklahoma: 5% state tax – $1,250,000 – $27,530,000
Your average net per year: $14,535,928 Your net payout: $319,383,928
After 30 payments: $436,077,840
Annuity Payment Schedule
Oregon: 8% state tax withheld – $2,000,000 – $44,048,000
Add’l state taxes due (9.9% final rate) – $475,000 – $10,461,400
Your average net per year: $13,310,928 Your net payout: $292,404,528
After 30 payments: $399,327,840
Annuity Payment Schedule
Pennsylvania: 3.07% state tax – $767,500 – $16,903,420
Your average net per year: $15,018,428 Your net payout: $330,010,508
After 30 payments: $450,552,840
Annuity Payment Schedule
Rhode Island: 5.99% state tax – $1,497,500 – $32,980,940
Your average net per year: $14,288,428 Your net payout: $313,932,988
After 30 payments: $428,652,840
Annuity Payment Schedule
South Carolina: 7% state tax – $1,750,000 – $38,542,000
Your average net per year: $14,035,928 Your net payout: $308,371,928
After 30 payments: $421,077,840
Annuity Payment Schedule
South Dakota: No state tax on lottery prizes
Your average net per year: $15,785,928 Your net payout: $346,913,928
After 30 payments: $473,577,840
Annuity Payment Schedule
Tennessee: No state tax on lottery prizes
Your average net per year: $15,785,928 Your net payout: $346,913,928
After 30 payments: $473,577,840
Annuity Payment Schedule
Texas: No state tax on lottery prizes
Your average net per year: $15,785,928 Your net payout: $346,913,928
After 30 payments: $473,577,840
Annuity Payment Schedule
U.S. Virgin Islands: Unknown state tax rate
Your average net per year: $15,785,928 Your net payout: $346,913,928
After 30 payments: $473,577,840
Annuity Payment Schedule
Vermont: 6% state tax withheld – $1,500,000 – $33,036,000
Add’l state taxes due (8.75% final rate) – $687,500 – $15,141,500
Your average net per year: $13,598,428 Your net payout: $298,736,428
After 30 payments: $407,952,840
Annuity Payment Schedule
Virginia: 4% state tax withheld – $1,000,000 – $22,02 4,000
Add’l state taxes due (5.75% final rate) – $437,500 – $9,635,500
Your average net per year: $14,348,428 Your net payout: $315,254,428
After 30 payments: $430,452,840
Annuity Payment Schedule
Washington: No state tax on lottery prizes
Your average net per year: $15,785,928 Your net payout: $346,913,928
After 30 payments: $473,577,840
Annuity Payment Schedule
Washington, D.C.: 8.95% state tax – $2,237,500 – $49,278,700
Your average net per year: $13,548,428 Your net payout: $297,635,228
After 30 payments: $406,452,840
Annuity Payment Schedule
West Virginia: 6.5% state tax – $1,625,000 – $35,789,000
Your average net per year: $14,160,928 Your net payout: $311,124,928
After 30 payments: $424,827,840
Annuity Payment Schedule
Wisconsin: 7.65% state tax – $1,912,500 – $42,120,900
Your average net per year: $13,873,428 Your net payout: $304,793,028
After 30 payments: $416,202,840
Annuity Payment Schedule
Wyoming: No state tax on lottery prizes
Your average net per year: $15,785,928 Your net payout: $346,913,928
After 30 payments: $473,577,840
Annuity Payment Schedule

† New York imposes additional withholding if you live in one of the following jurisdictions: New York City (3.876%) and Yonkers (1.477%).

Mega Millions jackpot analysis shows the net amount a grand prize winner would receive after federal and state taxes are withheld.

MegaMillions Jackpot Analysis

Below is an analysis of the current MegaMillions jackpot, showing both the advertised Annuity and Lump Sum amounts and their ultimate worth after taking into account federal and state tax. You can also view the MegaMillions annuity payout table further down, which details the amount a single winner of the jackpot would receive each year from their lucky win should they choose the annuity option.
By Alex Kiam

Current Jackpot Analysis

Jackpot Type Annuity Cash Lump Sum
Initial Advertised Value $750,000,000.00 $550,600,000.00
Federal Tax: -$180,000,000.00 -$132,144,000.00
State Tax: -$0.00 -$0.00
Final Total* $570,000,000.00 $418,456,000.00

* Please Note: In addition to federal and state tax, some cities and counties may also levy an additional local income tax, which will be applied on top of all other tax. Check with your local authority to see if this applies to you.

MegaMillions Annuity Calculation Table

Jackpot winners who opt for the annuity payout will receive their winnings over a period of thirty years, with payouts increasing by 5% year-on-year. The table below shows a breakdown of the gross annuity value and the applicable federal and state tax for each year.

$46,465,310.77
Year Gross Annuity Value Federal Tax ( 24 %) State Tax ( 0 %) Net Total
1 $11,288,576.31 -$2,709,258.31 -$0.00 $8,579,318.00
2 $11,853,005.13 -$2,844,721.23 -$0.00 $9,008,283.90
3 $12,445,655.38 -$2,986,957.29 -$0.00 $9,458,698.09
4 $13,067,938.15 -$3,136,305.16 -$0.00 $9,931,632.99
5 $13,721,335.06 -$3,293,120.41 -$0.00 $10,428,214.64
6 $14,407,401.81 -$3,457,776.43 -$0.00 $10,949,625.38
7 $15,127,771.90 -$3,630,665.26 -$0.00 $11,497,106.65
8 $15,884,160.50 -$3,812,198.52 -$0.00 $12,071,961.98
9 $16,678,368.52 -$4,002,808.45 -$0.00 $12,675,560.08
10 $17,512,286.95 -$4,202,948.87 -$0.00 $13,309,338.08
11 $18,387,901.30 -$4,413,096.31 -$0.00 $13,974,804.98
12 $19,307,296.36 -$4,633,751.13 -$0.00 $14,673,545.23
13 $20,272,661.18 -$4,865,438.68 -$0.00 $15,407,222.50
14 $21,286,294.24 -$5,108,710.62 -$0.00 $16,177,583.62
15 $22,350,608.95 -$5,364,146.15 -$0.00 $16,986,462.80
16 $23,468,139.40 -$5,632,353.46 -$0.00 $17,835,785.94
17 $24,641,546.37 -$5,913,971.13 -$0.00 $18,727,575.24
18 $25,873,623.68 -$6,209,669.68 -$0.00 $19,663,954.00
19 $27,167,304.87 -$6,520,153.17 -$0.00 $20,647,151.70
20 $28,525,670.11 -$6,846,160.83 -$0.00 $21,679,509.29
21 $29,951,953.62 -$7,188,468.87 -$0.00 $22,763,484.75
22 $31,449,551.30 -$7,547,892.31 -$0.00 $23,901,658.99
23 $33,022,028.86 -$7,925,286.93 -$0.00 $25,096,741.94
24 $34,673,130.31 -$8,321,551.27 -$0.00 $26,351,579.03
25 $36,406,786.82 -$8,737,628.84 -$0.00 $27,669,157.99
26 $38,227,126.16 -$9,174,510.28 -$0.00 $29,052,615.88
27 $40,138,482.47 -$9,633,235.79 -$0.00 $30,505,246.68
28 $42,145,406.60 -$10,114,897.58 -$0.00 $32,030,509.01
29 $44,252,676.93 -$10,620,642.46 -$0.00 $33,632,034.46
30 -$11,151,674.59 -$0.00 $35,313,636.19
TOTALS $750,000,000.00 -$180,000,000.00 -$0.00 $570,000,000.00

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View an analysis of the current MegaMillions jackpot, showing both the advertised Annuity and Lump Sum amounts and the ultimate worth after taking into account federal and state tax. ]]>