Friday’s Mega Millions jackpot is advertised at $505 million, but that’s the annuity value. A winner who takes the cash option gets an estimated $213.3 million before taxes, and the IRS takes a large share of that.
| Amount | |
|---|---|
| Cash option (before tax) | $213.3 million |
| Federal withholding at 24% (taken at payout) | −$51.2 million |
| Left after withholding | $162.1 million |
| Extra federal tax due at filing (37% top rate, approx.) | −$27.7 million |
| Estimated take-home, no state tax | $134.4 million |
| Illinois (4.95% flat), estimated take-home | $123.8 million |
| New York (10.9% top rate), estimated take-home | $111.1 million |
How the annuity works
The annuity pays the full $505 million as one immediate payment followed by 29 annual payments, each 5% larger than the one before. Taxes are paid on each payment as it arrives.
Where you live matters
Several states don’t tax lottery winnings, including California, Florida, Texas, Tennessee, Washington, South Dakota, Wyoming and New Hampshire. In New York City, city tax adds up to another 3.876%.
Results and the next jackpot are on our Mega Millions results page.
More results
Must be 18 or older to play (older in some states). If gambling has stopped being fun, call or text 1-800-GAMBLER. Results are checked against official sources, but the official lottery’s results always govern.