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Our Mega Millions calculator takes into account the federal and state tax rates and calculates payouts for both lump-sum cash and annual payment options, so you can compare the two.
You'll also find a payout table for the annual payment option below for a more detailed breakdown. Just input the estimated jackpot amount, select your state, and our Mega Millions payout calculator will do all the rest.
After you are done, check out our guide on the best lottery prediction software for tools that will help increase your odds of winning - significantly.
As you might already know, when a player wins the Mega Millions jackpot, they'll have to choose between a single lump sum or 30 annual payments to claim their prize.
What our Mega Millions tax calculator provides is a quick overview of the gross and net after taxes winnings you'd receive for both options — allowing you to make a more informed decision when comparing the two.
Finally as an added feature, our tool also breaks down the annuity option into a handy payout schedule so you know how much annual payment you will receive per year.
Note: Payouts are approximations. For example, large charitable donations can be written off, meaning reduced tax liabilities.
Estimated Jackpot: The total payment a winner would receive should they choose the annuity option for any given drawing.
This number is based on the funds in the prize pool including all prior rollovers , expected ticket sales for the next drawing, and current market interest rates.
Annuity Payout or Annual Payment Option: Payment scheme wherein prizes are awarded starting with 1 immediate payment followed by 29 annual payments.
Federal Taxes: Income tax withheld by the US government, including income from lottery prize money.
State Taxes: Additional tax withheld, dependent on the state. Tax Liability: The taxes you will have to pay in order to receive your prize.
Read on for a brief history of this ever-popular game. Pick five numbers from 1 to 70 and a Mega Ball number from 1 to 25, or select Quick Pick.
Add the Megaplier option for a chance to multiply any non-jackpot winnings. A Megaplier number from 2 to 5 is drawn on the night of every Mega Millions draw.
Players who select the Megaplier option have their non-jackpot prizes multiplied by that number. All the states offer the Megaplier option except for California.
If you win a Mega Millions jackpot, you can choose to have it paid out across 29 years as an annuity or all at once. The cash lump sum is the money available for the jackpot that is generated from the sale of Mega Millions tickets.
The annuity option accounts for this amount as well as the extra cash generated by the investment made in government bonds over 29 years.
Mega Millions draws take place on Tuesdays and Fridays at p. ET, p. Register Sign In Checkout: 0 Item. Toggle navigation. Christmas Deals HOT!
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