You may have missed out on Powerball’s $1.08 billion jackpot prize, but there’s still $820 million up for grabs with Mega Millions’ next draw Tuesday night at 11 p.m. ET.
In the highly unlikely case that you win — the odds are 1 in 302.5 million — you’ll have the choice of two two payout options. You can take either the full jackpot amount as an annuity spread out over 29 years, or an upfront lump sum worth just over half the jackpot amount.
But then there’s taxes. For either payout option, you’ll pay an automatic 24% federal withholding tax on your winnings. However, winning millions of dollars will put you in the top bracket, which levies a 37% tax for income of $578,126 or more. That means you’d almost certainly pay another 13% in taxes when you file a 2023 tax return.
You also have to pay state taxes, which vary based on where you live. Some states don’t tax lottery winnings, while those that do have rates ranging from 2.9% to 10.9%.
Eight states don’t charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.
Assuming a top federal tax rate of 37%, here’s the after-tax amount you’d take home in each participating state, as well as Washington, D.C., for both the lump sum and annuity option, according to usamega.com.
Arizona
- Lump sum: $255,347,045
- Annuity: $497,211,360
Arkansas
- Lump sum: $246,063,045
- Annuity: $479,171,340
California
- Lump sum: $265,897,045
- Annuity: $517,711,350
Colorado
- Lump sum: $247,329,045
- Annuity: $481,631,340
Connecticut
- Lump sum: $236,399,245
- Annuity: $460,393,350
Delaware
- Lump sum: $238,045,045
- Annuity: $463,591,350
Florida
- Lump sum: $265,897,045
- Annuity: $517,711,350
Georgia
- Lump sum: $241,632,045
- Annuity: $470,561,340
Idaho
- Lump sum: $241,421,045
- Annuity: $470,151,360
Illinois
- Lump sum: $245,008,045
- Annuity: $477,121,350
Indiana
- Lump sum: $252,604,045
- Annuity: $491,881,350
Iowa
- Lump sum: $240,577,045
- Annuity: $468,511,350
Kansas
- Lump sum: $241,843,045
- Annuity: $470,971,350
Kentucky
- Lump sum: $246,907,045
- Annuity: $480,811,350
Louisiana
- Lump sum: $245,852,045
- Annuity: $478,761,360
Maine
- Lump sum: $235,724,045
- Annuity: $459,081,360
Maryland
- Lump sum: $228,128,045
- Annuity: $444,321,360
Massachusetts
- Lump sum: $227,917,045
- Annuity: $443,911,350
Michigan
- Lump sum: $247,962,045
- Annuity: $482,861,340
Minnesota
- Lump sum: $224,330,045
- Annuity: $436,941,360
Mississippi
- Lump sum: $244,797,045
- Annuity: $476,711,340
Missouri
- Lump sum: $245,008,045
- Annuity: $477,121,350
Montana
- Lump sum: $237,412,045
- Annuity: $462,361,350
Nebraska
- Lump sum: $237,876,245
- Annuity: $463,263,360
New Hampshire
- Lump sum: $265,897,045
- Annuity: $517,711,350
New Jersey
- Lump sum: $220,532,045
- Annuity: $429,561,360
New Mexico
- Lump sum: $240,999,045
- Annuity: $469,331,340
New York
- Lump sum: $219,899,045
- Annuity: $428,331,360
North Carolina
- Lump sum: $245,852,045
- Annuity: $478,761,360
North Dakota
- Lump sum: $253,659,045
- Annuity: $493,931,340
Ohio
- Lump sum: $249,059,245
- Annuity: $484,993,350
Oklahoma
- Lump sum: $245,852,045
- Annuity: $478,761,360
Oregon
- Lump sum: $224,119,045
- Annuity: $436,531,350
Pennsylvania
- Lump sum: $252,941,645
- Annuity: $492,537,360
Rhode Island
- Lump sum: $240,619,245
- Annuity: $468,593,340
South Carolina
- Lump sum: $238,467,045
- Annuity: $464,411,340
South Dakota
- Lump sum: $265,897,045
- Annuity: $517,711,350
Tennessee
- Lump sum: $265,897,045
- Annuity: $517,711,350
Texas
- Lump sum: $265,897,045
- Annuity: $517,711,350
Vermont
- Lump sum: $228,972,045
- Annuity: $445,961,340
Virginia
- Lump sum: $241,632,045
- Annuity: $470,561,340
Washington
- Lump sum: $265,897,045
- Annuity: $517,711,350
Washington, D.C.
- Lump sum: $220,532,045
- Annuity: $429,561,360
West Virginia
- Lump sum: $238,467,045
- Annuity: $464,411,340
Wisconsin
- Lump sum: $233,614,045
- Annuity: $454,981,350
Wyoming
- Lump sum: $265,897,045
- Annuity: $517,711,350
