Mega Millions Payout Calculator After Tax [May 21]


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What is the Mega Millions payout ofter taxes.

The $515 million Mega Millions lottery drawing is taking place on Friday, May 21. If you do win the jackpot, however, you won’t be taking home $515 million — but you’ll still be taking home a lot. The exact amount varies depending on where you live and your state income taxes. Here is how much the payout will be by state and how much you would actually take home after taxes if you won.


How Much Would You Take Home if You Won $515 Million?

If the jackpot is $515 million, just how much will you actually be taking home?

The $515 million is the total amount you would be paid if you took the lottery’s annuity option before taxes are calculated. You won’t be paid $515 million dollars upfront if you win. Instead, the winnings are spread out over 29 multimillion-dollar annual payments after the first immediate payment. Each year’s payment is 5% bigger than the previous to help protect against inflation.

If you take the lump-sum cash option instead, you’ll get a one-time payment equal to all the cash that’s in the jackpot prize pool. Mega Millions currently estimates the cash option to be $346.3 million (before tax.)


How Much Do You Win After Tax Per State?

How much you will take home is subject to income tax. Exactly how much is taken out depends on where you live, and whether you’re subject to a federal income tax only or federal and state income tax (and in some cases, local taxes too.)

Lottery Critic also offers a Mega Millions Payout Calculator that is helpful in determining what your winnings will be. To use this calculator, you’ll need to enter the jackpot amount and then the state that you are living in.

An after-tax calculator is also available at USA Mega’s jackpot analysis page. The calculations are based on an $515 million annuity or a $346.3 million lump sum.

To start, everyone will lose 24% because of federal taxes. This means you’ll lose about $4.12 million each time, plus $2.195 million in additional federal taxes yearly, leaving you with a take-home amount of about $10.85 million each year after federal taxes. If your state doesn’t have any state income tax, then this would be approximately how much you’ll take home each year (not including the 5% increase for inflation.)

If you take a lump sum, you’ll lose a total of $83.112 million upfront plus another $44.983 million from additional federal taxes, for a take-home total of about $218,204,928 after just federal taxes alone.

Below are your average per year and average lump sum net payouts per state after taxes for the $515 million jackpot, as calculated and presented by USA Mega. Please note that the amounts below are not guaranteed, and might also not include local taxes if relevant. These are also averages per year, so they don’t indicate the 5% increase that you will see each year due to inflation if taking a yearly sum.

  • Arizona: 4.8% tax for in-state residents, averaging 8% with additional state taxes: $9.477 million a year or $190.5 million cash in a lump sum. (Non-Arizona residents end up with the same amounts for the final state rate, even though the exact percentages are broken down a little differently.)
  • Arkansas: 5.9% state tax: $9.838 million per year or $197.773 million cash lump sum
  • California: No state tax on lottery winnings
  • Colorado: 4% state tax (with final 4.55% due to additional state taxes): $10.069 million per year or $202.448 million cash in one lump sum
  • Connecticut: 6.99% state tax: $9.65 million per year or $193.998 million cash in one lump sum
  • Delaware: No state tax, but additional state taxes lead to a 6.6% tax rate: $9.717 million per year or $1945.349 million cash lump sum
  • Florida: No state tax
  • Georgia: 5.75% tax: $9.863 million per year or $198.292 million cash in one lump sum
  • Idaho: 6.925% tax: $9.662 million per year or $194.223 million cash in one lump sum
  • Illinois: 4.95% state tax: $10.001 million per year or $201.063 million cash in one lump sum
  • Indiana: 3.23% state tax: $10.296 million per year or $207.019 million cash in one lump sum
  • Iowa: 5% tax (but additional taxes bring an 8.53% final rate): $9.386 million a year or $188.665 million cash in one lump sum
  • Kansas: 5% tax (but additional taxes bring it to a 5.7% tax rate): $9.872 million a year or $198.465 million cash in one lump sum
  • Kentucky: 5% tax: $9.992 million a year or $200.889 million cash in one lump sum
  • Louisiana: 5% tax (but additional taxes bring it to a 6% final rate): $9.82 million a year or $197.426 million cash in a lump sum
  • Maine: 5% tax (but additional taxes bring it to a 7.15% final tax): $9.623 million a year or $193.444 million cash in one lump sum
  • Maryland: 8.95% state tax for in-state residents: $9.314 million per year or $187.211 million cash in one lump sum. (Note that non-Maryland residents end up receiving the same, even though their taxes are divided slightly differently.)
  • Massachusetts: 5% tax: $9.992 million a year or $200.889 million cash in one lump sum
  • Michigan: 4.25% tax: $10.121 million a year or $203.487 million cash in one lump sum
  • Minnesota: 7.25% state tax with a final 9.85% rate counting additional taxes: $9.16 million a year or $184.094 million cash in one lump sum
  • Mississippi: 5% state tax: $9.992 million a year or $200.889 million cash in one lump sum
  • Missouri: 4% state tax (but additional taxes bring it up to 5.4% tax): $9.923 million per year or $199.504 million cash in one lump sum
  • Montana: 6.9% tax: $9.666 million a year or $194.310 million in one cash lump sum
  • Nebraska: 5% tax (but other taxes bring it to 6.84%): $9.676 million a year or $194.518 million cash in one lump sum
  • New Hampshire: No state tax on lottery prizes
  • New Jersey: 8% state tax (but other taxes bring the rate up to 10.75%): $9.005 million per year or $180.977 million lump sum for one cash payment
  • New Mexico: 5.9% tax: $9.838 million a year or $197.773 million cash in a lump sum
  • New York: 8.82% tax (but other taxes bring the rate up to 9.62%): $9.199 million per year or $184.89 million cash in a lump sum
  • North Carolina: 5.25% tax: $9.949 million a year or $200.024 million cash in a lump sum
  • North Dakota: 2.9% tax: $10.353 million a year or $208.162 million cash in a lump sum
  • Ohio: 4.797% state tax: $10.027 million per year or $201.592 million cash in a lump sum
  • Oklahoma: 5% state tax: $9.992 million a year or $200.889 million cash in one lump sum
  • Oregon: 8% state tax (or 9.9% final rate): $9.151 million per year or $183.921 million lump sum for one cash payment
  • Pennsylvania: 3.07% tax: $10.323 million a year or $207.573 million cash in one lump payment
  • Rhode Island: 5.99% tax: $9.649 million a year or $193.963 million cash in one lump payment
  • South Carolina: 7% state tax: $9.649 million per year or $193.963 million cash
  • South Dakota: No state taxes
  • Tennessee: No state taxes
  • Texas: No state taxes
  • U.S. Virgin Islands: Not known
  • Vermont: 6% tax (but additional taxes bring it to 8.75%): $9.348 million a year or $187.903 million cash in a lump sum
  • Virginia: 4% state tax (but additional state taxes bring it to 5.75%): $9.863 million per year or $198.292 million cash in one lump sum
  • Washington: No state tax
  • Washington D.C.: 8.95% tax: $9.314 million a year or $187.211 million cash in one lump sum
  • West Virginia: 6.5% tax: $9.735 million a year or $195.695 million cash in one lump sum
  • Wisconsin: 7.65% tax: $9.537 million a year or $191.712 million cash in one lump sum
  • Wyoming: No state tax

Note: The numbers above are all averages, and other factors (like the yearly 5% increase due to inflation) might affect the final number.

Remember also that if more than one person wins the lottery, you’ll be splitting the prize, which will make what you take home even less.

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