Mega Millions Jackpot Analysis

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

Annuity		Cash
Mega Millions Jackpot for Fri, May 9, 2008 $145,000,000		$88,000,000
Gross Prize 26 annual payments of $5,576,923		Lump-sum cash: $88,000,000
- 25% Federal Tax - $1,394,231		- $22,000,000
Subtotal $4,182,692		$66,000,000
- State Tax:
California: No State Tax on Lottery Prizes!
Your net per year: $4,182,692		Your net payout: $66,000,000
After 26 payments: $108,749,992
Georgia: 6% State Tax - $334,615		- $5,280,000
Your net per year: $3,848,077		Your net payout: $60,720,000
After 26 payments: $100,050,002
Illinois: 3% State Tax - $167,308		- $2,640,000
Your net per year: $4,015,384		Your net payout: $63,360,000
After 26 payments: $104,399,984
Maryland: 8.5% State Tax for In-State Residents - $474,038		- $7,480,000
Your net per year: $3,708,654		Your net payout: $58,520,000
After 26 payments: $96,425,004
Non-Maryland Residents: 6.75% State Tax - $376,442		- $5,940,000
Your net per year: $3,806,250		Your net payout: $60,060,000
After 26 payments: $98,962,500
Massachusetts: 5% State Tax - $278,846		- $4,400,000
Your net per year: $3,903,846		Your net payout: $61,600,000
After 26 payments: $101,499,996
Michigan: 4.35% State Tax - $242,596		- $3,828,000
Your net per year: $3,940,096		Your net payout: $62,172,000
After 26 payments: $102,442,496
New Jersey: No State Tax on Lottery Prizes!
Your net per year: $4,182,692		Your net payout: $66,000,000
After 26 payments: $108,749,992
New York†: 6.85% State Tax - $382,019		- $6,028,000
Your net per year: $3,800,673		Your net payout: $59,972,000
After 26 payments: $98,817,498
Ohio: 6% State Tax - $334,615		- $5,280,000
Your net per year: $3,848,077		Your net payout: $60,720,000
After 26 payments: $100,050,002
Texas: No State Tax on Lottery Prizes!
Your net per year: $4,182,692		Your net payout: $66,000,000
After 26 payments: $108,749,992
Virginia: 4% State Tax - $223,077		- $3,520,000
Your net per year: $3,959,615		Your net payout: $62,480,000
After 26 payments: $102,949,990
Washington: No State Tax on Lottery Prizes!
Your net per year: $4,182,692		Your net payout: $66,000,000
After 26 payments: $108,749,992

^† New York imposes additional withholding if you live in one of the following jurisdictions: New York City (3.648%) and Yonkers (0.685%).

Important Notes

• All of the amounts listed above are the taxes withheld at the time of the prize award, not your exact final tax burden.  Since every individual winner's situation differs, and every winner chooses to dispense their winnings in a different manner, there is no way for us to determine what your final tax burden will be.  For example, someone who gives away a large amount to charities would have a vastly different tax burden than someone who buys new cars and houses.  The chart above provides the information that we know for sure: the money that you will initially receive from the lottery.
• The jackpot numbers are estimates rounded to the nearest million dollars.
• The jurisdiction in which you live may impose additional local taxes, beyond those listed here. Please verify all information with your local government tax agency.
• State lotteries typically deduct other amounts from prize payments, such as child support payments, back taxes owed, outstanding student loans, and other government agency responsibilities.
• If you are not a U.S. resident, you will typically have a flat 30% federal withholding, and state taxes may differ from what is listed above. Consult with your local government tax authority for more information if you are not a U.S. resident.
• The states modify their tax withholding rates from time to time, and this chart is accurate as to our latest information we could track down.  It is possible that the tax rate provided above is outdated, although we try not to let that happen.  If you are aware of a percentage being out of date, please contact us to let us know, and we will update it.
• If you win the jackpot, consult a good accountant and tax attorney for ways to minimize your tax liability.