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Mega Millions Jackpot Analysis for Fri, Oct 12, 2012

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Read the 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, Oct 12, 2012   

$53,000,000

$39,700,000

 
Gross Prize26 annual payments of $2,038,462
Lump-sum cash: $39,700,000
- 24% Federal Tax- $489,231
- $9,528,000
Subtotal
$1,549,231

$30,172,000
- State Tax:

Arizona: 5% State Tax for In-State Residents- $101,923
- $1,985,000
Your net per year: $1,447,308Your net payout: $28,187,000
After 26 payments: $37,630,008
 
Non-Arizona Residents: 6% State Tax- $122,308
- $2,382,000
Your net per year: $1,426,923Your net payout: $27,790,000
After 26 payments: $37,099,998

Arkansas: 7% State Tax- $142,692
- $2,779,000
Your net per year: $1,406,539Your net payout: $27,393,000
After 26 payments: $36,570,014

California: No State Tax on Lottery Prizes!
Your net per year: $1,549,231Your net payout: $30,172,000
After 26 payments: $40,280,006

Colorado: 4% State Tax- $81,538
- $1,588,000
Your net per year: $1,467,693Your net payout: $28,584,000
After 26 payments: $38,160,018

Connecticut: 6.99% State Tax- $142,488
- $2,775,030
Your net per year: $1,406,743Your net payout: $27,396,970
After 26 payments: $36,575,318

Delaware: No State Tax on Lottery Prizes!
Your net per year: $1,549,231Your net payout: $30,172,000
After 26 payments: $40,280,006

Florida: No State Tax on Lottery Prizes!
Your net per year: $1,549,231Your net payout: $30,172,000
After 26 payments: $40,280,006

Georgia: 6% State Tax- $122,308
- $2,382,000
Your net per year: $1,426,923Your net payout: $27,790,000
After 26 payments: $37,099,998

Idaho: 6.925% State Tax- $141,163
- $2,749,225
Your net per year: $1,408,068Your net payout: $27,422,775
After 26 payments: $36,609,768

Illinois: 4.95% State Tax- $100,904
- $1,965,150
Your net per year: $1,448,327Your net payout: $28,206,850
After 26 payments: $37,656,502

Indiana: 3.23% State Tax- $65,842
- $1,282,310
Your net per year: $1,483,389Your net payout: $28,889,690
After 26 payments: $38,568,114

Iowa: 5% State Tax- $101,923
- $1,985,000
Your net per year: $1,447,308Your net payout: $28,187,000
After 26 payments: $37,630,008

Kansas: 5% State Tax- $101,923
- $1,985,000
Your net per year: $1,447,308Your net payout: $28,187,000
After 26 payments: $37,630,008

Kentucky: 5% State Tax- $101,923
- $1,985,000
Your net per year: $1,447,308Your net payout: $28,187,000
After 26 payments: $37,630,008

Louisiana: 5% State Tax- $101,923
- $1,985,000
Your net per year: $1,447,308Your net payout: $28,187,000
After 26 payments: $37,630,008

Maine: 5% State Tax- $101,923
- $1,985,000
Your net per year: $1,447,308Your net payout: $28,187,000
After 26 payments: $37,630,008

Maryland: 8.75% State Tax for In-State Residents- $178,365
- $3,473,750
Your net per year: $1,370,866Your net payout: $26,698,250
After 26 payments: $35,642,516
 
Non-Maryland Residents: 7.5% State Tax- $152,885
- $2,977,500
Your net per year: $1,396,346Your net payout: $27,194,500
After 26 payments: $36,304,996

Massachusetts: 5% State Tax- $101,923
- $1,985,000
Your net per year: $1,447,308Your net payout: $28,187,000
After 26 payments: $37,630,008

Michigan: 4.25% State Tax- $86,635
- $1,687,250
Your net per year: $1,462,596Your net payout: $28,484,750
After 26 payments: $38,027,496

Minnesota: 7.25% State Tax- $147,788
- $2,878,250
Your net per year: $1,401,443Your net payout: $27,293,750
After 26 payments: $36,437,518

Missouri: 4% State Tax- $81,538
- $1,588,000
Your net per year: $1,467,693Your net payout: $28,584,000
After 26 payments: $38,160,018

Montana: 6.9% State Tax- $140,654
- $2,739,300
Your net per year: $1,408,577Your net payout: $27,432,700
After 26 payments: $36,623,002

Nebraska: 5% State Tax- $101,923
- $1,985,000
Your net per year: $1,447,308Your net payout: $28,187,000
After 26 payments: $37,630,008

New Hampshire: No State Tax on Lottery Prizes!
Your net per year: $1,549,231Your net payout: $30,172,000
After 26 payments: $40,280,006

New Jersey: 8% State Tax- $163,077
- $3,176,000
Your net per year: $1,386,154Your net payout: $26,996,000
After 26 payments: $36,040,004

New Mexico: 6% State Tax- $122,308
- $2,382,000
Your net per year: $1,426,923Your net payout: $27,790,000
After 26 payments: $37,099,998

New York: 8.82% State Tax- $179,792
- $3,501,540
Your net per year: $1,369,439Your net payout: $26,670,460
After 26 payments: $35,605,414

North Carolina: 5.499% State Tax- $112,095
- $2,183,103
Your net per year: $1,437,136Your net payout: $27,988,897
After 26 payments: $37,365,536

North Dakota: 2.9% State Tax- $59,115
- $1,151,300
Your net per year: $1,490,116Your net payout: $29,020,700
After 26 payments: $38,743,016

Ohio: 4% State Tax- $81,538
- $1,588,000
Your net per year: $1,467,693Your net payout: $28,584,000
After 26 payments: $38,160,018

Oklahoma: 4% State Tax- $81,538
- $1,588,000
Your net per year: $1,467,693Your net payout: $28,584,000
After 26 payments: $38,160,018

Oregon: 8% State Tax- $163,077
- $3,176,000
Your net per year: $1,386,154Your net payout: $26,996,000
After 26 payments: $36,040,004

Pennsylvania: 3.07% State Tax- $62,581
- $1,218,790
Your net per year: $1,486,650Your net payout: $28,953,210
After 26 payments: $38,652,900

Rhode Island: 5.99% State Tax- $122,104
- $2,378,030
Your net per year: $1,427,127Your net payout: $27,793,970
After 26 payments: $37,105,302

South Carolina: 7% State Tax- $142,692
- $2,779,000
Your net per year: $1,406,539Your net payout: $27,393,000
After 26 payments: $36,570,014

South Dakota: No State Tax on Lottery Prizes!
Your net per year: $1,549,231Your net payout: $30,172,000
After 26 payments: $40,280,006

Tennessee: No State Tax on Lottery Prizes!
Your net per year: $1,549,231Your net payout: $30,172,000
After 26 payments: $40,280,006

Texas: No State Tax on Lottery Prizes!
Your net per year: $1,549,231Your net payout: $30,172,000
After 26 payments: $40,280,006

U.S. Virgin Islands: Unknown State Tax Rate- $0
- $0
Your net per year: $1,549,231Your net payout: $30,172,000
After 26 payments: $40,280,006

Vermont: 6% State Tax- $122,308
- $2,382,000
Your net per year: $1,426,923Your net payout: $27,790,000
After 26 payments: $37,099,998

Virginia: 4% State Tax- $81,538
- $1,588,000
Your net per year: $1,467,693Your net payout: $28,584,000
After 26 payments: $38,160,018

Washington: No State Tax on Lottery Prizes!
Your net per year: $1,549,231Your net payout: $30,172,000
After 26 payments: $40,280,006

Washington, D.C.: 8.5% State Tax- $173,269
- $3,374,500
Your net per year: $1,375,962Your net payout: $26,797,500
After 26 payments: $35,775,012

West Virginia: 6.5% State Tax- $132,500
- $2,580,500
Your net per year: $1,416,731Your net payout: $27,591,500
After 26 payments: $36,835,006

Wisconsin: 7.65% State Tax- $155,942
- $3,037,050
Your net per year: $1,393,289Your net payout: $27,134,950
After 26 payments: $36,225,514

Wyoming: No State Tax on Lottery Prizes!
Your net per year: $1,549,231Your net payout: $30,172,000
After 26 payments: $40,280,006

New York imposes additional withholding if you live in one of the following jurisdictions: New York City (3.876%) and Yonkers (1.323%).

Important Notes

  1. The jackpot numbers are estimates rounded to the nearest million dollars.
  2. All of the tax 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.
  3. We are fully aware that the tax rates listed for some states on this page are different than the states' current income and sales tax rates.  The state tax rate withheld by the lottery at the time the prize is awarded is oftentimes different than what you would expect to be withheld ("standard" state tax rates).  Because of the reason discussed in Note #2, states often try to keep from withholding too much, because they know that many lottery winners do not end up paying a flat (insert highest tax rate here) percent of their winnings in taxes.  There are many ways to reduce the tax burden, which is why it is so important to obtain the services of a top-notch professional accountant before claiming the big prize.
  4. 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.
  5. 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.
  6. 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 30% flat withholding is a dictate by the Internal Revenue Service, in conjunction with the Federal Government, not something created by the state lottery.  Therefore, questions about the purpose of the withholding should be directed to the IRS (1-800-424-1040).
  7. 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.  Please only contact us about lottery withholding rates, not the state income tax or sales tax rate.  See Note #3 for more information.
  8. If you are viewing the Jackpot Analysis for a past drawing date, keep in mind you are viewing the application of the current tax rates against past jackpot amounts.  If the tax rates for a state have changed since that drawing date, the report is not an accurate snapshot of the taxes that would have been withheld on that date in history.  Instead, you are looking at the taxes that would be withheld if the jackpot were won today.  However, if a state's tax withholding rate has not changed, the report is an accurate snapshot of that date in history.
  9. If you win the jackpot, consult a good accountant and tax attorney for ways to minimize your tax liability.  Consider donating a substantial amount to the owner of this Web site, because he gave you such great advice when you needed it most.


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