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Mega Millions Jackpot Analysis for Fri, Sep 20, 2013

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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, Sep 20, 2013   

$145,000,000

$98,400,000

 
Gross Prize26 annual payments of $5,576,923
Lump-sum cash: $98,400,000
- 24% Federal Tax- $1,338,462
- $23,616,000
Subtotal
$4,238,461

$74,784,000
- State Tax:

Arizona: 5% State Tax for In-State Residents- $278,846
- $4,920,000
Your net per year: $3,959,615Your net payout: $69,864,000
After 26 payments: $102,949,990
 
Non-Arizona Residents: 6% State Tax- $334,615
- $5,904,000
Your net per year: $3,903,846Your net payout: $68,880,000
After 26 payments: $101,499,996

Arkansas: 7% State Tax- $390,385
- $6,888,000
Your net per year: $3,848,076Your net payout: $67,896,000
After 26 payments: $100,049,976

California: No State Tax on Lottery Prizes!
Your net per year: $4,238,461Your net payout: $74,784,000
After 26 payments: $110,199,986

Colorado: 4% State Tax- $223,077
- $3,936,000
Your net per year: $4,015,384Your net payout: $70,848,000
After 26 payments: $104,399,984

Connecticut: 6.99% State Tax- $389,827
- $6,878,160
Your net per year: $3,848,634Your net payout: $67,905,840
After 26 payments: $100,064,484

Delaware: No State Tax on Lottery Prizes!
Your net per year: $4,238,461Your net payout: $74,784,000
After 26 payments: $110,199,986

Florida: No State Tax on Lottery Prizes!
Your net per year: $4,238,461Your net payout: $74,784,000
After 26 payments: $110,199,986

Georgia: 5.75% State Tax- $320,673
- $5,658,000
Your net per year: $3,917,788Your net payout: $69,126,000
After 26 payments: $101,862,488

Idaho: 6.925% State Tax- $386,202
- $6,814,200
Your net per year: $3,852,259Your net payout: $67,969,800
After 26 payments: $100,158,734

Illinois: 4.95% State Tax- $276,058
- $4,870,800
Your net per year: $3,962,403Your net payout: $69,913,200
After 26 payments: $103,022,478

Indiana: 3.23% State Tax- $180,135
- $3,178,320
Your net per year: $4,058,326Your net payout: $71,605,680
After 26 payments: $105,516,476

Iowa: 5% State Tax- $278,846
- $4,920,000
Your net per year: $3,959,615Your net payout: $69,864,000
After 26 payments: $102,949,990

Kansas: 5% State Tax- $278,846
- $4,920,000
Your net per year: $3,959,615Your net payout: $69,864,000
After 26 payments: $102,949,990

Kentucky: 5% State Tax- $278,846
- $4,920,000
Your net per year: $3,959,615Your net payout: $69,864,000
After 26 payments: $102,949,990

Louisiana: 5% State Tax- $278,846
- $4,920,000
Your net per year: $3,959,615Your net payout: $69,864,000
After 26 payments: $102,949,990

Maine: 5% State Tax- $278,846
- $4,920,000
Your net per year: $3,959,615Your net payout: $69,864,000
After 26 payments: $102,949,990

Maryland: 8.75% State Tax for In-State Residents- $487,981
- $8,610,000
Your net per year: $3,750,480Your net payout: $66,174,000
After 26 payments: $97,512,480
 
Non-Maryland Residents: 7.5% State Tax- $418,269
- $7,380,000
Your net per year: $3,820,192Your net payout: $67,404,000
After 26 payments: $99,324,992

Massachusetts: 5% State Tax- $278,846
- $4,920,000
Your net per year: $3,959,615Your net payout: $69,864,000
After 26 payments: $102,949,990

Michigan: 4.25% State Tax- $237,019
- $4,182,000
Your net per year: $4,001,442Your net payout: $70,602,000
After 26 payments: $104,037,492

Minnesota: 7.25% State Tax- $404,327
- $7,134,000
Your net per year: $3,834,134Your net payout: $67,650,000
After 26 payments: $99,687,484

Missouri: 4% State Tax- $223,077
- $3,936,000
Your net per year: $4,015,384Your net payout: $70,848,000
After 26 payments: $104,399,984

Montana: 6.9% State Tax- $384,808
- $6,789,600
Your net per year: $3,853,653Your net payout: $67,994,400
After 26 payments: $100,194,978

Nebraska: 5% State Tax- $278,846
- $4,920,000
Your net per year: $3,959,615Your net payout: $69,864,000
After 26 payments: $102,949,990

New Hampshire: No State Tax on Lottery Prizes!
Your net per year: $4,238,461Your net payout: $74,784,000
After 26 payments: $110,199,986

New Jersey: 8% State Tax- $446,154
- $7,872,000
Your net per year: $3,792,307Your net payout: $66,912,000
After 26 payments: $98,599,982

New Mexico: 6% State Tax- $334,615
- $5,904,000
Your net per year: $3,903,846Your net payout: $68,880,000
After 26 payments: $101,499,996

New York: 8.82% State Tax- $491,885
- $8,678,880
Your net per year: $3,746,576Your net payout: $66,105,120
After 26 payments: $97,410,976

North Carolina: 5.499% State Tax- $306,675
- $5,411,016
Your net per year: $3,931,786Your net payout: $69,372,984
After 26 payments: $102,226,436

North Dakota: 2.9% State Tax- $161,731
- $2,853,600
Your net per year: $4,076,730Your net payout: $71,930,400
After 26 payments: $105,994,980

Ohio: 4% State Tax- $223,077
- $3,936,000
Your net per year: $4,015,384Your net payout: $70,848,000
After 26 payments: $104,399,984

Oklahoma: 4% State Tax- $223,077
- $3,936,000
Your net per year: $4,015,384Your net payout: $70,848,000
After 26 payments: $104,399,984

Oregon: 8% State Tax- $446,154
- $7,872,000
Your net per year: $3,792,307Your net payout: $66,912,000
After 26 payments: $98,599,982

Pennsylvania: 3.07% State Tax- $171,212
- $3,020,880
Your net per year: $4,067,249Your net payout: $71,763,120
After 26 payments: $105,748,474

Rhode Island: 5.99% State Tax- $334,058
- $5,894,160
Your net per year: $3,904,403Your net payout: $68,889,840
After 26 payments: $101,514,478

South Carolina: 7% State Tax- $390,385
- $6,888,000
Your net per year: $3,848,076Your net payout: $67,896,000
After 26 payments: $100,049,976

South Dakota: No State Tax on Lottery Prizes!
Your net per year: $4,238,461Your net payout: $74,784,000
After 26 payments: $110,199,986

Tennessee: No State Tax on Lottery Prizes!
Your net per year: $4,238,461Your net payout: $74,784,000
After 26 payments: $110,199,986

Texas: No State Tax on Lottery Prizes!
Your net per year: $4,238,461Your net payout: $74,784,000
After 26 payments: $110,199,986

U.S. Virgin Islands: Unknown State Tax Rate- $0
- $0
Your net per year: $4,238,461Your net payout: $74,784,000
After 26 payments: $110,199,986

Vermont: 6% State Tax- $334,615
- $5,904,000
Your net per year: $3,903,846Your net payout: $68,880,000
After 26 payments: $101,499,996

Virginia: 4% State Tax- $223,077
- $3,936,000
Your net per year: $4,015,384Your net payout: $70,848,000
After 26 payments: $104,399,984

Washington: No State Tax on Lottery Prizes!
Your net per year: $4,238,461Your net payout: $74,784,000
After 26 payments: $110,199,986

Washington, D.C.: 8.5% State Tax- $474,038
- $8,364,000
Your net per year: $3,764,423Your net payout: $66,420,000
After 26 payments: $97,874,998

West Virginia: 6.5% State Tax- $362,500
- $6,396,000
Your net per year: $3,875,961Your net payout: $68,388,000
After 26 payments: $100,774,986

Wisconsin: 7.65% State Tax- $426,635
- $7,527,600
Your net per year: $3,811,826Your net payout: $67,256,400
After 26 payments: $99,107,476

Wyoming: No State Tax on Lottery Prizes!
Your net per year: $4,238,461Your net payout: $74,784,000
After 26 payments: $110,199,986

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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