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MegaMillions Jackpot Analysis

Below is an analysis of the current MegaMillions jackpot, showing both the advertised Annuity and Lump Sum amounts and their ultimate worth after taking into account federal and state tax. You can also view the MegaMillions annuity payout table further down, which details the amount a single winner of the jackpot would receive each year from their lucky win should they choose the annuity option.
By Alex Kiam

Current Jackpot Analysis

Jackpot Type Annuity Cash Lump Sum
Initial Advertised Value $970,000,000.00 $716,300,000.00
Federal Tax: -$232,800,000.00 -$171,912,000.00
State Tax: -$0.00 -$0.00
Final Total* $737,200,000.00 $544,388,000.00

* Please Note: In addition to federal and state tax, some cities and counties may also levy an additional local income tax, which will be applied on top of all other tax. Check with your local authority to see if this applies to you.

MegaMillions Annuity Calculation Table

Jackpot winners who opt for the annuity payout will receive their winnings over a period of thirty years, with payouts increasing by 5% year-on-year. The table below shows a breakdown of the gross annuity value and the applicable federal and state tax for each year.

Year Gross Annuity Value Federal Tax ( 24 %) State Tax ( 0 %) Net Total
1 $14,599,892.03 -$3,503,974.09 -$0.00 $11,095,917.94
2 $15,329,886.63 -$3,679,172.79 -$0.00 $11,650,713.84
3 $16,096,380.96 -$3,863,131.43 -$0.00 $12,233,249.53
4 $16,901,200.01 -$4,056,288.00 -$0.00 $12,844,912.01
5 $17,746,260.01 -$4,259,102.40 -$0.00 $13,487,157.61
6 $18,633,573.01 -$4,472,057.52 -$0.00 $14,161,515.49
7 $19,565,251.66 -$4,695,660.40 -$0.00 $14,869,591.26
8 $20,543,514.24 -$4,930,443.42 -$0.00 $15,613,070.82
9 $21,570,689.96 -$5,176,965.59 -$0.00 $16,393,724.37
10 $22,649,224.45 -$5,435,813.87 -$0.00 $17,213,410.58
11 $23,781,685.68 -$5,707,604.56 -$0.00 $18,074,081.11
12 $24,970,769.96 -$5,992,984.79 -$0.00 $18,977,785.17
13 $26,219,308.46 -$6,292,634.03 -$0.00 $19,926,674.43
14 $27,530,273.88 -$6,607,265.73 -$0.00 $20,923,008.15
15 $28,906,787.57 -$6,937,629.02 -$0.00 $21,969,158.56
16 $30,352,126.95 -$7,284,510.47 -$0.00 $23,067,616.48
17 $31,869,733.30 -$7,648,735.99 -$0.00 $24,220,997.31
18 $33,463,219.97 -$8,031,172.79 -$0.00 $25,432,047.17
19 $35,136,380.96 -$8,432,731.43 -$0.00 $26,703,649.53
20 $36,893,200.01 -$8,854,368.00 -$0.00 $28,038,832.01
21 $38,737,860.01 -$9,297,086.40 -$0.00 $29,440,773.61
22 $40,674,753.01 -$9,761,940.72 -$0.00 $30,912,812.29
23 $42,708,490.66 -$10,250,037.76 -$0.00 $32,458,452.90
24 $44,843,915.20 -$10,762,539.65 -$0.00 $34,081,375.55
25 $47,086,110.96 -$11,300,666.63 -$0.00 $35,785,444.33
26 $49,440,416.51 -$11,865,699.96 -$0.00 $37,574,716.54
27 $51,912,437.33 -$12,458,984.96 -$0.00 $39,453,452.37
28 $54,508,059.20 -$13,081,934.21 -$0.00 $41,426,124.99
29 $57,233,462.16 -$13,736,030.92 -$0.00 $43,497,431.24
3 0 $60,095,135.26 -$14,422,832.46 -$0.00 $45,672,302.80
TOTALS $970,000,000.00 -$232,800,000.00 -$0.00 $737,200,000.00

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View an analysis of the current MegaMillions jackpot, showing both the advertised Annuity and Lump Sum amounts and the ultimate worth after taking into account federal and state tax.

Florida(FL) MEGA Millions Prize Analysis for Fri Jan 22, 2021

As legally required by the state of Florida, taxes are withheld on lottery winnings of $600.00 or more. For prizes over $5,000.00, US citizens and resident aliens with a social security number are subject to a 25% deduction to their prizes, which represents federal taxes. Luckily, lottery prizes are exempt from Florida state and local personal income taxes. For more information on taxes for lottery winnings in the state of Florida, click here.

  • For the Cash Option in the amount of $716.3 million , the federal tax that must be withheld is $179,075,000.00. There is no state tax on lottery prizes. After federal taxes are paid, the winner gets a net lump-sum payment of $537,225,000.00.
  • For the $970 millionannuity, the winner gets paid in 30 equal annual installments amounting to $32,333,333.33 yearly. The federal tax amounts to $8,083,333.33 yearly. There is no state tax deduction. The winner will receive, after paying federal taxes, $24,250,000.00 yearly.
For detailed information on MEGA Millions Lottery Winning Taxes and Prizes Analysis, see the data listed below. The Florida(FL) MEGA Millions prize analysis tells you how much you would get after state, local and federal tax withholdings. ]]>