The Mega Millions jackpot is now at $940 million, its fourth-highest total ever.
But after taxes, the actual take-home winnings could be just over a quarter of that amount, depending on the choice of payout and the state where the ticket was purchased.
The jackpot is creeping toward the all-time record of $1.537 billion set in 2018, but the amount will continue to grow if no ticketholder matches all six numbers drawn Friday at 11 p.m. ET.
If you're lucky enough to win the Mega Millions jackpot, your ticket will have to be cashed in the state where it was purchased. You can choose between two payout options: A lump sum worth about 50% of the total winnings or an annuity of the full amount paid out over 30 years.
Most lottery winners pick the lump sum since it can be reinvested and grow with compound interest over time.
All winners must pay federal taxes on lottery jackpots, however. The amount you'd pay would almost certainly be the top tax rate of 37%, unless you otherwise reduced your tax liability by millions of dollars in the tax year in which the jackpot's earnings are included.
That amount can be further reduced by state taxes on lottery winnings, which vary from nothing at all in states like California to 10.9% in New York, which charges the most of any state.
Below is the total after-tax winnings you'd take home based on a jackpot of $940 million, listed alphabetically by state or district, per usamega.com. States that don't participate in the lottery are not included in this list.
Arizona
- 2.5% state tax
- Lump sum: $292,554,545
- 30-year annuity: $569,811,360
Arkansas
- 4.9% state tax
- Lump sum: $280,950,545
- 30-year annuity: : $547,251,360
California
- No state tax
- Lump sum: $304,642,045
- 30-year annuity: $593,311,350
Colorado
- 4.55% state tax
- Lump sum: $282,642,795
- 30-year annuity: $550,541,340
Connecticut
- 6.99% state tax
- Lump sum: $270,845,395
- 30-year annuity: $527,605,350
Delaware
- 6.6% state tax
- Lump sum: $272,731,045
- 30-year annuity: $531,271,350
Florida
- No state tax
- Lump sum: $304,642,045
- 30-year annuity: $593,311,350
Georgia
- 5.75% state tax
- Lump sum: $276,840,795
- 30-year annuity: $539,261,340
Idaho
- 5.8% state tax
- Lump sum: $276,599,045
- 30-year annuity: $538,791,360
Illinois
- 4.95% state tax
- Lump sum: $280,708,795
- 30-year annuity: $546,781,350
Indiana
- 3.15% state tax
- Lump sum: $289,411,795
- 30-year annuity: $563,701,350
Iowa
- 6% state tax withheld
- Lump sum: $275,632,045
- 30-year annuity: $536,911,350
Kansas
- 5.7% state tax withheld
- Lump sum: $277,082,545
- 30-year annuity: $539,731,350
Kentucky
- 4.5% state tax
- Lump sum: $282,884,545
- 30-year annuity: $551,011,350
Louisiana
- 4.75% state tax
- Lump sum: $281,675,795
- 30-year annuity: $548,661,360
Maine
- 7.15% state tax withheld
- Lump sum: $270,071,795
- 30-year annuity: $526,101,360
Maryland
- 8.95% state tax
- Lump sum: $261,368,795
- 30-year annuity: $509,181,360
Massachusetts
- 9% state tax
- Lump sum: $261,127,045
- 30-year annuity: $508,711,350
Michigan
- 4.25% state tax
- Lump sum: $284,093,295
- 30-year annuity: $553,361,340
Minnesota
- 9.85% state tax withheld
- Lump sum: $257,017,295
- 30-year annuity: $500,721,360
Mississippi
- 5% state tax
- Lump sum: $280,467,045
- 30-year annuity: $546,311,340
Missouri
- 4.95% state tax
- Lump sum: $280,708,795
- 30-year annuity: $546,781,350
Montana
- 6.9% state tax
- Lump sum: $271,280,545
- 30-year annuity: $528,451,350
Nebraska
- 6.64% state tax
- Lump sum: $272,537,645
- 30-year annuity: $530,895,360
New Hampshire
- No state tax
- Lump sum: $304,642,045
- 30-year annuity: $593,311,350
New Jersey
- 10.75% state tax
- Lump sum: $252,665,795
- 30-year annuity: $492,261,360
New Mexico
- 5.9% state tax
- Lump sum: $276,115,545
- 30-year annuity: $537,851,340
New York
- 10.9% state tax
- Lump sum: $251,940,545
- 30-year annuity: $490,851,360
North Carolina
- 4.75% state tax
- Lump sum: $281,675,795
- 30-year annuity: $548,661,360
North Dakota
- 2.9% state tax
- Lump sum: $290,620,545
- 30-year annuity: $566,051,340
Ohio
- 3.99% state tax
- Lump sum: $285,350,395
- 30-year annuity: $555,805,350
Oklahoma
- 4.75% state tax
- Lump sum: $281,675,795
- 30-year annuity: $548,661,360
Oregon
- 9.9% state tax withheld
- Lump sum: $256,775,545
- 30-year annuity: $500,251,350
Pennsylvania
- 3.07% state tax
- Lump sum: $289,798,595
- 30-year annuity: $564,453,360
Rhode Island
- 5.99% state tax
- Lump sum: $275,680,395
- 30-year annuity: $537,005,340
South Carolina
- 7% state tax
- Lump sum: $273,214,545
- 30-year annuity: $532,211,340
South Dakota
- No state tax
- Lump sum: $304,642,045
- 30-year annuity: $593,311,350
Tennessee
- No state tax
- Lump sum: $304,642,045
- 30-year annuity: $593,311,350
Texas
- No state tax
- Lump sum: $304,642,045
- 30-year annuity: $593,311,350
Vermont
- 8.75% state tax
- Lump sum: $262,335,795
- 30-year annuity: $511,061,340
Virginia
- 5.75% state tax withheld
- Lump sum: $276,840,795
- 30-year annuity: $539,261,340
Washington
- No state tax
- Lump sum: $304,642,045
- 30-year annuity: $593,311,350
Washington, D.C.
- 10.75% state tax
- Lump sum: $252,665,795
- 30-year annuity: $492,261,360
West Virginia
- 6.5% state tax
- Lump sum: $273,214,545
- 30-year annuity: $532,211,340
Wisconsin
- 7.65% state tax
- Lump sum: $267,654,295
- 30-year annuity: $521,401,350
Wyoming
- No state tax
- Lump sum: $304,642,045
- 30-year annuity: $593,311,350
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