Mega Millions Jackpot Analysis

We are going to analyze the MegaMillions Lottery Jackpot. Mega Millions is the second-largest lottery in the USA in terms of the Jackpot amount. For analysis of the Mega Millions lottery jackpot, we have gathered data of the past 100 draws, and this Mega Millions Jackpot analysis will derive the conclusion. We will see how many different taxes will impose on our Jackpot amount and how much money we will finally get in cash or annuity breakups.

For cash payout, we will get the full amount after deducting taxes at the time of claim. But we have another option to get the Jackpot amount, that is Annuity. So if we choose the annuity option, then we will get money in 30 installments. The first installment you will get at the time of claim, and the other 29 installments you will get over the next 29 years.

Mega Millions lottery jackpot winning amount is big, so the amount of taxes will also be huge. To calculate the taxes, We have developed a calculator to analyze the taxes on the Mega Millions lottery jackpot amount. You only need to select the state in which you have purchased the Mega Millions lottery ticket, and the analyzer will do its job to calculate the taxes, cash amount, and annuity amounts.

Mega Millions Lottery Jackpot Analyzer

Current Jackpot Amount: $56 Million
Cash Amount: $44.1 Million
Federal Tax: 37%
Take Home Cash: $27,783,000

Payout you receive first year will increase by 5% each year. State taxes on lottery winning will be paid separately as per your US state laws. Federal tax in USA is same for all the states, So you have to pay a standard amount of tax.

$56 Million Jackpot Annuity Breakdown

Year Gross Amount Federal Tax State Tax (0%) Final Amount
1
$842,880
-$311,866
0
$531,015
2
$885,024
-$327,459
0
$557,565
3
$929,276
-$343,832
0
$585,444
4
$975,739
-$361,024
0
$614,716
5
$1,024,526
-$379,075
0
$645,452
6
$1,075,753
-$398,028
0
$677,724
7
$1,129,540
-$417,930
0
$711,610
8
$1,186,017
-$438,826
0
$747,191
9
$1,245,318
-$460,768
0
$784,550
10
$1,307,584
-$483,806
0
$823,778
11
$1,372,963
-$507,996
0
$864,967
12
$1,441,611
-$533,396
0
$908,215
13
$1,513,692
-$560,066
0
$953,626
14
$1,589,377
-$588,069
0
$1,001,307
15
$1,668,845
-$617,473
0
$1,051,373
16
$1,752,288
-$648,346
0
$1,103,941
17
$1,839,902
-$680,764
0
$1,159,138
18
$1,931,897
-$714,802
0
$1,217,095
19
$2,028,492
-$750,542
0
$1,277,950
20
$2,129,917
-$788,069
0
$1,341,848
21
$2,236,413
-$827,473
0
$1,408,940
22
$2,348,233
-$868,846
0
$1,479,387
23
$2,465,645
-$912,289
0
$1,553,356
24
$2,588,927
-$957,903
0
$1,631,024
25
$2,718,373
-$1,005,798
0
$1,712,575
26
$2,854,292
-$1,056,088
0
$1,798,204
27
$2,997,007
-$1,108,892
0
$1,888,114
28
$3,146,857
-$1,164,337
0
$1,982,520
29
$3,304,200
-$1,222,554
0
$2,081,646
30
$3,469,410
-$1,283,682
0
$2,185,728