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Next Mega Millions Drawing
Today$257,000,000Estimated jackpotWinning numbersMega Millions04/26- 15
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Drawing days Tuesday & Friday at 11pm ET / 8pm PTwww.megamillions.comJan 18, 2024 · You can get a quick estimate for the Mega Millions cash value calculator by deducting 37% of the amount advertised as the Mega Millions payout today. For example: The advertised amount is $1,000,000. Assume that at least $370,000 will go towards paying taxes.
Annuity Cash; Mega Millions Jackpot for Tue, Apr 30, 2024 $257,000,000 $115,600,000; Gross Prize 30 average annual payments of $8,566,667: Cash: $115,600,000
AnnuityCashGross Prize 30 average annual payments of ...Cash: $115,600,000- 24% federal tax - $2,056,000- $27,744,000- Add'l federal taxes due (37% final ...- $14,986,188Subtotal $5,438,812$72,869,812- Our Mega Millions Payout and Tax Calculator Explained
- How Much Tax Will You Pay on Mega Millions winnings?
- How to Collect Your Mega Millions Winnings
- Glossary of Terms
- Frequently Asked Questions
- Other Lottery Calculators and Tools
As you might already know, when a player wins the Mega Millions jackpot, they'll have to choose between a single lump sum payment or 30 annual payments to claim their prize. Choosing the lump sum, also known as the cash option, reduces the jackpot size to approximately 61% of the original amount, but awards it all at once to the player. On the othe...
Your winnings from the Mega Millions lotteryare treated as a taxable income, and therefore subject to both federal and state tax where applicable.
If you do strike lucky and win the Mega Millions lottery, there remains one important decision to make: how do you want to collect your prize? You’ve got two options: 1. Get a lump sum payout, 2. Collect your prize in annuity payments over 30 years. Both withdrawal methods have their advantages and disadvantages and are best suited for different ci...
Estimated Jackpot:The total payment a winner would receive should they choose the annuity option for any given drawing. This number is based on the funds in the prize pool (including all prior rollovers), expected ticket sales for the next drawing, and current market interest rates. Annuity Payout or Annual Payment Option:Payment scheme wherein pri...
1. What is the federal tax rate on Mega Millions? The federal government can withhold anywhere from 24 to 37 percent, depending on the total amount you win. 2. How do you calculate taxes on Mega Millions? You can compute your net lottery winnings by subtracting federal (25-37%), state (0-8.82%), and applicable local taxes from the advertised prize ...
Also, check out our Powerball Payout and Tax Calculator to figure out how much tax you will owe on your lottery winnings, and both cash and annuity payments. If you haven't bought your tickets yet and are wondering what the odds of your winning are, you can use our Lottery Odds Calculator or geek out and dive into the math behind Powerball Odds or ...
Tools. Here’s how much taxes you will owe if you win the current Mega Millions jackpot. You can find out tax payments for both annuity and cash lump sum options. To use the calculator, select your filing status and state. The calculator will display the taxes owed and the net jackpot (what you take home after taxes). Current Mega Millions ...
3 days ago · Current Mega Millions Jackpot Value. $257 Million. Cash Value $115.6 Million. You can see the annuity value and the cash value of the grand prize. Check the Mega Millions Jackpot Analysis to find out how much you would end up taking home after tax, based on the state where you purchased your ticket. The advertised current jackpot amount is an ...
Jan 8, 2024 · The lottery adjusts the sum to around 61%. Your actual prize is $610K. The applicable taxes are 24% at a federal level and 5% at a state level (the actual rates might vary). You pay $146.4 for the federal tax and $30.5K to the state. You receive $610K – $146.4K – $30.5K = $433K.
You can see the annuity value and the cash value. It also works as a tax calculator, so just select the state where you bought your ticket to find out how much the jackpot is worth after tax. Federal taxes are applied to every Mega Millions prize above $5,000 at a rate of 24-37 percent depending on the individual winner's situation.
