With no winner since early June, the Mega Millions jackpot has grown to $575 million ahead of Tuesday night's draw — its ninth largest ever.
But don't expect to take home the full amount if you happen to beat the 1 in 302,575,350 odds of matching the numbers for all five white balls, plus the gold Mega Ball.
That's because the jackpot could be reduced due to income taxes, as well as the payout you choose.
Your choice of payout could cut the prize money in half
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For the payout, you can choose an annuity for the full listed jackpot amount that's paid out over 30 years, or you can take an upfront cash lump sum that works out to about half of the jackpot. Despite being less money, the upfront cash payment is more commonly chosen since it can be reinvested right away.
Then there are the taxes. A 24% federal withholding is automatically deducted from your winnings since they are considered income. However, since the jackpot puts you in the highest tax bracket, you'll likely pay up to 37% on most of your winnings when you file your 2024 tax return.
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Money Report
U.S. states also levy income taxes ranging from 2.5% to 10.9% on lottery winnings, further diminishing your take-home amount. Eight states don't charge any income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.
Here are the actual take-home winnings in every state that participates in Mega Millions and Washington, D.C., in alphabetical order. The prize amounts for both the lump sum and annuity amounts were calculated by usamega.com.
Arizona
- Lump sum: $172,769,312
- Annuity: $349,129,380
Arkansas
- Lump sum: $168,772,312
- Annuity: $341,079,360
California
- Lump sum: $179,906,812
- Annuity: $363,504,360
Colorado
- Lump sum: $167,344,812
- Annuity: $338,204,370
Connecticut
- Lump sum: $159,950,362
- Annuity: $323,311,860
Delaware
- Lump sum: $161,063,812
- Annuity: $325,554,360
Florida
- Lump sum: $179,906,812
- Annuity: $363,504,360
Georgia
- Lump sum: $164,232,862
- Annuity: $331,936,860
Idaho
- Lump sum: $163,647,587
- Annuity: $330,758,130
Illinois
- Lump sum: $165,774,562
- Annuity: $335,041,860
Indiana
- Lump sum: $171,199,062
- Annuity: $345,966,870
Iowa
- Lump sum: $163,633,312
- Annuity: $330,729,360
Kansas
- Lump sum: $163,633,312
- Annuity: $330,729,360
Kentucky
- Lump sum: $168,486,812
- Annuity: $340,504,380
Louisiana
- Lump sum: $166,345,562
- Annuity: $336,191,880
Maine
- Lump sum: $159,493,562
- Annuity: $322,391,880
Maryland
- Lump sum: $154,354,562
- Annuity: $312,041,880
Massachusetts
- Lump sum: $154,211,812
- Annuity: $311,754,360
Michigan
- Lump sum: $167,773,062
- Annuity: $339,066,870
Minnesota
- Lump sum: $151,785,062
- Annuity: $306,866,880
Mississippi
- Lump sum: $166,488,312
- Annuity: $336,479,370
Missouri
- Lump sum: $165,774,562
- Annuity: $335,041,860
Montana
- Lump sum: $163,062,312
- Annuity: $329,579,370
Nebraska
- Lump sum: $163,233,612
- Annuity: $329,924,370
New Hampshire
- Lump sum: $179,906,812
- Annuity: $363,504,360
New Jersey
- Lump sum: $149,215,562
- Annuity: $301,691,880
New Mexico
- Lump sum: $163,062,312
- Annuity: $329,579,370
New York
- Lump sum: $148,787,312
- Annuity: $300,829,380
North Carolina
- Lump sum: $167,059,312
- Annuity: $337,629,360
North Dakota
- Lump sum: $171,627,312
- Annuity: $346,829,370
Ohio
- Lump sum: $169,914,312
- Annuity: $343,379,370
Oklahoma
- Lump sum: $166,345,562
- Annuity: $336,191,880
Oregon
- Lump sum: $151,642,312
- Annuity: $306,579,360
Pennsylvania
- Lump sum: $171,141,962
- Annuity: $345,851,880
Rhode Island
- Lump sum: $162,805,362
- Annuity: $329,061,870
South Carolina
- Lump sum: $161,634,812
- Annuity: $326,704,380
South Dakota
- Lump sum: $179,906,812
- Annuity: $363,504,360
Tennessee
- Lump sum: $179,906,812
- Annuity: $363,504,360
Texas
- Lump sum: $179,906,812
- Annuity: $363,504,360
Vermont
- Lump sum: $154,925,562
- Annuity: $313,191,870
Virginia
- Lump sum: $163,490,562
- Annuity: $330,441,870
Washington
- Lump sum: $179,906,812
- Annuity: $363,504,360
Washington, D.C.
- Lump sum: $149,215,562
- Annuity: $301,691,880
West Virginia
- Lump sum: $161,349,312
- Annuity: $326,129,370
Wisconsin
- Lump sum: $158,066,062
- Annuity: $319,516,860
Wyoming
- Lump sum: $179,906,812
- Annuity: $363,504,360
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