Mega Millions and Taxes: How Much Would You Really Take Home From $94 Million?

Lump Sum vs. Annuity – You can take a reduced lump sum (around 60-70% of the jackpot) or receive payments over 30 years.

[{"selector":"#anim-d38dad35-9d63-4bd2-92c6-ace7b92ad79b","keyframes":[{"offset":0,"transform":"translate3d(0, -337.7915%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -94.9869698%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -32.2928674%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -12.126714849999999%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -5.2695473999999995%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":600,"fill":"both"}]

Lump Sum Estimate – A $94 million jackpot would likely become $47–$56 million if you choose the cash option.

[{"selector":"#anim-784cf5da-3b29-4df8-8df8-1aa66a11a2d3","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

Federal Tax Withholding (24%) – The IRS automatically withholds 24% of the winnings.

[{"selector":"#anim-d7e72dd1-e533-4128-8c87-474f447fff69","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4bc16897-0956-4eca-a1af-b4099399901b","keyframes":{"transform":["translate3d(-116.00001%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Additional Federal Taxes (Up to 37%) – High-income earners owe more at tax time, reducing winnings further.

[{"selector":"#anim-1a144694-8ecc-4719-abf2-24846256a7b1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-87820525-87b8-41d5-9b53-9eb6d978a370","keyframes":{"transform":["translate3d(0px, -395.48619%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

State Taxes Vary – Depending on your state, you could lose another 0-13% to local taxes.

[{"selector":"#anim-ee2a8242-e1e7-4fda-880f-82eda896fe2f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f92cb4c1-cf28-45f4-a393-222ca91cd7ea","keyframes":{"transform":["translate3d(0px, 385.49704%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

After All Taxes – Your lump sum after federal and state taxes could be around $30–$40 million.

[{"selector":"#anim-19059bd8-9cee-47c9-97a8-a81044804071","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e7663093-8c96-48a9-bd1d-0cc81b278664","keyframes":{"transform":["translate3d(118.15181%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Investment Strategies – Smart investments can help grow your post-tax winnings into generational wealth.

[{"selector":"#anim-f13d6faf-facb-4719-b5e3-3be0a8a3ba84","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

Estate Planning & Legal Protections – Setting up trusts and financial protections ensures wealth management.

[{"selector":"#anim-3fd17317-1959-491f-95d0-6efd9dc0498c","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

STAY TURNED FOR DEVELOPMENT Learn more