Dec 19, 2024
The Mega Millions jackpot prize has grown to $825 million ahead of Friday night’s draw — the seventh-largest sum in the game’s history. To win the jackpot, you’ll need to match numbers with all five white balls, plus the gold Mega Ball. But the amount you’d actually take home depends on the tax laws in your state and your chosen payout option. Winners have two payout options: a 30-year annuity that pays the full jackpot amount or a one-time cash lump sum worth about 46% of the total. While the lump sum is smaller, many winners choose it to receive a large amount upfront, which they can invest right away. Then there’s federal and state taxes to consider. The Internal Revenue Service automatically withholds 24% of your winnings, but with a jackpot this size, you’ll likely owe a total of 37% when you file your tax return since it would push you into the highest tax bracket. State taxes vary, ranging from 2.5% to 10.9%, unless you’re in one of the eight states that doesn’t tax lottery winnings — California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. And five states — Alabama, Alaska, Hawaii, Nevada and Utah — don’t participate in the Mega Millions lottery at all. The next draw is Friday at 11 p.m. ET. If there’s no winner, the jackpot will roll over and the next drawing will take place on Tuesday at 11 p.m. ET. Here’s a breakdown of the lump sum and annuity payouts in every state, as well as Washington, D.C., for those lucky enough to beat the 1 in 302.5 million odds. The prize amounts for both lump sum and annuity amounts are calculated by usamega.com. Arizona Lump sum: $231,272,812 Annuity: $500,379,360 Arkansas Lump sum: $225,922,012 Annuity: $488,829,360 California Lump sum: $240,827,812 Annuity: $521,004,360 Colorado Lump sum: $224,011,012 Annuity: $484,704,360 Connecticut Lump sum: $214,112,032 Annuity: $463,336,860 Delaware Lump sum: $215,602,612 Annuity: $466,554,360 Florida Lump sum: $240,827,812 Annuity: $521,004,360 Georgia Lump sum: $219,845,032 Annuity: $475,711,860 Idaho Lump sum: $219,061,522 Annuity: $474,020,610 Illinois Lump sum: $221,908,912 Annuity: $480,166,860 Indiana Lump sum: $229,170,712 Annuity: $495,841,860  Iowa Lump sum: $219,042,412 Annuity: $473,979,360 Kansas Lump sum: $219,042,412 Annuity: $473,979,360 Kentucky Lump sum: $225,539,812 Annuity: $488,004,360 Louisiana Lump sum: $222,673,312 Annuity: $481,816,860 Maine Lump sum: $213,500,512 Annuity: $462,016,860 Maryland Lump sum: $206,620,912 Annuity: $447,166,860 Massachusetts Lump sum: $206,429,812 Annuity: $446,754,360 Michigan Lump sum: $224,584,312 Annuity: $485,941,860 Minnesota Lump sum: $203,181,112 Annuity: $439,741,860 Mississippi Lump sum: $222,864,412 Annuity: $482,229,360 Missouri Lump sum: $221,908,912 Annuity: $480,166,860 Montana Lump sum: $218,278,012 Annuity: $472,329,360 Nebraska Lump sum: $218,507,332 Annuity: $472,824,360 New Hampshire Lump sum: $240,827,812 Annuity: $521,004,360 New Jersey Lump sum: $199,741,312 Annuity: $432,316,860 New Mexico Lump sum: $218,278,012 Annuity: $472,329,360 New York Lump sum: $199,168,012 Annuity: $431,079,360 North Carolina Lump sum: $223,628,812 Annuity: $483,879,360 North Dakota Lump sum: $229,744,012 Annuity: $497,079,360 Ohio Lump sum: $227,450,812 Annuity: $492,129,360 Oklahoma Lump sum: $222,673,312 Annuity: $481,816,860 Oregon Lump sum: $202,990,012 Annuity: $439,329,360 Pennsylvania Lump sum: $229,094,272 Annuity: $495,676,860 Rhode Island Lump sum: $217,934,032 Annuity: $471,586,860 South Carolina Lump sum: $216,367,012 Annuity: $468,204,360 South Dakota Lump sum: $240,827,812 Annuity: $521,004,360 Tennessee Lump sum: $240,827,812 Annuity: $521,004,360 Texas Lump sum: $240,827,812 Annuity: $521,004,360 Vermont Lump sum: $207,385,312 Annuity: $448,816,860 Virginia Lump sum: $218,851,312 Annuity: $473,566,860 Washington Lump sum: $240,827,812 Annuity: $521,004,360 Washington, D.C. Lump sum: $199,741,312 Annuity: $432,316,860 West Virginia Lump sum: $215,984,812 Annuity: $467,379,360 Wisconsin Lump sum: $211,589,512 Annuity: $457,891,860 Wyoming Lump sum: $240,827,812 Annuity: $521,004,360 Want to make extra money outside of your day job? Sign up for CNBC’s online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.
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