See exactly what you'd take home if you won the lottery.
Powerball
Next: Wed, May 20Advertised Jackpot
$113.0M jackpot
Lump Sum (Take It All Now)
Annuity (30 Payments Over 29 Years)
Mega Millions
Next: Tue, May 19Advertised Jackpot
$277.0M jackpot
Lump Sum (Take It All Now)
Annuity (30 Payments Over 29 Years)
All values are estimates only and are not tax or financial advice. Actual take-home amounts vary based on individual tax situations. Consult a qualified tax professional before making financial decisions.
How the Calculator Works
The advertised jackpot is not what you receive
The headline number is the total value of a 30-year annuity. If you take the lump sum — which most winners do — you receive around 60 percent of that amount before any taxes.
Federal taxes take 37 percent
The IRS treats lottery winnings as ordinary income. Large jackpots fall entirely into the top federal bracket of 37 percent, applied to both lump sum and annuity options.
State taxes vary by where you live
State income tax on lottery winnings ranges from zero in Florida and Texas to nearly 11 percent in New York. On a large jackpot, that difference can exceed $30 million.
Common Questions
Why is the lump sum less than the advertised jackpot?
The advertised jackpot represents the total value of 30 annual payments. The lump sum cash option is the current value of the prize pool, typically around 60 percent of the advertised amount, before any taxes.
Does it matter which state I live in?
Yes, significantly. Your state of legal residence when you claim the prize determines which state income taxes apply. Winners in states with no lottery tax like Florida or Texas keep tens of millions more than winners in high-tax states like New York on the same jackpot.
Are these numbers exact?
No — they are estimates based on published tax rates and standard assumptions. Your actual tax liability depends on your full financial situation. Always consult a qualified tax professional before making decisions after a large win.
Which is better — lump sum or annuity?
It depends on your age, financial discipline, and goals. The lump sum gives you control and locks in today's tax rates. The annuity pays the full advertised amount over 30 years and protects against overspending. Our calculator shows both so you can compare.