Mega Millions jackpot reach $820 million—here's how much allowed actually, to take home in every U.S. state

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What will happen when you won Mega Millions Jackpot? Excited; Don’t worry Federal government has marked a clear line about the prizemoney. You will have a choice between two payout alternatives in the extremely improbable event that you win — the odds are 1 in 302.5 million. You can choose to receive either a lump sum payment equal to slightly over half the jackpot value or the entire jackpot money as an annuity paid out over 29 years.

But there are taxes as well. You will automatically pay a federal withholding tax of 24% on your winnings for either payout choice. While the top tax bracket, which applies to income of $578,126 or more, levies a 37% tax, winning millions of dollars will place you in that category. That implies that when you file your 2023 tax return, you will almost surely owe an additional 13% in taxes.

State taxes are also due, and these depend on where you live. Lottery winnings are taxed in some states but not others, with rates ranging from 2.9% to 10.9%.

California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are the other eight states that do not impose income taxes on lottery winnings.

According to usamega.com, for both the lump sum and annuity options, you would take home the following amount after taxes in each of the participating states as well as Washington, D.C., assuming the top federal tax rate is 37%.

Arizona

Lump sum: $255,347,045
Annuity: $497,211,360

Arkansas

Lump sum: $246,063,045
Annuity: $479,171,340

California

Lump sum: $265,897,045
Annuity: $517,711,350

Colorado

Lump sum: $247,329,045
Annuity: $481,631,340

Connecticut

Lump sum: $236,399,245
Annuity: $460,393,350

Delaware

Lump sum: $238,045,045
Annuity: $463,591,350

Florida

Lump sum: $265,897,045
Annuity: $517,711,350

Georgia

Lump sum: $241,632,045
Annuity: $470,561,340

Idaho

Lump sum: $241,421,045
Annuity: $470,151,360

Illinois

Lump sum: $245,008,045
Annuity: $477,121,350

Indiana

Lump sum: $252,604,045
Annuity: $491,881,350

Iowa

Lump sum: $240,577,045
Annuity: $468,511,350

Kansas

Lump sum: $241,843,045
Annuity: $470,971,350

Kentucky

Lump sum: $246,907,045
Annuity: $480,811,350

Louisiana

Lump sum: $245,852,045
Annuity: $478,761,360

Maine

Lump sum: $235,724,045
Annuity: $459,081,360

Maryland

Lump sum: $228,128,045
Annuity: $444,321,360

Massachusetts

Lump sum: $227,917,045
Annuity: $443,911,350

Michigan

Lump sum: $247,962,045
Annuity: $482,861,340

Minnesota

Lump sum: $224,330,045
Annuity: $436,941,360

Mississippi

Lump sum: $244,797,045
Annuity: $476,711,340

Missouri

Lump sum: $245,008,045
Annuity: $477,121,350

Montana

Lump sum: $237,412,045
Annuity: $462,361,350

Nebraska

Lump sum: $237,876,245
Annuity: $463,263,360

New Hampshire

Lump sum: $265,897,045
Annuity: $517,711,350

New Jersey

Lump sum: $220,532,045
Annuity: $429,561,360

New Mexico

Lump sum: $240,999,045
Annuity: $469,331,340

New York

Lump sum: $219,899,045
Annuity: $428,331,360

North Carolina

Lump sum: $245,852,045
Annuity: $478,761,360

North Dakota

Lump sum: $253,659,045
Annuity: $493,931,340

Ohio

Lump sum: $249,059,245
Annuity: $484,993,350

Oklahoma

Lump sum: $245,852,045
Annuity: $478,761,360

Oregon

Lump sum: $224,119,045
Annuity: $436,531,350

Pennsylvania

Lump sum: $252,941,645
Annuity: $492,537,360

Rhode Island

Lump sum: $240,619,245
Annuity: $468,593,340

South Carolina

Lump sum: $238,467,045
Annuity: $464,411,340

South Dakota

Lump sum: $265,897,045
Annuity: $517,711,350

Tennessee

Lump sum: $265,897,045
Annuity: $517,711,350

Texas

Lump sum: $265,897,045
Annuity: $517,711,350

Vermont

Lump sum: $228,972,045
Annuity: $445,961,340

Virginia

Lump sum: $241,632,045
Annuity: $470,561,340

Washington

Lump sum: $265,897,045
Annuity: $517,711,350

Washington, D.C.

Lump sum: $220,532,045
Annuity: $429,561,360

West Virginia

Lump sum: $238,467,045
Annuity: $464,411,340

Wisconsin

Lump sum: $233,614,045
Annuity: $454,981,350

Wyoming

Lump sum: $265,897,045
Annuity: $517,711,350