Take-Home Jackpot

$125 Million Mega Millions after taxes

$125 Million Mega Millions jackpot, cash option about $51.7 million. Single filer.

You keep about

$32.6 million in cash where there is no state income tax

Thirty-two million six hundred twenty-eight thousand eight hundred seventy-five and 00/100 dollars

From $25 million in New York City to $32.6 million in Alaska, California, Florida, Nevada and 6 more.

Hypothetical jackpot. Cash value estimated from the current official Mega Millions cash-to-jackpot ratio (41.4%, as of Sep 26, 2026). Tax rules for 2026.

Cash option, from advertised jackpot to what you keep
Advertised jackpotSum of 30 annuity payments$125,000,000
Cash optionEstimated at 41.4% of the jackpot, the current official ratio$51,712,500
Federal tax withheld at claim24% of the prize−$12,411,000
Federal tax still owed at filingTop bracket is 37%−$6,672,625
Texas state taxNo state income tax$0
You keep26.1% of the advertised jackpot$32,628,875

All 50 states and DC

Single filer, ticket bought in the state you live in. Sort by clicking a column name.
State Cash kept Annuity kept State tax
Wyoming State tax: none $32.6 million $80.2 million none
Wisconsin State tax: 7.65% $28.7 million $70.7 million 7.65%
West Virginia State tax: 4.58% $30.3 million $74.5 million 4.58%
Washington State tax: none $32.6 million $80.2 million none
Virginia State tax: 5.75% $29.7 million $73.1 million 5.75%
Vermont State tax: 8.75% $28.1 million $69.3 million 8.75%
Utah* State tax: 4.45% $30.3 million $74.7 million 4.45%
Texas State tax: none $32.6 million $80.2 million none
Tennessee State tax: none $32.6 million $80.2 million none
South Dakota State tax: none $32.6 million $80.2 million none
South Carolina State tax: 5.21% $29.9 million $73.7 million 5.21%
Rhode Island State tax: 5.99% $29.5 million $72.8 million 5.99%
Pennsylvania State tax: 3.07% $31 million $76.4 million 3.07%
Oregon State tax: 9.9% $27.5 million $67.9 million 9.9%
Oklahoma State tax: 4.5% $30.3 million $74.6 million 4.5%
Ohio State tax: 2.75% $31.2 million $76.8 million 2.75%
North Dakota State tax: 2.5% $31.3 million $77.1 million 2.5%
North Carolina State tax: 3.99% $30.6 million $75.3 million 3.99%
New York State tax: 10.9% $27 million $66.6 million 10.9%
New York City State tax: 14.776% $25 million $61.8 million 14.776%
Yonkers State tax: 12.726% $26 million $64.3 million 12.726%
New Mexico State tax: 5.9% $29.6 million $72.9 million 5.9%
New Jersey State tax: 10.75% $27.1 million $66.8 million 10.75%
New Hampshire State tax: none $32.6 million $80.2 million none
Nevada* State tax: none $32.6 million $80.2 million none
Nebraska State tax: 4.55% $30.3 million $74.6 million 4.55%
Montana State tax: 5.65% $29.7 million $73.2 million 5.65%
Missouri State tax: 4.7% $30.2 million $74.4 million 4.7%
Mississippi State tax: 4% $30.6 million $75.2 million 4%
Minnesota State tax: 9.85% $27.5 million $67.9 million 9.85%
Michigan State tax: 4.25% $30.4 million $74.9 million 4.25%
Massachusetts State tax: 9% $28 million $69 million 9%
Maryland State tax: 6.5% $29.3 million $72.1 million 6.5%
Maine State tax: 9.15% $27.9 million $68.8 million 9.15%
Louisiana State tax: 3% $31.1 million $76.5 million 3%
Kentucky State tax: 3.5% $30.8 million $75.9 million 3.5%
Kansas State tax: 5.58% $29.7 million $73.3 million 5.58%
Iowa State tax: 3.8% $30.7 million $75.5 million 3.8%
Indiana State tax: 2.95% $31.1 million $76.6 million 2.95%
Illinois State tax: 4.95% $30.1 million $74.1 million 4.95%
Idaho State tax: 5.3% $29.9 million $73.6 million 5.3%
Hawaii* State tax: 11% $26.9 million $66.5 million 11%
Georgia State tax: 4.99% $30 million $74 million 4.99%
Florida State tax: none $32.6 million $80.2 million none
District of Columbia State tax: 10.75% $27.1 million $66.8 million 10.75%
Delaware State tax: 6.6% $29.2 million $72 million 6.6%
Connecticut State tax: 6.99% $29 million $71.5 million 6.99%
Colorado State tax: 4.4% $30.4 million $74.7 million 4.4%
California State tax: exempt $32.6 million $80.2 million exempt
Arkansas State tax: 3.7% $30.7 million $75.6 million 3.7%
Arizona State tax: 2.5% $31.3 million $77.1 million 2.5%
Alaska* State tax: none $32.6 million $80.2 million none
Alabama* State tax: 5% $30 million $74 million 5%

* No state lottery; residents who win with a ticket bought elsewhere still owe their home state's income tax, and the state where the ticket was bought may tax it first. Local rows (New York City, Yonkers) include state and city tax.

Lump sum or annuity

Lump sum and annuity after tax in a state with no income tax
Cash optionAnnuity (30 payments)
Before tax$51,712,500$125,000,000
Total tax−$19,083,625−$44,750,008
You keep$32,628,875$80,249,992
In today's dollarsannuity discounted at 3% a year$32,628,875$48,658,529
When you get itAll at once$1.2 million now, then yearly up to $4.9 million

The annuity keeps $47.6 million more after tax in total but pays it over 29 years; the cash would need to earn 5.81% a year after tax to fund the same payments. How to think about the choice.

30 annuity payments from $1.2 million to $4.9 million after tax
30 annual payments, taxed in the year received (2026 brackets assumed every year)
PaymentYearBefore taxFederalStateAfter tax
12026$1,881,429−$646,129$0$1,235,300
22027$1,975,501−$680,936$0$1,294,565
32028$2,074,276−$717,482$0$1,356,794
42029$2,177,990−$755,856$0$1,422,133
52030$2,286,889−$796,149$0$1,490,740
62031$2,401,234−$838,457$0$1,562,777
72032$2,521,295−$882,880$0$1,638,416
82033$2,647,360−$929,523$0$1,717,837
92034$2,779,728−$978,500$0$1,801,228
102035$2,918,714−$1,029,925$0$1,888,790
112036$3,064,650−$1,083,921$0$1,980,729
122037$3,217,883−$1,140,617$0$2,077,266
132038$3,378,777−$1,200,148$0$2,178,629
142039$3,547,716−$1,262,655$0$2,285,061
152040$3,725,101−$1,328,288$0$2,396,814
162041$3,911,357−$1,397,202$0$2,514,154
172042$4,106,924−$1,469,562$0$2,637,362
182043$4,312,271−$1,545,540$0$2,766,730
192044$4,527,884−$1,625,317$0$2,902,567
202045$4,754,278−$1,709,083$0$3,045,195
212046$4,991,992−$1,797,037$0$3,194,955
222047$5,241,592−$1,889,389$0$3,352,203
232048$5,503,671−$1,986,359$0$3,517,313
242049$5,778,855−$2,088,177$0$3,690,678
252050$6,067,798−$2,195,085$0$3,872,712
262051$6,371,188−$2,307,340$0$4,063,848
272052$6,689,747−$2,425,207$0$4,264,540
282053$7,024,234−$2,548,967$0$4,475,267
292054$7,375,446−$2,678,915$0$4,696,531
302055$7,744,218−$2,815,361$0$4,928,857
Total$125,000,000−$44,750,008$0$80,249,992

Questions

How much is a $125 million Mega Millions after taxes?

About $32.6 million in cash in a state with no income tax, down to $25 million in New York City. The cash option is about $51.7 million (estimated with the current cash-to-jackpot ratio of 41.4%) before taxes.

What is the cash value of a $125 million Mega Millions jackpot?

About $51.7 million. The advertised $125 million is the sum of 30 annuity payments; the cash option is the money actually in the jackpot pool, which is why it is smaller.

How much is the $125 million Mega Millions annuity per year after taxes?

The first payment is about $1.9 million before taxes and $1.2 million after federal tax, rising 5% a year to $4.9 million after tax in year 30 (before any state tax).

How much federal tax do you pay on a $125 million Mega Millions jackpot?

About $19.1 million on the cash option: $12.4 million withheld at claim (24%) and about $6.7 million more when you file, because the top bracket is 37%.

Which state is best to win a $125 million Mega Millions jackpot in?

You keep the most, $32.6 million in cash, in Alaska, California, Florida, Nevada, New Hampshire, South Dakota and 4 more. You keep the least in New York City.

Nearby amounts

Current jackpot by state

These figures describe the taxes on a prize that has already been won; they are not a reason to buy a ticket. Jackpot odds are hundreds of millions to one. If gambling is causing problems for you or someone close to you, call or text 1-800-GAMBLER (National Problem Gambling Helpline, 24/7).

Sources for this page

Figures are estimates for planning, not tax or legal advice. How they are calculated: methodology. Read the disclaimer.