$425 Million Mega Millions after taxes
$425 Million Mega Millions jackpot, cash option about $175.8 million. Single filer.
You keep about
$110.8 million in cash where there is no state income tax
One hundred ten million eight hundred eighteen thousand one hundred seventy-five and 00/100 dollars
From $84.8 million in New York City to $110.8 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.
| Item | Amount | Share of jackpot |
|---|---|---|
| Advertised jackpotSum of 30 annuity payments | $425,000,000 | |
| Cash optionEstimated at 41.4% of the jackpot, the current official ratio | $175,822,500 | |
| Federal tax withheld at claim24% of the prize | −$42,197,400 | |
| Federal tax still owed at filingTop bracket is 37% | −$22,806,925 | |
| Texas state taxNo state income tax | $0 | |
| You keep26.1% of the advertised jackpot | $110,818,175 |
All 50 states and DC
| State | Cash kept | Annuity kept |
|---|---|---|
| Wyoming State tax: none | $110.8 million | $269.2 million |
| Wisconsin State tax: 7.65% | $97.4 million | $236.7 million |
| West Virginia State tax: 4.58% | $102.8 million | $249.8 million |
| Washington State tax: none | $110.8 million | $269.2 million |
| Virginia State tax: 5.75% | $100.7 million | $244.8 million |
| Vermont State tax: 8.75% | $95.4 million | $232.1 million |
| Utah* State tax: 4.45% | $103 million | $250.3 million |
| Texas State tax: none | $110.8 million | $269.2 million |
| Tennessee State tax: none | $110.8 million | $269.2 million |
| South Dakota State tax: none | $110.8 million | $269.2 million |
| South Carolina State tax: 5.21% | $101.7 million | $247.1 million |
| Rhode Island State tax: 5.99% | $100.3 million | $243.8 million |
| Pennsylvania State tax: 3.07% | $105.4 million | $256.2 million |
| Oregon State tax: 9.9% | $93.4 million | $227.2 million |
| Oklahoma State tax: 4.5% | $102.9 million | $250.1 million |
| Ohio State tax: 2.75% | $106 million | $257.6 million |
| North Dakota State tax: 2.5% | $106.4 million | $258.6 million |
| North Carolina State tax: 3.99% | $103.8 million | $252.3 million |
| New York State tax: 10.9% | $91.7 million | $222.9 million |
| New York City State tax: 14.776% | $84.8 million | $206.5 million |
| Yonkers State tax: 12.726% | $88.4 million | $215.2 million |
| New Mexico State tax: 5.9% | $100.4 million | $244.2 million |
| New Jersey State tax: 10.75% | $91.9 million | $223.6 million |
| New Hampshire State tax: none | $110.8 million | $269.2 million |
| Nevada* State tax: none | $110.8 million | $269.2 million |
| Nebraska State tax: 4.55% | $102.8 million | $249.9 million |
| Montana State tax: 5.65% | $100.9 million | $245.2 million |
| Missouri State tax: 4.7% | $102.6 million | $249.3 million |
| Mississippi State tax: 4% | $103.8 million | $252.2 million |
| Minnesota State tax: 9.85% | $93.5 million | $227.4 million |
| Michigan State tax: 4.25% | $103.3 million | $251.2 million |
| Massachusetts State tax: 9% | $95 million | $231 million |
| Maryland State tax: 6.5% | $99.4 million | $241.6 million |
| Maine State tax: 9.15% | $94.7 million | $230.4 million |
| Louisiana State tax: 3% | $105.5 million | $256.5 million |
| Kentucky State tax: 3.5% | $104.7 million | $254.4 million |
| Kansas State tax: 5.58% | $101 million | $245.5 million |
| Iowa State tax: 3.8% | $104.1 million | $253.1 million |
| Indiana State tax: 2.95% | $105.6 million | $256.7 million |
| Illinois State tax: 4.95% | $102.1 million | $248.2 million |
| Idaho State tax: 5.3% | $101.5 million | $246.7 million |
| Hawaii* State tax: 11% | $91.5 million | $222.5 million |
| Georgia State tax: 4.99% | $102 million | $248 million |
| Florida State tax: none | $110.8 million | $269.2 million |
| District of Columbia State tax: 10.75% | $91.9 million | $223.6 million |
| Delaware State tax: 6.6% | $99.2 million | $241.2 million |
| Connecticut State tax: 6.99% | $98.5 million | $239.5 million |
| Colorado State tax: 4.4% | $103.1 million | $250.5 million |
| California State tax: exempt | $110.8 million | $269.2 million |
| Arkansas State tax: 3.7% | $104.3 million | $253.5 million |
| Arizona State tax: 2.5% | $106.4 million | $258.6 million |
| Alaska* State tax: none | $110.8 million | $269.2 million |
| Alabama* State tax: 5% | $102 million | $248 million |
* 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
| Cash option | Annuity (30 payments) | |
|---|---|---|
| Before tax | $175,822,500 | $425,000,000 |
| Total tax | −$65,004,325 | −$155,750,008 |
| You keep | $110,818,175 | $269,249,993 |
| In today's dollarsannuity discounted at 3% a year | $110,818,175 | $163,016,398 |
| When you get it | All at once | $4.1 million now, then yearly up to $16.6 million |
The annuity keeps $158.4 million more after tax in total but pays it over 29 years; the cash would need to earn 5.69% a year after tax to fund the same payments. How to think about the choice.
30 annuity payments from $4.1 million to $16.6 million after tax
| Payment | Year | Before tax | Federal | State | After tax |
|---|---|---|---|---|---|
| 1 | 2026 | $6,396,860 | −$2,316,838 | $0 | $4,080,021 |
| 2 | 2027 | $6,716,703 | −$2,435,180 | $0 | $4,281,523 |
| 3 | 2028 | $7,052,538 | −$2,559,439 | $0 | $4,493,099 |
| 4 | 2029 | $7,405,165 | −$2,689,911 | $0 | $4,715,254 |
| 5 | 2030 | $7,775,423 | −$2,826,907 | $0 | $4,948,516 |
| 6 | 2031 | $8,164,194 | −$2,970,752 | $0 | $5,193,442 |
| 7 | 2032 | $8,572,404 | −$3,121,790 | $0 | $5,450,614 |
| 8 | 2033 | $9,001,024 | −$3,280,379 | $0 | $5,720,645 |
| 9 | 2034 | $9,451,075 | −$3,446,898 | $0 | $6,004,177 |
| 10 | 2035 | $9,923,629 | −$3,621,743 | $0 | $6,301,886 |
| 11 | 2036 | $10,419,811 | −$3,805,330 | $0 | $6,614,481 |
| 12 | 2037 | $10,940,801 | −$3,998,097 | $0 | $6,942,705 |
| 13 | 2038 | $11,487,841 | −$4,200,502 | $0 | $7,287,340 |
| 14 | 2039 | $12,062,233 | −$4,413,027 | $0 | $7,649,207 |
| 15 | 2040 | $12,665,345 | −$4,636,178 | $0 | $8,029,167 |
| 16 | 2041 | $13,298,612 | −$4,870,487 | $0 | $8,428,126 |
| 17 | 2042 | $13,963,543 | −$5,116,511 | $0 | $8,847,032 |
| 18 | 2043 | $14,661,720 | −$5,374,837 | $0 | $9,286,883 |
| 19 | 2044 | $15,394,806 | −$5,646,079 | $0 | $9,748,728 |
| 20 | 2045 | $16,164,546 | −$5,930,882 | $0 | $10,233,664 |
| 21 | 2046 | $16,972,774 | −$6,229,927 | $0 | $10,742,847 |
| 22 | 2047 | $17,821,412 | −$6,543,923 | $0 | $11,277,490 |
| 23 | 2048 | $18,712,483 | −$6,873,619 | $0 | $11,838,864 |
| 24 | 2049 | $19,648,107 | −$7,219,800 | $0 | $12,428,307 |
| 25 | 2050 | $20,630,513 | −$7,583,290 | $0 | $13,047,223 |
| 26 | 2051 | $21,662,038 | −$7,964,954 | $0 | $13,697,084 |
| 27 | 2052 | $22,745,140 | −$8,365,702 | $0 | $14,379,438 |
| 28 | 2053 | $23,882,397 | −$8,786,487 | $0 | $15,095,910 |
| 29 | 2054 | $25,076,517 | −$9,228,312 | $0 | $15,848,205 |
| 30 | 2055 | $26,330,343 | −$9,692,227 | $0 | $16,638,116 |
| Total | $425,000,000 | −$155,750,008 | $0 | $269,249,993 | |
Questions
How much is a $425 million Mega Millions after taxes?
About $110.8 million in cash in a state with no income tax, down to $84.8 million in New York City. The cash option is about $175.8 million (estimated with the current cash-to-jackpot ratio of 41.4%) before taxes.
What is the cash value of a $425 million Mega Millions jackpot?
About $175.8 million. The advertised $425 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 $425 million Mega Millions annuity per year after taxes?
The first payment is about $6.4 million before taxes and $4.1 million after federal tax, rising 5% a year to $16.6 million after tax in year 30 (before any state tax).
How much federal tax do you pay on a $425 million Mega Millions jackpot?
About $65 million on the cash option: $42.2 million withheld at claim (24%) and about $22.8 million more when you file, because the top bracket is 37%.
Which state is best to win a $425 million Mega Millions jackpot in?
You keep the most, $110.8 million in cash, in Alaska, California, Florida, Nevada, New Hampshire, South Dakota and 4 more. You keep the least in New York City.
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
- IRS: 2026 inflation adjustments (Rev. Proc. 2025-32) (checked Sep 26, 2026)
- IRS Publication 505: withholding on gambling winnings (checked Sep 26, 2026)
- New Mega Millions arrives in April (megamillions.com) (checked Sep 26, 2026)
- Mega Millions To Get MEGA Enhancements in April 2025 (megamillions.com) (checked Sep 26, 2026)
- Mega Millions Game Change FAQ (Illinois Lottery) (checked Sep 26, 2026)
- Mega Millions official site (current jackpot and cash value) (checked Sep 26, 2026)
- Report of the official jackpot estimate used here (checked Sep 26, 2026)
- State rules: see the sources page for all 51 jurisdictions
Figures are estimates for planning, not tax or legal advice. How they are calculated: methodology. Read the disclaimer.