Mega Millions after taxes in Virginia
Mega Millions jackpot $300 million, winner living in Virginia. Cash option $124.1 million.
You keep about
$71.1 million in cash, single filer
Seventy-one million ninety-seven thousand two hundred fifty and 00/100 dollars
Jackpot data as of Sep 26, 2026, for the Tuesday, Sep 29 drawing.
| Item | Amount | Share of jackpot |
|---|---|---|
| Advertised jackpotSum of 30 annuity payments | $300,000,000 | |
| Cash optionOfficial cash value | $124,100,000 | |
| Federal tax withheld at claim24% of the prize | −$29,784,000 | |
| Federal tax still owed at filingTop bracket is 37% | −$16,083,000 | |
| Virginia state tax5.75% of the prize; $5 million withheld at claim (rate not confirmed) | −$7,135,750 | |
| You keep23.7% of the advertised jackpot | $71,097,250 |
Virginia taxes lottery winnings at up to 5.75% on taxable income over $17,000, so a jackpot is taxed at essentially 5.75%. The Virginia Lottery withholds less than that at claim, which leaves more state tax due at filing.
Lump sum or annuity in Virginia
| Cash option | Annuity (30 payments) | |
|---|---|---|
| Before tax | $124,100,000 | $300,000,000 |
| Total tax | −$53,002,750 | −$126,750,008 |
| You keep | $71,097,250 | $173,249,993 |
| In today's dollarsannuity discounted at 3% a year | $71,097,250 | $104,929,861 |
| When you get it | All at once | $2.6 million now, then yearly up to $10.7 million |
The annuity keeps $102.2 million more after tax in total but pays it over 29 years; the cash would need to earn 5.72% a year after tax to fund the same payments. How to think about the choice.
The 30 annuity payments
30 payments from $2.6 million to $10.7 million after tax
| Payment | Year | Before tax | Federal | State | After tax |
|---|---|---|---|---|---|
| 1 | 2026 | $4,515,431 | −$1,620,710 | −$259,637 | $2,635,084 |
| 2 | 2027 | $4,741,202 | −$1,704,245 | −$272,619 | $2,764,338 |
| 3 | 2028 | $4,978,262 | −$1,791,957 | −$286,250 | $2,900,055 |
| 4 | 2029 | $5,227,175 | −$1,884,055 | −$300,563 | $3,042,558 |
| 5 | 2030 | $5,488,534 | −$1,980,758 | −$315,591 | $3,192,185 |
| 6 | 2031 | $5,762,961 | −$2,082,296 | −$331,370 | $3,349,295 |
| 7 | 2032 | $6,051,109 | −$2,188,910 | −$347,939 | $3,514,260 |
| 8 | 2033 | $6,353,664 | −$2,300,856 | −$365,336 | $3,687,473 |
| 9 | 2034 | $6,671,347 | −$2,418,399 | −$383,602 | $3,869,346 |
| 10 | 2035 | $7,004,915 | −$2,541,819 | −$402,783 | $4,060,313 |
| 11 | 2036 | $7,355,161 | −$2,671,410 | −$422,922 | $4,260,829 |
| 12 | 2037 | $7,722,919 | −$2,807,480 | −$444,068 | $4,471,371 |
| 13 | 2038 | $8,109,064 | −$2,950,354 | −$466,271 | $4,692,439 |
| 14 | 2039 | $8,514,518 | −$3,100,372 | −$489,585 | $4,924,561 |
| 15 | 2040 | $8,940,244 | −$3,257,890 | −$514,064 | $5,168,289 |
| 16 | 2041 | $9,387,256 | −$3,423,285 | −$539,767 | $5,424,204 |
| 17 | 2042 | $9,856,619 | −$3,596,949 | −$566,756 | $5,692,914 |
| 18 | 2043 | $10,349,449 | −$3,779,297 | −$595,093 | $5,975,060 |
| 19 | 2044 | $10,866,922 | −$3,970,761 | −$624,848 | $6,271,313 |
| 20 | 2045 | $11,410,268 | −$4,171,799 | −$656,090 | $6,582,378 |
| 21 | 2046 | $11,980,781 | −$4,382,889 | −$688,895 | $6,908,997 |
| 22 | 2047 | $12,579,821 | −$4,604,534 | −$723,340 | $7,251,947 |
| 23 | 2048 | $13,208,812 | −$4,837,261 | −$759,507 | $7,612,044 |
| 24 | 2049 | $13,869,252 | −$5,081,624 | −$797,482 | $7,990,147 |
| 25 | 2050 | $14,562,715 | −$5,338,205 | −$837,356 | $8,387,154 |
| 26 | 2051 | $15,290,850 | −$5,607,615 | −$879,224 | $8,804,012 |
| 27 | 2052 | $16,055,393 | −$5,890,496 | −$923,185 | $9,241,712 |
| 28 | 2053 | $16,858,163 | −$6,187,520 | −$969,344 | $9,701,298 |
| 29 | 2054 | $17,701,071 | −$6,499,396 | −$1,017,812 | $10,183,863 |
| 30 | 2055 | $18,586,124 | −$6,826,866 | −$1,068,702 | $10,690,556 |
| Total | $300,000,000 | −$109,500,008 | −$17,250,000 | $173,249,993 | |
Full-page version with every state: Mega Millions annuity schedule for Virginia.
How Virginia compares
Virginia ranks 36th of 51 for what a single winner keeps from this jackpot in cash ($71.1 million).
| State | State tax | Cash kept |
|---|---|---|
| Virginia | 5.75% | $71.1 million |
| Kentucky | 3.5% | $73.9 million |
| Maryland | 6.5% | $70.2 million |
| North Carolina | 3.99% | $73.3 million |
| Tennessee | none | $78.2 million |
| West Virginia | 4.58% | $72.5 million |
| District of Columbia | 10.75% | $64.9 million |
All 50 states and DC for this jackpot
Best states to win the lottery
Questions
How much is a $300 million Mega Millions jackpot after taxes in Virginia?
About $71.1 million if you take the cash option ($124.1 million before taxes), or about $173.2 million in total over 30 annual payments if you take the annuity. Virginia taxes the prize at 5.75%.
How much tax is taken out of lottery winnings in Virginia?
At claim the lottery withholds 24% for federal tax on prizes over $5,000. We could not confirm Virginia's withholding rate at claim; the full state tax is due by the time you file. On a jackpot this size the final federal bill is closer to 37% of the prize because most of it falls in the 37% bracket, so about $16.1 million more is owed when you file.
What is the Virginia tax rate on lottery winnings?
5.75%. Virginia taxes lottery prizes as income; a jackpot is taxed almost entirely at the top rate of 5.75%, which is about $7.1 million on the cash option.
Is it better to take the lump sum or annuity in Virginia?
The annuity pays about $102.2 million more after taxes in total, spread over 29 years. The cash option comes out ahead only if you can earn more than 5.7% a year after tax on it. Many winners take the cash; the annuity protects against spending it too fast.
Which states do not tax lottery winnings?
Alaska, California, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming do not tax lottery prizes (California only exempts prizes from tickets bought there). Among the 50 states and DC, Virginia ranks 36th of 51 for what you keep from this jackpot.
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
- 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)
- IRS: 2026 inflation adjustments (Rev. Proc. 2025-32) (checked Sep 26, 2026)
- IRS Publication 505: withholding on gambling winnings (checked Sep 26, 2026)
- Virginia: Virginia Tax - 2025 Form 760 instructions (checked Sep 26, 2026)
- Virginia: PolicyEngine-US parameter (VA rates; statute-referenced, repo current as of 2026-09-26) (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)
Figures are estimates for planning, not tax or legal advice. How they are calculated: methodology. Read the disclaimer.