Lottery Mega Millions Calculator
Mega Millions Payout Calculator works out First annuity payment (gross) and Final annuity payment (gross) from Advertised jackpot (annuity total), Cash option published for this draw and Discount rate used to estimate the cash value. The default figures on this page give first annuity payment (gross) of 1,505,143.51 USD; change any entry and the result, the working and the sources update together.
Your figures
Updates as you typeHow this is worked out
5 steps
- Payments grow 5% a year, so 30 of them sum to 66.4388475 times the first.
- First payment = 100000000 / that factor = 1505143.51
- Final payment = 1505143.51 x (1 + 0.05)^29 = 6195374.77
- No cash value given, so the schedule is discounted at 4.5%: 48431551.08
- Federal withholding at 24% and state/local at 0% leaves 36807978.82 of the cash option.
Payment scheduletable
| year | gross | federalWithheld | stateTax | net |
|---|---|---|---|---|
| 1 | 1,505,143.51 | 361,234.44 | 0 | 1,143,909.07 |
| 2 | 1,580,400.68 | 379,296.16 | 0 | 1,201,104.52 |
| 3 | 1,659,420.72 | 398,260.97 | 0 | 1,261,159.75 |
| 4 | 1,742,391.75 | 418,174.02 | 0 | 1,324,217.73 |
| 5 | 1,829,511.34 | 439,082.72 | 0 | 1,390,428.62 |
| 6 | 1,920,986.91 | 461,036.86 | 0 | 1,459,950.05 |
| 7 | 2,017,036.25 | 484,088.7 | 0 | 1,532,947.55 |
| 8 | 2,117,888.07 | 508,293.14 | 0 | 1,609,594.93 |
| 9 | 2,223,782.47 | 533,707.79 | 0 | 1,690,074.68 |
| 10 | 2,334,971.59 | 560,393.18 | 0 | 1,774,578.41 |
| 11 | 2,451,720.17 | 588,412.84 | 0 | 1,863,307.33 |
| 12 | 2,574,306.18 | 617,833.48 | 0 | 1,956,472.7 |
| 13 | 2,703,021.49 | 648,725.16 | 0 | 2,054,296.33 |
| 14 | 2,838,172.56 | 681,161.42 | 0 | 2,157,011.15 |
| 15 | 2,980,081.19 | 715,219.49 | 0 | 2,264,861.71 |
| 16 | 3,129,085.25 | 750,980.46 | 0 | 2,378,104.79 |
| 17 | 3,285,539.52 | 788,529.48 | 0 | 2,497,010.03 |
| 18 | 3,449,816.49 | 827,955.96 | 0 | 2,621,860.53 |
| 19 | 3,622,307.32 | 869,353.76 | 0 | 2,752,953.56 |
| 20 | 3,803,422.68 | 912,821.44 | 0 | 2,890,601.24 |
| 21 | 3,993,593.82 | 958,462.52 | 0 | 3,035,131.3 |
| 22 | 4,193,273.51 | 1,006,385.64 | 0 | 3,186,887.86 |
| 23 | 4,402,937.18 | 1,056,704.92 | 0 | 3,346,232.26 |
| 24 | 4,623,084.04 | 1,109,540.17 | 0 | 3,513,543.87 |
| 25 | 4,854,238.24 | 1,165,017.18 | 0 | 3,689,221.06 |
| 26 | 5,096,950.16 | 1,223,268.04 | 0 | 3,873,682.12 |
| 27 | 5,351,797.66 | 1,284,431.44 | 0 | 4,067,366.22 |
| 28 | 5,619,387.55 | 1,348,653.01 | 0 | 4,270,734.54 |
| 29 | 5,900,356.92 | 1,416,085.66 | 0 | 4,484,271.26 |
| 30 | 6,195,374.77 | 1,486,889.94 | 0 | 4,708,484.82 |
Its 5 worked examples are re-run on every release, last on 15 September 2026. What changed
Sources and references
3 sources
What the Mega Millions Payout Calculator calculates
Breaks an advertised lottery jackpot into its 30 graduated annual annuity payments and compares them with the cash option, showing federal withholding, the estimated liability at the top federal rate, state and local tax and what actually lands in the bank each year.
How to use this Mega Millions Payout Calculator
Enter Advertised jackpot (annuity total), Cash option published for this draw, Discount rate used to estimate the cash value and Mandatory federal withholding. First annuity payment (gross) updates as you type. Change one figure at a time to see what drives the result.
How the result is worked out
Open “How this is worked out” beside the result for the step-by-step calculation behind First annuity payment (gross), Final annuity payment (gross) and Total of all annuity payments.
The method follows Powerball - Prize Chart, Mega Millions - Cash value versus annuity and IRC 3402(q) and IRS Publication 505 - withholding on gambling winnings.
What you can compare
Change one input at a time to see how it affects First annuity payment (gross), Final annuity payment (gross) and Total of all annuity payments. The inputs you can vary are Advertised jackpot (annuity total), Cash option published for this draw, Discount rate used to estimate the cash value, Mandatory federal withholding, Top federal marginal rate and State tax rate on lottery prizes.
Understanding First annuity payment (gross), Final annuity payment (gross) and Total of all annuity payments
Tax figures here are an estimate, not advice. The 24% federal withholding is not the final bill, state treatment of lottery prizes varies widely, and a jackpot winner’s actual liability depends on their whole return. Speak to a tax professional before choosing a payout option.
Results are general information, not financial, tax, legal, medical or engineering advice. Check any decision that matters with a qualified professional.
See something wrong? Report a problem with this calculator
Frequently asked questions
What information do I need for the Mega Millions Payout Calculator?
You need Advertised jackpot (annuity total), Cash option published for this draw, Discount rate used to estimate the cash value, Mandatory federal withholding, Top federal marginal rate, State tax rate on lottery prizes and Local or city tax rate. The page opens with default figures that give first annuity payment (gross) of 1,505,143.51 USD, so you can see the scale before entering your own.
What does this Mega Millions Payout Calculator show?
It shows First annuity payment (gross), Final annuity payment (gross), Total of all annuity payments, Annuity total after tax, First payment after withholding and state tax, Cash option (gross), Federal withholding on the cash option and State and local tax on the cash option, with the working and any warnings for your entries.
Can I check how the Mega Millions Payout Calculator result was calculated?
Yes. The “How this is worked out” section shows the calculation steps, and the sources section identifies the references used for the method.