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ORLANDO, Fla. - The Mega Millions jackpot for Friday is $494 million – that nearly half a billion bucks! While you're dreaming of what you would do with all that money – like buying a new house, car, or maybe an island – how much do you really get after taxes?
With a jackpot that high, it's safe to say that no matter how much in taxes is taken out, you'd still be sitting pretty on quite a sweet chunk of change in the end. But in case you want to start calculating your potential take home dollars now, we've tracked down some online lottery payout calculators for you to play with.
Mega Millions is played in 45 U.S. states, so your payout will vary depending on some factors, including whether or not you have to pay state taxes. Of course, the accuracy of the online calculators may not be fully in line with what you actually end up with. So if you happen to win, experts say you should consult with a financial advisor.
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Now, your winnings depend on whether you decide to take the lump sum payment or the annuity payout. According to Mega Millions website, "the annuity is paid out as one immediate payment followed by 29 annual payments. Each payment is 5% bigger than the previous one. This helps protect winners’ lifestyle and purchasing power in periods of inflation."
For Friday's jackpot, the cash option (or lump sum payout) would be $248.7 million. According to annuity.org, federal taxes reduce lottery winnings immediately. But winners who take annuity payouts can come closer to getting the actual jackpot amount than lump-sum takers.
LOTTO PAYOUT CALCULATORS
AfterLotto.com has you choose your state, enter the estimated jackpot value and lets you see the payout amount for both the lump sum option and the annuity option. For example, if you live in Florida, which has no state tax, the tool calculates that you would take home:
- Lump sum payout (after taxes): $217,894,112.80
- Annuity payout (after taxes): $375,440,000.00
LotteryCritic.com came up with slightly different calculations for Floridians when it comes to the cash option take home amount.
- Lump sum payout (after taxes): $229,018,400
- Annuity payout (after taxes): $375,440,000
LotteryUSA.com lets you choose your filing status and state to try and determine the take home amount. For a Florida resident filing as single:
- Lump sum payout (after taxes): $189,012,000
- Annuity payout (after taxes): $375,440,000
Of course, your odds of actually winning the Mega Millions jackpot aren't great, but if you still want to take your shot, the next drawing is on Friday, Oct. 14, at 11 p.m. ET.