How much of the $607m Mega Millions jackpot you would lose to taxes

By Murphy Huston on February 29, 2024
RUSSELL, IL – SEPTEMBER A display on a card reader shows the $250 million jackpot for the Mega Millions game at a Citgo gas station September 16, 2005 in Russell, Illinois on the border of the state of Wisconsin. Lotto players are looking to get their tickets for tonight’s $250 million Mega Millions drawing. Mega Millions is not played in Wisconsin as players have to drive into Illinois for their chance at the winnings. The game is also played in Georgia, Illinois, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Texas, Virginia and Washington. (Photo by Tim Boyle/Getty Images)

Another Mega Millions Jackpot is growing.  This time a $607 million prize that ranks among the largest in history.  Of course you won’t be taking home all of  that if you are lucky enough to win.

This is only the 8th time the Mega Millions Jackpot has surpassed $600 million.  If you know about big lottery prizes you know you have to pay taxes on your prize.

No matter if you take the annuitized prize or the cash pay out you will pay a federal tax of 24%.

Some sates don’t have a state lottery tax.  In Colorado the winner would receive $357 million with the annuitized  payments or $168.2 million with the cash lump sum.

Either sounds good to us!

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