Mega Millions jackpot approaches $1 billion – after-tax payouts by state

With no winner since June 27, the Mega Millions jackpot prize has increased to $900 million, the highest amount so far in 2025.

Ahead of Tuesday night’s 11pm ET drawing, the prize ranks as the eighth-largest in the game’s history, according to the Multi-State Lottery Association, which operates the lottery.

Here are the 10 biggest Mega Millions jackpots in history and where winning tickets were purchased.

$1.602 billion — August 8, 2023 (Florida) $1.537 billion — October 23, 2018 (South Carolina) $1.348 billion — January 13, 2023 (Maine) $1.337 billion — July 29, 2022 (Illinois) $1.269 billion — December 27, 2024 (California) $1.128 billion — March 26, 2024 (New Jersey) $1.05 billion — January 22, 2021 (Michigan) $900 million (estimated) — November 11, 2025 $810 million — September 10, 2024 (Texas) $656 million — March 30, 2012 (Illinois) Kansas, Maryland)

If you’re lucky enough to ignore odds of 1 in 290,472,336 and all five white balls and the golden Mega Ball match, your actual take-home payout will depend on your state’s tax laws and the payment option you choose.

There are two payment options: a 30-year annuity that pays out the entire jackpot, or a one-time cash lump sum equal to approximately 46% of the total amount. Although the lump sum is much smaller, many winners choose this in order to receive an upfront payment and invest immediately.

Then there are federal and state taxes. The Internal Revenue Service automatically garnishes 24% of your winnings, but a jackpot of this size will almost certainly result in a 37% federal tax if declared.

Most states that participate in lotteries also typically charge taxes on winnings, usually around 4% to 6%.

According to USAMega.com, based on the top federal tax rate of 37%, the total after-tax payments for a lump sum and 30-year annuity in each state and Washington, DC are as follows:

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