CalcKitLottery Calculator by State
Your jackpot
The lump sum is an estimate: the cash option is usually about half the advertised jackpot and moves with interest rates — change the percentage if your lottery publishes a different one. Only the 24% federal withholding is taken out here; state tax is not included. This is an estimate, not financial advice.
Example: a $100,000,000 jackpot → about $52,000,000 cash, $12,480,000 federal withholding, $39,520,000 after tax — or $3,333,333 a year for 30 years.
Behind the numbers
How a lottery jackpot is calculated
The advertised jackpot is the annuity value: the total paid out over 30 years. The lump sum, or cash option, is what the lottery has in the bank today to fund those payments, usually about 52% of the advertised jackpot. Winnings over $5,000 have 24% withheld for federal tax before you are paid, and the annuity is simply the jackpot divided by 30 yearly payments. State tax is separate and is not included here, so the take-home amount can be lower still.
A $100,000,000 jackpot: cash value = $100,000,000 × 52% = $52,000,000. Federal withholding = $52,000,000 × 24% = $12,480,000. After-tax lump sum = $52,000,000 − $12,480,000 = $39,520,000. Annuity = $100,000,000 ÷ 30 = $3,333,333 a year.
Examples
Example lottery payouts
| Jackpot | Cash value | Federal withholding | After-tax lump sum | Annuity per year |
|---|---|---|---|---|
| $100,000,000 | $52,000,000 | $12,480,000 | $39,520,000 | $3,333,333 |
| $10,000,000 | $5,200,000 | $1,248,000 | $3,952,000 | $333,333 |
| $1,000,000 | $520,000 | $124,800 | $395,200 | $33,333 |
| $500,000,000 | $260,000,000 | $62,400,000 | $197,600,000 | $16,666,667 |
Tips before you dream too big
The 24% is only the withholding taken out at payment time — lottery winnings are taxed as ordinary income, so the final federal tax bill can be higher, up to the top 37% bracket for very large wins.
Some states have no income tax on lottery winnings and others tax them heavily, so where you bought the ticket changes the take-home amount — this calculator leaves state tax out.
The annuity pays the same amount every year for 30 years and is not adjusted for inflation, so the last payments buy less than the first ones.
Five states have no state lottery at all — Alabama, Alaska, Hawaii, Nevada and Utah — so a ticket bought there is not from a state lottery. Mississippi does have a state lottery, launched in 2019.
Good to know
Frequently asked questions
Why is the lump sum only about half the jackpot?
The advertised jackpot is the total of 30 yearly payments. The lottery invests a smaller amount today and the interest over 30 years grows it to the advertised total. The lump sum is that smaller amount in the bank today, usually around 52% of the jackpot, and the exact share moves with interest rates.
Is the 24% withholding all the tax I will pay?
No. The 24% is withheld from the payment, but lottery winnings are taxed as ordinary income, so at tax time the win is added to your other income. For a very large win the top federal rate is 37%, and state tax applies on top in most states.
Which states have no state lottery?
Alabama, Alaska, Hawaii, Nevada and Utah have no state lottery. Every other state runs one, including Mississippi, whose lottery started in 2019.
Does the state I live in change the payout?
The jackpot and the cash option are the same in every state that sells the ticket, but state tax on the winnings varies a lot: some states charge no tax on lottery winnings and others tax them at their top income tax rate. This calculator shows the federal withholding only.