Won the Powerball or Mega Millions? See your real take-home after federal & state tax — and whether the lump sum or the 30-year annuity leaves you with more. ✓ 2026 tax
Lump sum vs annuity • After tax
The advertised jackpot is the annuity total paid over 30 years. Most winners take the lump sum (cash value), usually about half the headline number. Either way, the IRS withholds 24% up front, but big wins land in the top 37% federal bracket, and your state may add up to ~11% (or 0% in Texas, Florida, Washington, Tennessee and other no-income-tax states).
A subtle point this calculator shows: the annuity is often taxed less overall, because spreading the income across 30 years keeps more of it out of the top bracket — but the lump sum lets you invest immediately. There's no single right answer; this is an estimate, not tax or financial advice.