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Mega Millions Jackpot: The Best And Worst States To Win

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Mega Millions Jackpot: The Best And Worst States To Win

(CTN NEWS) – Just in time for the holidays, we’re back with Mega Millions! When the record $2 billion Powerball prize made one individual extremely happy in November, your thoughts of taking endless yacht holidays and quitting your work were likely dashed.

Here’s your chance to try again.

Before the drawing on January 13, the Mega Millions jackpot was $1.35 billion. In the twenty-year history of Mega Millions, that is the second-largest jackpot.

While it is a very fine sum of money, depending on where the lucky winner lives, what ends up in the bank account once the prize is awarded can differ significantly.

While lottery winnings aren’t taxed in certain nations, they are in the United States, albeit the rate varies by state.

To “protect winners’ lifestyle and spending power in periods of inflation,” the Mega Millions website states that a winner may opt to receive the prize as a lump sum payment or as an annuity with 30 payments spread out over 29 years.

READ ALSO:  Mega Millions Jackpot Of $1.35bln Is The History’s 2nd-Highest Jackpot Ever

However, both reward alternatives are before state and local taxes.

First, according to TurboTax, lottery agencies must withhold 24% of any winnings over $5,000 in taxes. Additionally, if you choose to cash out your winnings all at once, you will pay the highest tax rate, which is 37% on income in 2022.

Additionally, there are state taxes, which have a wide range. The best and worst states to win the Mega Millions jackpot are listed below.

Mega Millions’ Best States

Eight states do not tax Mega Millions of winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Pennsylvania, North Dakota, Indiana and Ohio also make our list of best states.

1. California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming

If you were fortunate enough to purchase your winning ticket in one of these states, you won’t be required to pay any state taxes.

2. North Dakota

State tax: 2.9%

ANNUITY

  • Subtotal after federal taxes: $28,387,045
  • State taxes: $1,305,000
  • Annual payments: $27,082,045
  • Total net payout: $812,461,350

CASH

  • Subtotal after federal taxes: $446,014,045
  • State taxes: $20,529,100
  • Total net payout: $425,484,945

2. North Dakota

State tax: 2.9%

ANNUITY

  • Subtotal after federal taxes: $28,387,045
  • State taxes: $1,305,000
  • Annual payments: $27,082,045
  • Total net payout: $812,461,350

CASH

  • Subtotal after federal taxes: $446,014,045
  • State taxes: $20,529,100
  • Total net payout: $425,484,945

3. Pennsylvania

State tax: 3.07%

ANNUITY

  • Subtotal after federal taxes: $28,387,045
  • State taxes: $1,381,500
  • Annual payments: $27,005,545
  • Total net payout: $810,166,350

CASH

  • Subtotal after federal taxes: $446,014,045
  • State taxes: $21,732,530
  • Total net payout: $424,281,515

4. Indiana

State tax: 3.23%

ANNUITY

  • Subtotal after federal taxes: $28,387,045
  • State taxes: $1,417,500
  • Annual payments: $26,969,545
  • Total net payout: $809,086,350

CASH

  • Subtotal after federal taxes: $446,014,045
  • State taxes: $22,298,850
  • Total net payout: $423,715,195

5. Ohio

State tax: 3.99%

ANNUITY

  • Subtotal after federal taxes: $28,387,045
  • State taxes: $1,795,500
  • Annual payments: $26,591,545
  • Total net payout: $797,746,350

CASH

  • Subtotal after federal taxes: $446,014,045
  • State taxes: $28,245,210
  • Total net payout:

Mega Millions’ Worst States

5. Maryland

State tax: 8.95%

ANNUITY

  • Subtotal after federal taxes: $28,387,045
  • State taxes: $4,027,500
  • Annual payments: $24,359,545
  • Total net payout: $730,786,350

CASH

  • Subtotal after federal taxes: $446,014,045
  • State taxes: $63,357,050
  • Total net payout: $382,656,995

4. Minnesota

State tax: 9.85%

ANNUITY

  • Subtotal after federal taxes: $28,387,045
  • State taxes: $4,432,500
  • Annual payments: $23,954,545
  • Total net payout: $718,636,350

CASH

  • Subtotal after federal taxes: $446,014,045
  • State taxes: $69,728,150
  • Total net payout: $376,285,895

3. Oregon

State tax: 9.9%

ANNUITY

  • Subtotal after federal taxes: $28,387,045
  • State taxes: $4,455,000
  • Annual payments: $23,932,045
  • Total net payout: $717,961,350

CASH

  • Subtotal after federal taxes: $446,014,045
  • State taxes: $70,082,100
  • Total net payout: $375,931,945

2. New Jersey & Washington, D.C.

State/District tax: 10.75%

ANNUITY

  • Subtotal after federal taxes: $28,387,045
  • State taxes: $4,837,500
  • Annual payments: $23,549,545
  • Total net payout: $706,486,350

CASH

  • Subtotal after federal taxes: $446,014,045
  • State taxes: $76,099,250
  • Total net payout: $369,914,795

1. New York

State tax: 10.9%

ANNUITY

  • Subtotal after federal taxes: $28,387,045
  • State taxes: $4,905,000
  • Annual payments: $23,482,045
  • Total net payout: $704,461,350

CASH

  • Subtotal after federal taxes: $446,014,045
  • State taxes: $77,161,100
  • Total net payout: $368,852,945

Mega Millions: How to Play?

Tickets cost $2 each.  From the jackpot to $2, there are nine ways to win.

Players can choose six numbers from two separate pools of numbers: five from the white balls numbered 1-70 and one from the gold balls numbered 1-25.

  • 5 + 1 = Jackpot.
  • 5 + 0 = $1 million.
  • 4 + 1 = $10,000.
  • 4 + 0 = $500.
  • 3 + 1 = $200.
  • 3 + 0 = $10.
  • 2 + 1= $10.
  • 1 + 1 = $4.
  • 0 + 1 = $2

Matching all six winning numbers in a drawing wins you the jackpot.

Alternatively, you can choose Easy Pick or Quick Pick and have the numbers drawn for you automatically. There is a random number generator on the Mega Millions website if you can’t decide.

Where To Buy Tickets For The Mega Millions?

Mega Millions is available in 47 locations, including 45 states, the District of Columbia, and the US Virgin Islands. Search the Mega Millions website to identify locations.

You can purchase a Mega Millions ticket in Kentucky, Ohio, and Indiana up to 10:45 p.m. on the night of the drawing at gas stations, convenience stores, and grocery stores.

On kylottery.com, citizens of Kentucky can also buy tickets online.

Residents of Ohio may use the Lottery Card, which is sold at Giant Eagle, Kroger, and Buehler’s Fresh Foods. Customers in Ohio can participate in draw games on their phones, and if they win, they will be contacted and paid online.

Top Mega Millions Jackpots

  1. $1.537 billion, Oct. 23, 2018: Won in South Carolina
  2. $1.05 billion, Jan. 22, 2021: Won in Michigan
  3. $656 million, March 30, 2012: Three winners in Illinois, Kansas, Maryland
  4. $648 million, Dec. 17, 2013: Two winners in California, Georgia
  5. $543 million, July 24, 2018: Won in California

More in: Mega Millions

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