Is this Mega Millions cash value tax calculation correct? (Florida example)

Reply #9

HoLeeKau — Sun, 12 Apr 2026 15:56:21 GMT

I like this calculator for games that USMega doesn't have. It has you put in your location so you don't have to know the tax rate for your city/county/state. You just have to remember to add back in the FICA because AFAIK you don't have to pay FICA on lottery.

https://smartasset.com/taxes/income-taxes

Reply #8

KY Floyd — Sat, 11 Apr 2026 21:47:50 GMT

If the winner chooses the cash option, is this calculation correct?

24% federal withholding upfront

Additional ~13% federal tax at filing ( 37% total)

That's plenty close enough unless you've actually won and are doing your tax return. Sometimes you know exactly how much a prize will be, but most of the time even the lottery doesn't know exactly what the cash jackpot is until there's a winner and they total the revenue up through the very last ticket that was sold.

Of cours... [ More ]

Reply #7

grwurston — Sat, 11 Apr 2026 01:07:58 GMT

If you are over 65 the deduction is $6,000 if filing single. $12,000 If filing married.

Reply #6

alexdms29 — Sat, 11 Apr 2026 00:02:45 GMT

Thanks for the link and the tip about the age deduction

Reply #5

CDanaT — Fri, 10 Apr 2026 12:59:22 GMT

Plug your numbers into this site https://www.calculator.net/tax-calculator.html

You will have to add your age due to that new deduction(age 65) for the next 3 years(minimal)

It also allows you to see what your tax would be with charitable deductions put in.

Good luck

Reply #4

Justing618 — Fri, 10 Apr 2026 03:56:37 GMT

I check the site every draw. To see how much the annunity payments will be in my state.

Reply #3

grwurston — Fri, 10 Apr 2026 01:25:27 GMT

Glad to help. Welcome to LP alexdms29

Good Luck

Reply #2

alexdms29 — Fri, 10 Apr 2026 00:25:33 GMT

hi grwurston

I just wanted to say thank you for pointing me to USA Mega's jackpot analysis, that was exactly what I needed. I was able to validate my tax calculator against their numbers and the results matched almost perfectly (less than 0.15% difference). Really appreciate you taking the time to help

Reply #1

grwurston — Fri, 10 Apr 2026 00:10:53 GMT

Click on USA MEGA, then select MM, Jackpot Analysis. Select your filing status and get the payouts for both cash and annuity for any state.

Is this Mega Millions cash value tax calculation correct? (Florida example)

alexdms29 — Thu, 09 Apr 2026 23:55:33 GMT

Hi everyone,

I'm building a lottery calculator and want to confirm the tax math for a Mega Millions example.

Let s say:

Jackpot: $110 million

Cash value: about $49.2 million

Winner lives in Florida (no state tax)

If the winner chooses the cash option, is this calculation correct?

24% federal withholding upfront

Additional ~13% federal tax at filing ( 37% total)

0% Florida state tax

Estimated net:

$49.2M 0.63 $31M

Is this a reasonable estim... [ More ]