Mega Millions
Latest draw · Friday, July 3, 2026
Mega Millions Tax Calculator
See what you'd really take home from a Mega Millions prize after federal and Virginia state tax — as a lump sum or a 30-year annuity.
- Prize (lump-sum cash)
- $542,000,000
- Federal tax
- − $200,498,188
- State tax (Virginia · 5.75%)
- − $31,165,000
- Net take-home
- $310,336,812
Estimate only — uses single-filer federal brackets and Virginia's top lottery-withholding rate. Actual tax depends on your total income, filing status and deductions. Not tax advice.
Mega Millions tax FAQ
How much tax do you pay on a Mega Millions jackpot in Virginia?
On a $542,000,000 Mega Millions jackpot taken as a lump sum, you'd pay about $200,498,188 in federal tax and $31,165,000 in Virginia state tax, leaving roughly $310,336,812.
Does Virginia tax Mega Millions lottery winnings?
Yes — Virginia withholds about 5.75% in state tax on Mega Millions winnings, on top of federal tax.
Should I take the Mega Millions lump sum or annuity?
The lump sum pays a smaller, discounted amount now with full control; the 30-year annuity pays the full advertised jackpot spread over time and can keep you in lower yearly tax brackets. The best choice depends on your goals and tax situation.