Mega Millions After Taxes: How Much Will the Winner Get?

A Mega Millions jackpot winner will take home much less than the advertised jackpot amount, thanks to taxes.

A neon sign in a window that says "lottery." for Mega Millions tax story
(Image credit: Getty Images)

Whoever wins a Mega Millions jackpot will still take home a good chunk of change, but they can say goodbye to at least 24% of their winnings right away. And they will have to pay the IRS even more later. 

But before we dive into how much tax a big lottery jackpot winner will pay, here is some information about winning numbers.

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Katelyn Washington
Former Tax Writer

Katelyn has more than 6 years of experience working in tax and finance. While she specialized in tax content while working at Kiplinger from 2023 to 2024, Katelyn has also written for digital publications on topics including insurance, retirement, and financial planning and had financial advice commissioned by national print publications. She believes knowledge is the key to success and enjoys providing content that educates and informs.