How much would you get after taxes if you won?

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The Mega Millions jackpot jumped to $790 million after no one won on Friday. While you’re daydreaming about what you’d do with all that money — like buying a new house, a car, or maybe an island — how much do you really get after taxes?

With a jackpot of $790 million, it’s safe to say that no matter how much tax was taken, you’d still be sitting on a nice sum of change at the end. But in case you want to start calculating your potential winnings now, we’ve found online lottery payout calculators for you to play with.

Mega Millions is played in 45 US states, so your payout will vary depending on certain factors, including whether or not you have to pay state taxes. Of course, the accuracy of online calculators may not entirely match what you actually get. So if you win, experts say you should consult a financial advisor.

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Now, your earnings depend on whether you decide to take the lump sum payment or the annuity payment. According Mega Millions Website, “The annuity is paid in a single immediate payment followed by 29 annual payments. Each payment is 5% higher than the previous one. This helps protect the lifestyle and purchasing power of the winners in times of inflation.”

For Tuesday’s jackpot, the cash option (or lump sum payout) would be $464.4 million. According, federal taxes immediately reduce lottery winnings. But winners who take annuity payments may be closer to getting the actual jackpot amount than lump sum takers.

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LOTTO PAYOUT CALCULATORS You chose your state, enter the estimated jackpot value and lets you see the payout amount for the lump sum payout option and the annuity option. For example, if you live in Florida, where there is no state tax, and you win the $790 million Mega Millions jackpot, the tool calculates what you will take home:

  • Lump sum payment (after taxes): $440,753,640
  • Annuity payment (after taxes): $600,400,000 came up with slightly different calculations for Floridians when it comes to how much to take away from the cash option.

  • Lump sum payment (after taxes): $366,244,000
  • Annuity payment (after taxes): $600,400,000 allows you to choose your filing status and state to try to determine the net amount. For Florida:

  • Lump sum payment (after taxes): $292,607,573
  • Annuity payment (after taxes): $498,767,191

Sure, your odds of winning the Mega Millions jackpot are 1 in 302.6 million, which isn’t great, but if you still want to try your luck, the next draw will be on Tuesday, July 26 at 11 p.m. HEY.