The Big Winner in Last Night's Mega Millions Drawing: The Tax Man • TaxProf Blog

According to press reports, last night’s $656 million Mega Millions jackpot works out to a $473 million lump sum payout, or $157.7 million for each of the three winners (from Illinois, Kansas, and Maryland), leaving them with $92.3 million – $94.6 million after-tax (more here):

State	Federal Withholding	State Withholding	Federal Tax Rate	State Tax Rate
Illinois	25%	5%	35%	5%
Kansas	25%	5%	35%	6.45%
Maryland	25%	9.25%	35%	5.5%

About the Author

Paul Caron

Paul Caron was named Duane and Kelly Roberts Dean of Pepperdine University School of Law on June 1, 2017. Dean Caron joined the Pepperdine faculty in 2013 after serving as the Dorothy and Leonard Straus Distinguished Visiting Professor of Law in the spring semesters of 2010 through 2013. He served as Associate Dean for Research and Faculty Development at Pepperdine in 2015-2017. Before coming to Pepperdine, he was Associate Dean of Faculty and Charles Hartsock Professor of Law at the University of Cincinnati College of Law.