$2 Billion Lottery Jackpot After Taxes
A $2 billion Powerball or Mega Millions jackpot never pays $2 billion in cash. The lump sum is about 47% of the advertised number, federal tax reaches the 37% bracket, and the state where you bought the ticket may take up to 10.9% more. Here is the real math for every state (rates as of January 2026).
Lump sum, no-tax state (TX, FL, CA…)
$592,244,043
29.61% of the advertised jackpot
Lump sum, New York (10.9%)
$489,784,043
NYC residents net even less (14.776% combined)
Annuity total, no-tax state
$1,261,321,282
30 payments over 29 years, each +5%
$2 Billion after taxes in every state
Net lump sum (47% cash value) and net 30-year annuity total after federal and state taxes. Sorted from highest to lowest take-home.
| State | State tax | Lump sum net | Annuity net (total) |
|---|---|---|---|
| Alaska(no lottery) | None | $592,244,043 | $1,261,321,282 |
| California | None | $592,244,043 | $1,261,321,282 |
| Delaware | None | $592,244,043 | $1,261,321,282 |
| Florida | None | $592,244,043 | $1,261,321,282 |
| Nevada(no lottery) | None | $592,244,043 | $1,261,321,282 |
| New Hampshire | None | $592,244,043 | $1,261,321,282 |
| South Dakota | None | $592,244,043 | $1,261,321,282 |
| Tennessee | None | $592,244,043 | $1,261,321,282 |
| Texas | None | $592,244,043 | $1,261,321,282 |
| Washington | None | $592,244,043 | $1,261,321,282 |
| Wyoming | None | $592,244,043 | $1,261,321,282 |
| Arizona | 2.5% | $568,744,043 | $1,211,321,282 |
| North Dakota | 2.5% | $568,744,043 | $1,211,321,282 |
| Ohio | 2.75% | $566,394,043 | $1,206,321,282 |
| Indiana | 3% | $564,044,043 | $1,201,321,282 |
| Louisiana | 3% | $564,044,043 | $1,201,321,282 |
| Pennsylvania | 3.07% | $563,386,043 | $1,199,921,282 |
| Kentucky | 3.5% | $559,344,043 | $1,191,321,282 |
| Iowa | 3.8% | $556,524,043 | $1,185,321,282 |
| Arkansas | 3.9% | $555,584,043 | $1,183,321,282 |
| North Carolina | 3.99% | $554,738,043 | $1,181,521,282 |
| Mississippi | 4% | $554,644,043 | $1,181,321,282 |
| Michigan | 4.25% | $552,294,043 | $1,176,321,282 |
| Colorado | 4.4% | $550,884,043 | $1,173,321,282 |
| Utah(no lottery) | 4.5% | $549,944,043 | $1,171,321,282 |
| Nebraska | 4.55% | $549,474,043 | $1,170,321,282 |
| Missouri | 4.7% | $548,064,043 | $1,167,321,282 |
| Oklahoma | 4.75% | $547,594,043 | $1,166,321,282 |
| West Virginia | 4.82% | $546,936,043 | $1,164,921,282 |
| Illinois | 4.95% | $545,714,043 | $1,162,321,282 |
| Alabama(no lottery) | 5% | $545,244,043 | $1,161,321,282 |
| Georgia | 5.19% | $543,458,043 | $1,157,521,282 |
| Idaho | 5.3% | $542,424,043 | $1,155,321,282 |
| Kansas | 5.7% | $538,664,043 | $1,147,321,282 |
| Virginia | 5.75% | $538,194,043 | $1,146,321,282 |
| Montana | 5.9% | $536,784,043 | $1,143,321,282 |
| New Mexico | 5.9% | $536,784,043 | $1,143,321,282 |
| Rhode Island | 5.99% | $535,938,043 | $1,141,521,282 |
| South Carolina | 6.2% | $533,964,043 | $1,137,321,282 |
| Connecticut | 6.99% | $526,538,043 | $1,121,521,282 |
| Maine | 7.15% | $525,034,043 | $1,118,321,282 |
| Wisconsin | 7.65% | $520,334,043 | $1,108,321,282 |
| Vermont | 8.75% | $509,994,043 | $1,086,321,282 |
| Maryland | 8.95% | $508,114,043 | $1,082,321,282 |
| Massachusetts | 9% | $507,644,043 | $1,081,321,282 |
| Minnesota | 9.85% | $499,654,043 | $1,064,321,282 |
| Oregon | 9.9% | $499,184,043 | $1,063,321,282 |
| District of Columbia | 10.75% | $491,194,043 | $1,046,321,282 |
| New Jersey | 10.75% | $491,194,043 | $1,046,321,282 |
| New York | 10.9% | $489,784,043 | $1,043,321,282 |
| Hawaii(no lottery) | 11% | $488,844,043 | $1,041,321,282 |
Other jackpot sizes
$2 Billion jackpot FAQ
How much is the $2 billion jackpot after taxes?
Taking the lump sum (cash value about 47% of the advertised jackpot), you would net roughly $592,244,043 in a no-tax state like Texas or Florida, down to about $489,784,043 in New York (10.9% state tax). The 30-year annuity nets roughly $1,261,321,282 in total in a no-tax state.
Why do I lose more than half of a $2 billion jackpot?
Two discounts stack: the lump-sum cash value is only about 47% of the advertised number, and then federal tax takes an effective ~37% of that at jackpot size, plus state tax of 0–10.9%. The advertised figure is the pre-tax 30-year annuity total, not what anyone takes home in cash.
Should I take the lump sum or the annuity?
The annuity delivers a larger after-tax total and built-in spending discipline; the lump sum gives immediate control and the chance to out-invest the annuity's implicit return. Most winners take the cash, but the right answer depends on your discipline, age, and investment plan — see our lump sum vs annuity guide.