However, the actual amount you take home could vary by as much as $106 million depending on which state you purchased your ticket from, due to state taxes.

While federal taxes remain the same for everyone, with winnings taxed upfront at 24%, the total tax bill is expected to be around 37% when filing, considering that most winners fall into the highest tax bracket. In stark contrast, state taxes on lottery winnings differ significantly across U.S. states, ranging from 3% to 6%, with New York imposing the highest tax rate at 10.9%, the most charged by any participating state.

Surprisingly, there are eight states that do not levy any taxes on lottery winnings at all. These states include California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. If you are fortunate enough to reside in any of these states, your payout will be the highest possible. This amounts to either a cash lump sum of $294,251,812 or a 30-year annuity totaling $616,764,360, according to usamega.com. In comparison, the lump sum payout in New York, the most taxed state, is $50.2 million less.

The location where you purchase your winning ticket also plays a role in the tax implications. Buying a ticket outside of your home state could trigger additional taxes for the state where the ticket was bought. Although your home state typically requires reporting of out-of-state winnings, it often offers a credit or deduction for taxes already paid to a non-resident state. As an example, if you are a California resident who purchases a winning ticket in Oregon, where jackpot winnings are taxed at 8%, your take-home amount would be approximately $46 million less than if you had bought the ticket in California, which does not tax jackpots.

If you happen to be the lucky jackpot winner, it is advisable to seek the assistance of a tax professional. They can help navigate the complex tax implications, including deciding on the best payout method and determining if out-of-state taxes apply.

The next Mega Millions drawing will take place on Friday, March 22 at 11 p.m. ET. So if you're feeling lucky, now is the time to grab your ticket and play for a chance to win this life-changing jackpot.

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