Mega Millions jackpot reaches $792 million—here’s the take-home amount

Mega Millions jackpot prize has grown to $792 million ahead of Friday night’s draw — its sixth highest total ever.

However, the winnings you’d take home will vary depending on how they’re taxed in your state, as well as your choice of payout.

To win the jackpot, you’ll need to match numbers with all five white balls, plus the gold Mega Ball.

If you win, you can take a 30-year annuity for the full jackpot amount, or an upfront cash lump sum that’s worth about 48% of the jackpot. While the lump sum is much less than the annuity, winners often choose that option since they receive more money right away.

Then there are taxes to consider. An automatic 24% federal withholding tax is applied to your winnings, which are considered income by the Internal Revenue Service. But you’ll almost certainly pay a total of 37% on almost all of the winnings since the jackpot amount will likely trigger the top tax bracket.

Most states charge taxes on winnings, too, which range from 2.5% to 10.9%. Eight states don’t charge any income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

Here’s a look at the actual take-home winnings in every state and Washington, D.C., if you happen to beat the 1 in 302.5 million odds of winning the jackpot. The prize amounts for both lump sum and annuity amounts are calculated by usamega.com.