The jackpot for the MEGA Millions draw on Fri Oct 16, 2026, is projected to be $403 Million, with an option for a cash payout of $162.1 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For those living in Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
| Florida MEGA Millions Jackpot/Cash Option for Fri Oct 16, 2026 |
|---|
| Draw Date | Fri Oct 16, 2026 | | Projected Jackpot | $403,000,000 | | Cash Value | $162,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $162,100,000 | | Federal Tax(24%) | $38,904,000 | | Additional Federal Tax | $21,033,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $102,162,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,065,553 |
$2,204,585
$0 |
$3,860,968 |
| 2 |
$6,369,012 |
$2,316,865
$0 |
$4,052,147 |
| 3 |
$6,687,382 |
$2,434,662
$0 |
$4,252,720 |
| 4 |
$7,021,872 |
$2,558,423
$0 |
$4,463,449 |
| 5 |
$7,372,885 |
$2,688,298
$0 |
$4,684,587 |
| 6 |
$7,741,630 |
$2,824,733
$0 |
$4,916,897 |
| 7 |
$8,128,510 |
$2,967,879
$0 |
$5,160,631 |
| 8 |
$8,535,137 |
$3,118,331
$0 |
$5,416,806 |
| 9 |
$8,961,914 |
$3,276,239
$0 |
$5,685,675 |
| 10 |
$9,410,050 |
$3,442,049
$0 |
$5,968,001 |
| 11 |
$9,880,351 |
$3,616,060
$0 |
$6,264,291 |
| 12 |
$10,374,429 |
$3,798,869
$0 |
$6,575,560 |
| 13 |
$10,893,090 |
$3,990,774
$0 |
$6,902,316 |
| 14 |
$11,437,946 |
$4,192,370
$0 |
$7,245,576 |
| 15 |
$12,009,803 |
$4,403,957
$0 |
$7,605,846 |
| 16 |
$12,610,273 |
$4,626,131
$0 |
$7,984,142 |
| 17 |
$13,240,565 |
$4,859,339
$0 |
$8,381,226 |
| 18 |
$13,902,694 |
$5,104,327
$0 |
$8,798,367 |
| 19 |
$14,597,869 |
$5,361,542
$0 |
$9,236,327 |
| 20 |
$15,327,702 |
$5,631,580
$0 |
$9,696,122 |
| 21 |
$16,094,208 |
$5,915,187
$0 |
$10,179,021 |
| 22 |
$16,898,999 |
$6,212,960
$0 |
$10,686,039 |
| 23 |
$17,743,687 |
$6,525,495
$0 |
$11,218,192 |
| 24 |
$18,631,093 |
$6,853,835
$0 |
$11,777,258 |
| 25 |
$19,562,426 |
$7,198,428
$0 |
$12,363,998 |
| 26 |
$20,540,910 |
$7,560,467
$0 |
$12,980,443 |
| 27 |
$21,567,754 |
$7,940,399
$0 |
$13,627,355 |
| 28 |
$22,646,182 |
$8,339,418
$0 |
$14,306,764 |
| 29 |
$23,778,612 |
$8,758,417
$0 |
$15,020,195 |
| 30 |
$24,967,462 |
$9,198,291
$0 |
$15,769,171 |
|
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