If a WA resident wins tonight’s $1.1 billion Mega Millions jackpot, how much do they get?

Before you make plans on how you’d spend the $1.1 billion Mega Millions jackpot, keep in mind that’s not the exact amount the winner gets.

Under federal, state and local tax laws and other lottery rules, your fortune will be knocked down a bit. Mega Millions is a multi-state lottery game that can be played in 45 states, including Washington state. It can also be played in the District of Columbia and the U.S. Virgin Islands. A Mega Millions interactive map shows each state where you can play.

In the last three Mega Millions drawings since July 19, Washington state residents have won a total of about $850,000 in smaller prizes. The largest single prize winners in the state so far have not exceeded $10,000 on five individual tickets.

Here are what a winnings breakdown would look like in Washington state:

IF YOU GET A LUMP-SUM PAYOUT

You get two options when you win the lottery: Get a lump sum cash payout of your winnings, or get your jackpot paid to you annually over time.

If you choose to get a lump sum payout for the $1.1 billion, expect $648.2 million in cash, according to the USA Mega website. State Farm states that lump sums are typically 60% of the total value of the winnings.

Lisa Greene-Lewis, a certified public accountant and tax expert with TurboTax, said that anytime you have a gambling winning — this includes scoring the lottery — and it’s more than $5,000, you’ll get a federal tax of 24%.

There are also additional federal taxes — totaling 37% of your earnings — since the payout puts you at a higher tax bracket. This means you’ll pay $155.5 million for the 24% right off the bat and $84.2 million when filings are due, according to the USA Mega website. This makes your cash payout $408,403,045.

Depending on the state you’re in, you may get more taxes on top of that. In Washington state, the cash payout amount is based on the “bond factor on the draw date,” according to the state’s lottery website.

Washington state also requires that 24% of the winnings of a Mega Millions player for a U.S. resident and 30% for a non-resident for tax purposes.

Other states, such as Arkansas, have a state tax of 5.5%, so the total payout for these residents would be around $372 million. In California, winners are not taxed by the state and winnings would be around $408 million.

IF YOU WANT ANNUITY

A similar taxing process follows if you choose to get annual payments for your winnings.

For the $1.1 billion jackpot, which will have another drawing on Friday, July 29 at 8 p.m. local time, you’d get 30 average annual payments of about $36 million that would increase by 5% every year in Washington state.

But after federal taxes — amounting to more than $13 million — that net total per year would be around $23 million.

It’s important to note that these numbers are estimated averages for annuity payments. USA Mega states that your yearly earnings may vary depending on your choice to invest and your filing status.