


The lottery jackpot numbers are certainly gaudy and promise to get even more so: A record $1 billion for Mega Millions and $430 million for the Powerball.

The jackpot in the Mega Millions soared Friday to a record-setting $1 billion, the largest Mega Millions prize ever, for the drawing tonight at 11 p.m. EDT.

But how much of that would you take home? It depends on where you live, and USA Mega has run the numbers for us.

First, you could earn more if you buy outside of Kentucky

In Kentucky, you're going to be hit with a 6-percent state income tax. That's higher than average as 28 states land at 5-percent or below. Nine extremely lucky states have no state income tax.

Here's a pro tip: The state taxes you pay depend on where you buy the ticket, so now's the time to visit the sunny side of the Ohio River and take advantage of Indiana's 3.4-percent rate.

Everyone will be smacked by a 25-percent federal tax, of course, so $250,000,000 will disappear before you see a penny. Harsh.

There's still more tax juggling:

If you take the annuity: You'll pay taxes annually and they'll add up.

If you take the lump sum option: You pay taxes once.

But there's a penalty for taking the lump sum, although you could conceivably invest a chunk of it and offset the penalty, but we both know you're buying an island with Johnny Depp.

Read this: We spend a lot of money on the lottery. So just how lucky is Kentucky?

Here's how it will all play out in Kentucky

For a $970 million jackpot, here's how much you'd get in Kentucky:

If you take the annuity option: You'll take in $23,666,666 annually or $709,999,980 after 30 payments.

Lump sum payment: $401,576,000

While the numbers seem to favor the annuity, you'll be paying taxes every year. Also, the world might burn down. That's why most people take the lump sum.

So, what if I won in Indiana? 

In Indiana, here's how much you'd get for the $970 million jackpot. 

Annuity option: $24,200,000 annually or $726,000,000 after 30 payments 

Lump sum payment: $410,625,600

It's all just another layer of "what if" as we all daydream our way through work, spending our millions with impunity. Those who favor the buzzkill life will tell you that you're wasting $2, but just imagine the satisfaction when you win and wave bye to that cash-strapped sucker as you board a plane with Johnny.

On second thought, don't let your money anywhere near Johnny Depp.


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