Ohio Lottery Tax Calculator

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Lump Sum/Cash Option

Jackpot Won: $1,000,000
Cash Lump Sum Reduction (~39%)

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- $390,000
Federal Taxes (24%)

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- $146,400
Ohio Taxes (4%)

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- $24,400
Net Payout $439,200

Note: The ‘Net Payout’ is how much you would receive from the lottery win. You would then need to include this amount on your personal income tax return and pay further income tax. The tax bracket would vary depending on your other income. See Ohio Income Tax Calculator for more

Disclaimer: Please be aware that this calculator is purely for illustrative purposes and does not constitute financial advice in any form. To verify any tax information you will need to check with the lottery organizer and relevant tax authorities or qualified advisors.

Annuity Option

Jackpot Won: $1,000,000
Federal Taxes (24%)

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- $240,000
Ohio Taxes (4%)

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- $40,000
Net Payout $720,000

Note:The ‘Net Payout’ is how much you would receive in total. For the annuity option this would be split into yearly payments over 30 years. You would then need to include this amount on your personal income tax return and pay further income tax. The tax bracket would vary depending on your other income. See Ohio Income Tax Calculator for more

Disclaimer: Please be aware that this calculator is purely for illustrative purposes and does not constitute financial advice in any form. To verify any tax information you will need to check with the lottery organizer and relevant tax authorities or qualified advisors.

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Ohio Lottery Tax FAQs

Are lottery winnings subject to Ohio individual income tax?
Yes. Gambling/lottery winnings are subject to Ohio individual income tax to the extent that they are included in your adjusted gross income. This means the ‘Net Payout’ you see above would need to be added to your personal income tax return for the year.

What are the main considerations when deciding between cash & annuity options?
This varies winner to winner and we would always recommend consulting an independent financial advisor first. The idea behind the annuity option is that the money is invested on your behalf. The returns from this investment add to the increased jackpot amount.

What happens if I change my mind?
If you select annuity and then you change your mind you may have the option of selling your annuity payments. This is currently legal in 28 states. However, in the long run you are likely to make less money. We would always recommend checking with an independent financial advisor before choosing to sell your annuity.

What are the variations by state?
Individual states have their own taxes on lottery winnings. These vary from 0% at the lowest to 8.82% at the highest. Ohio currently has a gambling tax rate of 4%.

Is the tax rate different for different lotteries?
No. All gambling winnings are treated equally. This means if you win Mega Millions, Powerball or a state lottery you will pay the same rate of taxes.

How is the cash value calculated?
This is done as a percentage of ticket sales - the more tickets sold the bigger the jackpot and the bigger the cash value.


More Information

For more information on claiming prizes and paying tax on the Ohio Lottery, see the official lottery website: www.ohiolottery.com/Claiming/HowToClaim

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Upcoming Draws:

Starting:

Lucky For Life

Next Draw: 22:30 ET

Jackpot $1,000/day for life
Balls Drawn/Total Balls 5/48 + 1/18
Number Of Weekly Draws: 7
Starting: Friday 23:00

Mega Millions

Next Draw: Friday 23:00 ET

Current Jackpot $ 279,000,000 Live
Balls Drawn/Total Balls 5/70 + 1/25
Number Of Weekly Draws: 2
Starting: Saturday 19:59

Tri-State Megabucks

Next Draw: Saturday 19:59 ET

Average Jackpot $2,700,000
Balls Drawn/Total Balls 5/41 + 1/6
Number Of Weekly Draws: 2
Starting: Saturday 22:59

Powerball

Next Draw: Saturday 22:59 ET

Current Jackpot $ 114,000,000 Live
Balls Drawn/Total Balls 5/69 + 1/26
Number Of Weekly Draws: 3