How it's calculated
Take-home = Cash − Federal − State; Cash = Jackpot × L
Jackpot = advertised prize, L = lump-sum factor (~0.60; annuity uses Jackpot ÷ 30 per year), Cash = cash value. Federal = US progressive brackets (24% withheld, topping out at 37%), State = Cash × state rate.
Common questions
Why is the lump sum less than the jackpot?
The advertised jackpot is the annuity total over 30 years. The cash option is roughly 60% of it, and tax comes off after that.
What is the 24% to 37% true-up?
The lottery withholds 24% up front, but a large win lands in the 37% top bracket, so you owe the difference at tax time.