Powerball After Taxes
Final (30th) Payment (after Taxes): How to Win the Lottery If you want to seriously increase your odds of becoming a Mega Millions or Powerball winner, then take a look at the world’s best lottery pools to see how you can cheaply and easily play at least 30 tickets each drawing. All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 25%.
Below is an analysis of the current Powerball jackpot, showing both the advertised Annuity and Lump Sum amounts and their ultimate worth after taking into account federal and state tax. You can also view the Powerball annuity payout table further down, which details the amount a single winner of the jackpot would receive each year from their lucky win should they choose the annuity option. You can view the latest Powerball Payout here.
By Alex Kiam
Powerball After Taxes By State
Current Jackpot Analysis
| Jackpot Type | Annuity | Cash Lump Sum |
|---|---|---|
| Initial Advertised Value | $42,000,000.00 | $31,000,000.00 |
| Federal Tax: | -$10,080,000.00 | -$7,440,000.00 |
| State Tax: | -$0.00 | -$0.00 |
| Final Total* | $31,920,000.00 | $23,560,000.00 |
Powerball After Taxes Take Home
* Please Note: In addition to federal and state tax, some cities and counties may also levy an additional local income tax, which will be applied on top of all other tax. Check with your local authority to see if this applies to you.
Powerball Annuity Calculation Table
Jackpot winners who opt for the annuity payout will receive their winnings over a period of thirty years, with payouts increasing by 5% year-on-year. The table below shows a breakdown of the gross annuity value and the applicable federal and state tax for each year.
| Year | Gross Annuity Value | Federal Tax (24%) | State Tax (0%) | Net Total |
|---|---|---|---|---|
| 1 | $632,160.27 | -$151,718.47 | -$0.00 | $480,441.81 |
| 2 | $663,768.29 | -$159,304.39 | -$0.00 | $504,463.90 |
| 3 | $696,956.70 | -$167,269.61 | -$0.00 | $529,687.09 |
| 4 | $731,804.54 | -$175,633.09 | -$0.00 | $556,171.45 |
| 5 | $768,394.76 | -$184,414.74 | -$0.00 | $583,980.02 |
| 6 | $806,814.50 | -$193,635.48 | -$0.00 | $613,179.02 |
| 7 | $847,155.23 | -$203,317.25 | -$0.00 | $643,837.97 |
| 8 | $889,512.99 | -$213,483.12 | -$0.00 | $676,029.87 |
| 9 | $933,988.64 | -$224,157.27 | -$0.00 | $709,831.36 |
| 10 | $980,688.07 | -$235,365.14 | -$0.00 | $745,322.93 |
| 11 | $1,029,722.47 | -$247,133.39 | -$0.00 | $782,589.08 |
| 12 | $1,081,208.60 | -$259,490.06 | -$0.00 | $821,718.53 |
| 13 | $1,135,269.03 | -$272,464.57 | -$0.00 | $862,804.46 |
| 14 | $1,192,032.48 | -$286,087.79 | -$0.00 | $905,944.68 |
| 15 | $1,251,634.10 | -$300,392.18 | -$0.00 | $951,241.92 |
| 16 | $1,314,215.81 | -$315,411.79 | -$0.00 | $998,804.01 |
| 17 | $1,379,926.60 | -$331,182.38 | -$0.00 | $1,048,744.21 |
| 18 | $1,448,922.93 | -$347,741.50 | -$0.00 | $1,101,181.42 |
| 19 | $1,521,369.07 | -$365,128.58 | -$0.00 | $1,156,240.50 |
| 20 | $1,597,437.53 | -$383,385.01 | -$0.00 | $1,214,052.52 |
| 21 | $1,677,309.40 | -$402,554.26 | -$0.00 | $1,274,755.15 |
| 22 | $1,761,174.87 | -$422,681.97 | -$0.00 | $1,338,492.90 |
| 23 | $1,849,233.62 | -$443,816.07 | -$0.00 | $1,405,417.55 |
| 24 | $1,941,695.30 | -$466,006.87 | -$0.00 | $1,475,688.43 |
| 25 | $2,038,780.06 | -$489,307.21 | -$0.00 | $1,549,472.85 |
| 26 | $2,140,719.07 | -$513,772.58 | -$0.00 | $1,626,946.49 |
| 27 | $2,247,755.02 | -$539,461.20 | -$0.00 | $1,708,293.81 |
| 28 | $2,360,142.77 | -$566,434.26 | -$0.00 | $1,793,708.50 |
| 29 | $2,478,149.91 | -$594,755.98 | -$0.00 | $1,883,393.93 |
| 30 | $2,602,057.40 | -$624,493.78 | -$0.00 | $1,977,563.63 |
| TOTALS | $42,000,000.00 | -$10,080,000.00 | -$0.00 | $31,920,000.00 |
Powerball After Taxes Lump Sum
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