Powerball Payout: Calculate How Much You Will Win Now & After Tax [March 27]

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If you’re playing the $750 million Powerball tonight, then you have some pretty big dreams. Imagine what you could do if you won $750 million. But even if you’re the only winner tonight, you’ll actually be taking home a lot less than you might expect, depending on where you live. Here is just how much the payout will be tonight, how much will you take home, and how it would change after taxes. Read on for more details.

How Much Would You Take Home if You Won $750 Million?

Let’s get into some more specifics about the jackpot itself. If the jackpot is $750 million, just how much will you actually be taking home?

The $750 million amount is what you would be paid total as an annuity, pre-tax. This means you wouldn’t be getting $750 million dollars up front if you won. Instead, the winnings would be spread out over 30 multimillion-dollar annual payments for 29 years, starting with one immediate payment. Each year’s payment is 5 percent bigger than the previous one, to help protect against inflation.

If you take the lump-sum cash option, you’ll get a one-time, lump-sum payment. It won’t be $750 million, but it will be equal to all the cash that’s in the Powerball jackpot prize pool. Powerball currently estimates the cash option to be $465.5 million (before tax, of course.)


How Much Do You Win After Tax?

Unfortunately, all prizes are also subject to income taxes. Exactly how much is taken out depends on where you live, and whether you’re subject to a federal income tax only or a federal and state income tax (and in some cases, local taxes too.)

The best after-tax and payout calculator is available at USA Mega’s jackpot analysis page. The calculations are based on a $750 million annuity or a $465.5 million lump sum.

Right off the bat, no matter where you are, you’ll lose 24 percent of your gross prize to federal income taxes.

If you’re taking 30 annual payments of $25 million, then you’ll lose a total of $6 million each time, taking home $19 million each year after federal taxes. If you take a lump sum, you’ll lose a total of $111.720 million up front, for a total of $353.78 million after just federal taxes.

Here are your annuity and lump sum takeovers per state, as calculated and presented by USA Mega.

  • Arizona: 5 percent tax: $17.75 million a year or $330.505 million cash in a lump sum
  • Arkansas: 7 percent state tax: $17.25 million per year or $321.195 million cash
  • California: No state tax
  • Colorado: 4 percent state tax: $18 million per year or $335.160 million cash
  • Connecticut: 6.99 percent state tax: $17,252,500 per year or $321,241,550 million cash
  • Delaware: No state tax
  • Florida: No state tax
  • Georgia: 5.75 percent tax: $17,562,500 per year or $327,013,750 cash
  • Idaho: 6.925 percent tax: $17,268,750 per year or $321,544,125 million cash
  • Illinois: 4.95 percent state tax: $17,762,500 per year or $330,737,750 cash
  • Indiana: 3.23 percent state tax: $18,192,500 per year or $338,744,350 cash
  • Iowa: 5 percent tax: $17.75 million a year or $330.505 million cash
  • Kansas: 5 percent tax: $17.75 million a year or $330.505 million cash
  • Kentucky: 5 percent tax: $17.75 million a year or $330.505 million cash
  • Louisiana: 5 percent tax: $17.75 million a year or $330.505 million cash
  • Maine: 5 percent tax: $17.75 million a year or $330.505 million cash
  • Maryland: 8.75 percent state tax: $16,812,500 per year or $313,048,750 cash. (Note that there is a 7.5 percent state tax for non-Maryland residents, which would be $17.125 million per year or $318,867,500 lump sum.)
  • Massachusetts: 5 percent tax: $17.75 million a year or $330.505 million cash
  • Michigan: 4.25 percent tax: $17,937,500 a year or $333,996,250 cash
  • Minnesota: 7.25 percent state tax: $17,187,500 a year or $320,031,250 cash
  • Missouri: 4 percent state tax: $18 million per year or $335.160 million cash
  • Montana: 6.9 percent tax: $17,275,500 a year or $321,660,500 cash
  • Nebraska: 5 percent tax: $17.75 million a year or $330.505 million cash
  • New Hampshire: No state tax
  • New Jersey: 8 percent state tax: $17 million a year or $316.540 million cash
  • New Mexico: 6 percent tax: $17.5 million per year or $325.850 million cash
  • New York: 8.82 percent tax: $16.795 million per year or $312,722,900 cash
  • North Carolina: 5.499 percent tax: $17,625,250 a year or $328,182,155 cash
  • North Dakota: 2.9 percent tax: $18.275 million a year or $340,280,500 cash
  • Ohio: 4 percent state tax: $18 million per year or $335.160 million cash
  • Oklahoma: 4 percent state tax: $18 million per year or $335.160 million cash
  • Oregon: 8 percent state tax: $17 million a year or $316.540 million cash
  • Pennsylvania: 3.07 percent tax: $18,232,500 a year or $339,489,150 cash
  • Puerto Rico: No state tax on lotteries
  • Rhode Island: 5.99 percent tax: $17,502,500 a year or $325,896,550 cash
  • South Carolina: 7 percent state tax: $17.25 million per year or $321.195 million cash
  • South Dakota: no state taxes
  • Tennessee: No state taxes
  • Texas: No state taxes
  • U.S. Virgin Islands: Not known
  • Vermont: 6 percent tax: $17.5 million per year or $328.850 million cash
  • Virginia: 4 percent state tax: $18 million per year or $335.160 million cash
  • Washington: No state tax
  • Washington D.C.: 8.5 percent tax: $16.875 million a year or $314,212,500 cash
  • West Virginia: 6.5 percent tax: $17,375,000 a year or $323,522,500 cash
  • Wisconsin: 7.65 percent tax: $17,087,500 a year or $318,169,250 cash
  • Wyoming: No state tax

Note: The numbers above are all averages, and other factors might affect the final number.

Remember also that if more than one person wins the lottery, you’ll be splitting the prize, which will make what you take home even less.


Powerball Tax Calculator

If you’d like a more accurate number, you can enter your information into a Powerball tax calculator. There’s one at AfterLotto here. Just enter your state, estimated jackpot value, and you’ll get after-taxes estimates for lump sums and annuity.


Other Winnings

You can only get the big jackpot if you match all five white balls (in any order) and you match the red Powerball. The odds of this happening are a little over 1 in 292 million.

But there are a few more ways that you can win:

  • If you match all five white balls, in any order, but not the Powerball, then you’ll get $1 million. The odds of this are a little over 1 in 11.6 million.
  • If you match four out of five of the white balls and the Powerball, you’ll win $50,000. The odds of this are a little over 1 in 913,000.
  • The winnings drop dramatically after this. You have two ways to win $100: either match four out of five of the white balls OR match three white balls and the Powerball.
  • Next is your shot at $7. You’ll win $7 if you either match three out of five of the white balls OR you match two white balls and the Powerball.
  • Last is your shot at $4, which you could use to buy two more Powerball tickets if you wanted. You’ll get this if you match one white ball and the Powerball OR if you just match the Powerball.

Here’s the thing: if you only match one white ball or two white balls and don’t match the Powerball, you don’t win anything.


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