Other Lottery Calculators and ToolsĬheck out our Mega Millions Payout and Tax Calculator to figure out how much taxes you will owe on your lottery winnings and also your payout for both cash and annuity options. Net Payout: The remaining prize awarded to a winner after federal and state taxes are applied. Gross Payout: The total prize awarded to a winner before federal and state taxes are applied. Please note that in some cases, you might have to pay additional taxes. This is computed as federal taxes + state taxes. Tax Liability: The taxes you will have to pay in order to receive your prize. This varies across states, and can range from 0% to more than 8%. Payouts were much better the first few days. I'm uninstalling today as it feels like a total waste of time atp. State Taxes: Additional tax withheld, dependent on the state. I probably got a total of less than 5.00. This is also known as the cash option, and is the more popular choice among jackpot winners.įederal Taxes: Income tax withheld by the US government, including income from lottery prize money. This can range from 24% to 37% of your winnings. The total value is approximately 61% of the advertised jackpot. Lump Sum Option: Payment scheme wherein a one-time payment is immediately awarded to the winner. The total value of all payments is equivalent to 100% of the advertised jackpot. These payments are graduated – meaning they increase by 5% each year to account for inflation. This number is based on the funds in the prize pool (including all prior rollovers), expected ticket sales for the next drawing, and current market interest rates.Īnnuity Payout Option: Payment scheme wherein prizes are awarded starting with 1 immediate payment followed by 29 yearly payments. The remainder of the top 10 finishers receives, in order, the following percentages of the purse: 10.8, 6.8, 4.8, 4, 3.6, 3.35, 3.1, 2.9 and 2.7. The PGA Tour allocates 18 percent of a standard tournament’s purse to the winner. Glossary of TermsĪdvertised Jackpot: The total payment a winner would receive should they choose the annuity option for any given drawing. Match a player’s final standing with the percentage of the purse assigned to his position. Numbers Matchedįigures in this chart are rounded to the nearest one and are based on a single $2 play. ![]() The Powerball payout chart below captures the different prize tiers and odds of winning. For example, large charitable donations can be written off, meaning reduced tax liabilities. What our Powerball calculator provides is a quick overview of the gross and net (after taxes) winnings you'd receive for both options – allowing you to make a more informed decision when comparing the two.įinally, as an added feature, our tool also breaks down the annuity option into a handy payout schedule so you know how much you'll receive each year. Since the lump sum and annuity option award different payouts, it only follows that your tax liability (federal tax + state tax) will also be different for both. On the other hand, the annuity option awards the winner with the full amount or 100% of the jackpot – starting with one initial payment, followed by annual payments over the next 29 years. ![]() Lump Sum/Cash Option Calculator Gross Payout (~61% of the jackpot)Īs you might already know, when a player wins the Powerball jackpot, they have to choose between a single lump sum or 30 annual payments to receive their prize.Ĭhoosing the lump sum, also known as the cash option, reduces the jackpot size to approximately 61% of the original amount, but awards it all at once to the player. You could be betting on the NFL or playing the latest slots in no time! Why not check out our recommended sports betting sites and online casinos They're all state licensed, legal to play in the US and have been reviewed by our team of experts. To use our Powerball calculator, just type in the advertised jackpot amount and select your state and the calculator will do the rest.Īfter you are done, check out our guide on the best lottery prediction software for tools that will help increase your odds of winning - significantly. Find out and compare the total payout you would receive if you chose the lump sum or annuity option - followed by a payout chart displaying all 30 annuity payments. We've crafted this tool so that you can compute how much tax you have to pay after winning the lottery. If you are lucky enough to have beaten the Powerball odds and won the jackpot, then you've come to the right place. Play the lottery online with official tickets! Save up to 20% on lottery tickets with the TheLotter VIP club.
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