Powerball Payout Calculator

The annuity pays the full advertised jackpot over 30 payments across 29 years. The first payment is paid immediately, and each following payment is about 5% larger than the last, which is meant to help keep pace with inflation. All 30 payments together add up to the advertised jackpot amount.

The lump sum is typically 50-60% of the advertised jackpot, depending on current interest rates — the lottery needs less money upfront to fund an equivalent 30-year annuity when rates are higher, so the cash percentage moves with the rate environment. Check the actual announced cash value for the specific drawing, since this calculator's default is only an estimate.

The lottery automatically withholds 24% for federal tax before you receive anything. But a jackpot-sized win almost certainly puts your income in the top 37% federal bracket, so you'll owe roughly another 13 percentage points when you file — this calculator estimates total federal tax at 37% of the payout, not just the 24% withheld.

It depends on the state — nine states (Alaska, California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming) don't tax lottery winnings at all, even though some of them do have a regular state income tax. Others withhold a specific lottery tax rate, from around 2.9% (North Dakota) up to 10.9% (New York, plus NYC's own local tax on top). Use the quick preset or enter your own rate.

No — this is an estimate. It assumes the simplified 5%-annual-growth annuity structure and a flat 37% effective federal rate, and doesn't account for other income, deductions, or exact state lottery tax rules. Consult a tax professional for an exact calculation of a real jackpot win.