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   Powerball Payout and Tax Calculator
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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.<p><strong> To use our Powerball calculator, just type in the advertised jackpot amount and select your state and the calculator will do the rest. </strong><p>After you are done, check out our guide on the <a href=https://www.lotterycritic.com/lottery-tools/lottery-prediction-tools-do-they-work/?utm_source=lc> best lottery prediction software </a> for tools that will help increase your odds of winning - significantly.</div><div class="panel taxCalc"><div class=taxCalc-banners><a class="panel lcac"> <div class=taxCalc-banners-logo><img data-lazy-src=https://www.lotterycritic.com/wp-content/uploads/2019/11/powerball-logo-small.png src=data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E><noscript><img src=https://www.lotterycritic.com/wp-content/uploads/2019/11/powerball-logo-small.png></noscript></div> <div class=taxCalc-banners-txt><div style="font-size: 14px;">Current Lottery Jackpot</div><div class=taxCalc-banners-jackpotValue>US$ 384,000,000</div></div> </a><a class="panel lcac"> <div class=taxCalc-banners-logo><img data-lazy-src=https://www.lotterycritic.com/wp-content/uploads/2019/11/mega-millions-logo-small.png src=data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E><noscript><img src=https://www.lotterycritic.com/wp-content/uploads/2019/11/mega-millions-logo-small.png></noscript></div> <div class=taxCalc-banners-txt><div style="font-size: 14px;">Current Lottery Jackpot</div><div class=taxCalc-banners-jackpotValue>US$ 401,000,000</div></div> </a></div><form method=GET><label class=taxCalc-label><b> How big is the jackpot?  </b> <input name=jackpot_summ type=number value=1000000></label><label class=taxCalc-label><b> Choose your state ( For tax ): </b> <select name=selected_state><option selected value=0>Arizona<option value=1>California<option value=2>Colorado<option value=3>Connecticut<option value=4>Florida<option value=5>Georgia<option value=6>Idaho<option value=7>Illinois<option value=8>Indiana<option value=9>Iowa<option value=10>Kansas<option value=11>Kentucky<option value=12>Louisiana<option value=13>Maine<option value=14>Maryland<option value=15>Massachusetts<option value=16>Michigan<option value=17>Minnesota<option value=18>Missouri<option value=19>Montana<option value=20>Nebraska<option value=21>New Hampshire<option value=22>New Jersey<option value=23>New Mexico<option value=24>New York<option value=25>New York City<option value=26>Yonkers levy<option value=27>North Carolina<option value=28>North Dakota<option value=29>Ohio<option value=30>Oklahoma<option value=31>Oregon<option value=32>Pennsylvania<option value=33>Puerto Rico<option value=34>Rhode Island<option value=35>South Carolina<option value=36>South Dakota<option value=37>Tennessee<option value=38>Texas<option value=39>US Virgin Islands<option value=40>Vermont<option value=41>Virginia<option value=42>Washington<option value=43>Washington D.C.<option value=44>West Virginia<option value=45>Wisconsin<option value=46>Wyoming</select></label><button class="btn btn_primary"style="font-size: 14px;">Calculate Payout</button></form></div><div><h3>Lump Sum/Cash Option Calculator</h3><table class=content-table><tbody><tr><td>Gross Payout (~61% of the jackpot)<td>$610,000<tr><td>Federal Taxes Paid (24%)<td>$146,400<tr><td>Arizona Taxes Paid ( 5% )<td>$30,500<tr><td>Net Payout (after taxes)<td>$433,100</table><h3>Annuity Calculator (Totals)</h3><table class=content-table><tbody><tr><td>Gross Payout<td>$1,000,000<tr><td>Federal Taxes Paid (24%)<td>$240,000<tr><td>Arizona Taxes Paid ( 5% )<td>$50,000<tr><td>Net Payout (after taxes)<td>$710,000</table><h3>Annuity Calculator (Per Year)</h3><table class="content-table content-table_taxCalc"><tbody><tr><th>Year<th>Gross Payout<th>Federal Taxes<th>Arizona Taxes<th>Net Payout<tr><th>1<th>$15,051<th>$3,612<th>$753<th>$10,687 per year<tr><th>2<th>$15,804<th>$3,793<th>$790<th>$11,221 per year<tr><th>3<th>$16,594<th>$3,983<th>$830<th>$11,782 per year<tr><th>4<th>$17,424<th>$4,182<th>$871<th>$12,371 per year<tr><th>5<th>$18,295<th>$4,391<th>$915<th>$12,990 per year<tr><th>6<th>$19,210<th>$4,610<th>$960<th>$13,639 per year<tr><th>7<th>$20,170<th>$4,841<th>$1,009<th>$14,321 per year<tr><th>8<th>$21,179<th>$5,083<th>$1,059<th>$15,037 per year<tr><th>9<th>$22,238<th>$5,337<th>$1,112<th>$15,789 per year<tr><th>10<th>$23,350<th>$5,604<th>$1,167<th>$16,578 per year<tr><th>11<th>$24,517<th>$5,884<th>$1,226<th>$17,407 per year<tr><th>12<th>$25,743<th>$6,178<th>$1,287<th>$18,278 per year<tr><th>13<th>$27,030<th>$6,487<th>$1,352<th>$19,191 per year<tr><th>14<th>$28,382<th>$6,812<th>$1,419<th>$20,151 per year<tr><th>15<th>$29,801<th>$7,152<th>$1,490<th>$21,159 per year<tr><th>16<th>$31,291<th>$7,510<th>$1,565<th>$22,217 per year<tr><th>17<th>$32,855<th>$7,885<th>$1,643<th>$23,327 per year<tr><th>18<th>$34,498<th>$8,280<th>$1,725<th>$24,494 per year<tr><th>19<th>$36,223<th>$8,694<th>$1,811<th>$25,718 per year<tr><th>20<th>$38,034<th>$9,128<th>$1,902<th>$27,004 per year<tr><th>21<th>$39,936<th>$9,585<th>$1,997<th>$28,355 per year<tr><th>22<th>$41,933<th>$10,064<th>$2,097<th>$29,772 per year<tr><th>23<th>$44,029<th>$10,567<th>$2,201<th>$31,261 per year<tr><th>24<th>$46,231<th>$11,095<th>$2,312<th>$32,824 per year<tr><th>25<th>$48,542<th>$11,650<th>$2,427<th>$34,465 per year<tr><th>26<th>$50,970<th>$12,233<th>$2,548<th>$36,188 per year<tr><th>27<th>$53,518<th>$12,844<th>$2,676<th>$37,998 per year<tr><th>28<th>$56,194<th>$13,487<th>$2,810<th>$39,898 per year<tr><th>29<th>$59,004<th>$14,161<th>$2,950<th>$41,893 per year<tr><th>30<th>$61,954<th>$14,869<th>$3,098<th>$43,987 per year</table></div></div><div class="inner numbers generatorsList-content"><div class=panel><h2>Our Powerball Calculator Explained</h2><p>As 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.<p>Choosing 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. 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.<p>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.<p>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.<p>Finally, 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.<p><em> Note: Payouts are approximations. For example, large charitable donations can be written off, meaning reduced tax liabilities. </em><h2>Powerball Payouts</h2><p>The Powerball payout chart below captures the different prize tiers and odds of winning.<table class=content-table><thead><tr><td><strong> Numbers Matched </strong><td><strong> Prize </strong><td><strong> Odds Of Winning </strong><tbody><tr><td>5 + Powerball<td>Jackpot<td>1 in 292,201,338<tr><td>5<td>$1 Million<td>1 in 11,688,054<tr><td>4 + Powerball<td>$50,000<td>1 in 913,129<tr><td>4<td>$100<td>1 in 36,525<tr><td>3 + Powerball<td>$100<td>1 in 14,494<tr><td>3<td>$7<td>1 in 580<tr><td>2 + Powerball<td>$7<td>1 in 701<tr><td>1 + Powerball<td>$4<td>1 in 92<tr><td>Powerball Only<td>$4<td>1 in 38</table><p><em> Figures in this chart are rounded to the nearest one and are based on a single $2 play. </em><h2>Glossary of Terms</h2><p><strong> Advertised Jackpot: </strong> The total payment a winner would receive should they choose the annuity option for any given drawing. 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.<p><strong> Annuity Payout Option: </strong>  Payment scheme wherein prizes are awarded starting with 1 immediate payment followed by 29 yearly payments. These payments are graduated – meaning they increase by 5% each year to account for inflation. The total value of all payments is equivalent to 100% of the advertised jackpot.<p><strong> Lump Sum Option: </strong>  Payment scheme wherein a one-time payment is immediately awarded to the winner. The total value is approximately 61% of the advertised jackpot. This is also known as the cash option, and is the more popular choice among jackpot winners.<p><strong> Federal Taxes: </strong> Income tax withheld by the US government, including income from lottery prize money. This can range from 24% to 37% of your winnings.<p><strong> State Taxes: </strong> Additional tax withheld, dependent on the state. This varies across states, and can range from 0% to more than 8%.<p><strong> Tax Liability: </strong> The taxes you will have to pay in order to receive your prize. This is computed as federal taxes + state taxes. Please note that in some cases, you might have to pay additional taxes.<p><strong> Gross Payout: </strong> The total prize awarded to a winner before federal and state taxes are applied.<p><strong> Net Payout: </strong> The remaining prize awarded to a winner after federal and state taxes are applied.<h2>Other Lottery Calculators and Tools</h2><p>Check out our <a href=https://www.lotterycritic.com/lottery-calculators/mega-millions-payout-and-tax-calculator/> Mega Millions Payout and Tax Calculator </a> to figure out how much taxes you will owe on your lottery winnings and also your payout for both cash and annuity options.<p>If you haven't bought your tickets yet and are wondering what the odds of your winning are, you can use our <a href=https://www.lotterycritic.com/lottery-calculators/lottery-odds-calculator/> Lottery Odds Calculator </a> or geek out and dive into the math behind <a href=https://www.lotterycritic.com/lottery-odds/powerball-odds-math/> Powerball Odds </a> or <a href=https://www.lotterycritic.com/lottery-odds/mega-millions-odds-math/> Mega Million Odds </a> .</p><span style="display: block; visibility: hidden; border: 1px solid transparent;"id=tve_leads_end_content> </span></div></div><div class=inner></div></main><footer class=footer id=colophon><a class=footer-logo href=/> <svg viewbox="0 0 396 110"><use xlink:href=https://www.lotterycritic.com/wp-content/themes/lottery-critic/imgs/logo.svg#logo></use></svg> </a><nav><div class=menu-footer-container><ul class=menu id=menu-footer><li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-7297"id=menu-item-7297><a href=https://www.lotterycritic.com/reviews/> Best Online Lottery Website Reviews </a><li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-7300"id=menu-item-7300><a href=https://www.lotterycritic.com/lottery-results/> Lottery Results </a><li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-7301"id=menu-item-7301><a href=https://www.lotterycritic.com/lottery-winners/> Lottery Winner Stories </a><li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-7302"id=menu-item-7302><a href=https://www.lotterycritic.com/lottery-tools/> Lottery Tools </a><li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-7303"id=menu-item-7303><a href=https://www.lotterycritic.com/about-us/> About Us </a></ul></div></nav><div class=footer-social><a href=https://twitter.com/lotterycritic?lang=en rel=nofollow target=_blank title=Twitter> Twitter </a><a href=https://www.facebook.com/LotteryCritic/ rel=nofollow target=_blank title=Facebook> Facebook </a></div><hr><nav><ul class=menu><li><a href=/privacy-policy/> Privacy Policy </a><li><a href=/terms/> Terms </a><li><a href=/contact-us/> Contact Us </a></ul></nav><div class=footer-copyright>Copyright © 2020 | Lottery Critic. 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