Then you have state income taxes, which range from 2.9% to 10.9% depending on which state you live in. However, winners will almost certainly pay another 13% in federal taxes when they file their tax return, as the millions of dollars in winnings will put them in the top tax bracket of 37%. There are two payout options: The full jackpot amount spread out over 30 years as an annual payment, or just over half that amount as an upfront lump sum payment.Īll winners pay an automatic 24% federal withholding tax on their winnings, which is considered income. The odds of winning the jackpot are 1 in 292.2 million, lottery officials said.Powerball's next draw is Wednesday night at 10:59 p.m. The overall odds of winning a prize are 1 in 24.9. Tickets may be purchased until 10 p.m., ET, on the night of the drawing. The next Powerball drawing is set for Wednesday, Oct. Lotter圜came up with slightly different calculations for Floridians when it comes to the cash option take-home amount. For example, if you live in Florida, which has no state tax, the tool calculates that you would take home: Annuity payout (after taxes): $1,091,090,046Ī has you choose your state, enter the estimated jackpot value and lets you see the payout amount for both the lump sum option and the annuity option.(Figures below are based on filing single in Florida) Omni Calculator breaks down what your payout amount will be for both the lump sum option and the annuity option, depending on what state you reside in and your filing status. So if you happen to win, experts say you should consult with a financial advisor.) LOTTERY PAYOUT CALCULATORS (NOTE: The accuracy of the online calculators may not be fully in line with what you actually end up with. In case you want to start calculating your potential take-home dollars now, we've tracked down some online lottery payout calculators for you to play with. Both advertised prize options are prior to federal and jurisdictional taxes,' the Powerball website stated. 'Jackpot winners may choose to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump-sum payment. Your winnings depend on whether you choose to take the lump sum payment or the annuity payout. RELATED: Winning Powerball ticket worth $2 million sold in Florida

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