The Powerball Jackpot Analysis and Tax Calculations
Below is a payout breakdown of the most recent Powerball prize. You’ll learn the stated annuity and lump payment amounts as well as their final value once federal and state taxes have been deducted.
Further down, you can see the Powerball annuity payment table, which lists the sum that a single jackpot winner would get each year from their big win if they chose the annuity option. View the winnings from the most recent drawing.
Right now’s Powerball Jackpot Analysis
The advertised jackpot for the following drawing is displayed in the table to the right. If you wish to take the annuity or the cash lump payment, you can use it as a tax calculator to check how much is withheld. The federal tax rate ranges from 24 to 37 percent depending on your specific situation, but it will be greater if you don’t make any significant deductions from your taxable income, such as significant charitable contributions. To find out how much more is taxed, enter the state where you bought your ticket.
Powerball Jackpot Analysis
* Important Information: Some towns and counties may also impose a local income tax in addition to federal and state taxes; this tax will be added on top of all other taxes. To find out if this applies to you, check with your local government.
Table of Powerball Jackpot Analysis Annuity Calculations
If you choose the annuity payout, you will get the jackpot sum spread out over 29 years in a series of 30 annual payments. The rewards are tiered so that they rise by 5% annually. The gross annuity value for the current jackpot is broken down below, along with the appropriate federal and state taxes for each year.
|
Year |
Gross Annuity Value | Federal Tax (24%) | State Tax (24%) | Net total |
|
1 |
$21,072,009.11 | -$5,057,282.19 | -$680,625.89 |
$15,334,101.03 |
|
2 |
$22,125,609.57 | -$5,310,146.30 | -$714,657.19 | $16,100,806.08 |
| 3 | $23,231,890.05 | -$5,575,653.61 | -$750,390.05 |
$16,905,846.39 |
|
4 |
$24,393,484.55 | -$5,854,436.29 | -$787,909.55 |
$17,751,138.71 |
|
5 |
$25,613,158.78 | -$6,147,158.11 | -$827,305.03 | $18,638,695.64 |
|
6 |
$26,893,816.72 | -$6,454,516.01 | -$868,670.28 | $19,570,630.42 |
| 7 | $28,238,507.55 | -$6,777,241.81 | -$912,103.79 |
$20,549,161.94 |
|
8 |
$29,650,432.93 | -$7,116,103.90 | -$957,708.98 | $21,576,620.04 |
| 9 | $31,132,954.57 | -$7,471,909.10 | -$1,005,594.43 |
$22,655,451.04 |
|
10 |
$32,689,602.30 | -$7,845,504.55 | -$1,055,874.15 | $23,788,223.60 |
| 11 | $34,324,082.42 | -$8,237,779.78 | -$1,108,667.86 |
$24,977,634.78 |
| 12 | $36,040,286.54 | -$8,649,668.77 | -$1,164,101.26 |
$26,226,516.51 |
|
13 |
$37,842,300.87 | -$9,082,152.21 | -$1,222,306.32 | $27,537,842.34 |
| 14 | $39,734,415.91 | -$9,536,259.82 | -$1,283,421.63 |
$28,914,734.46 |
|
15 |
$41,721,136.71 | -$10,013,072.81 | -$1,347,592.72 | $30,360,471.18 |
|
16 |
$43,807,193.54 | -$10,513,726.45 | -$1,414,972.35 | $31,878,494.74 |
| 17 | $45,997,553.22 | -$11,039,412.77 | -$1,485,720.97 |
$33,472,419.48 |
| 18 | $48,297,430.88 | -$11,591,383.41 | -$1,560,007.02 |
$35,146,040.45 |
|
19 |
$50,712,302.42 | -$12,170,952.58 | -$1,638,007.37 | $36,903,342.47 |
| 20 | $53,247,917.54 | -$12,779,500.21 | -$1,719,907.74 |
$38,748,509.60 |
|
21 |
$55,910,313.42 | -$13,418,475.22 | -$1,805,903.12 | $40,685,935.08 |
| 22 | $58,705,829.09 | -$14,089,398.98 | -$1,896,198.28 |
$42,720,231.83 |
|
23 |
$61,641,120.55 | -$14,793,868.93 | -$1,991,008.19 | $44,856,243.42 |
| 24 | $64,723,176.57 | -$15,533,562.38 | -$2,090,558.60 |
$47,099,055.59 |
|
25 |
$67,959,335.40 | -$16,310,240.50 | -$2,195,086.53 | $49,454,008.37 |
| 26 | $71,357,302.17 | -$17,125,752.52 | -$2,304,840.86 |
$51,926,708.79 |
|
27 |
$74,925,167.28 | -$17,982,040.15 | -$2,420,082.90 | $54,523,044.23 |
| 28 | $78,671,425.65 | -$18,881,142.15 | -$2,541,087.05 |
$57,249,196.44 |
|
29 |
$82,604,996.93 | -$19,825,199.26 | -$2,668,141.40 |
$60,111,656.26 |
| 30 | $86,735,246.77 | – $20,816,459.23 | -$2,801,548.47 |
$63,117,239.08 |
| TOTALS | $1,400,000,000.00 | $336,000,000.00 | $45,220,000.00 |
$1,018,780,000.00 |
Powerball Jackpot Analysis Money or an Annuity?
In recent years, the vast majority of winners have chosen the cash lump payment. It immediately boosts the bank account by millions of dollars, enabling you to make larger purchases. Making wise investments can potentially result in a return that is higher than the annuity option.
Older players might not find the annuity option as appealing, but it does promise a very good income for the following three decades. If you purchase an annuity but pass away before all of the payments are made, your estate will be reimbursed the balance.
Powerball Jackpot Analysis