Powerball Payout and Tax Calculator

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If you are lucky enough to have beaten the Powerball odds and won the jackpot, then you've come to the right place. We've crafted this tool so that you can compute how much tax you have to pay after winning the lottery. 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.

To use our Powerball calculator, just type in the advertised jackpot amount and select your state and the calculator will do the rest.

After you are done, check out our guide on the best lottery prediction software for tools that will help increase your odds of winning - significantly.

Lump Sum/Cash Option Calculator

Gross Payout (~61% of the jackpot) $732,000,000
Federal Taxes Paid (24%) $175,680,000
Florida Taxes Paid ( 0% ) $0
Net Payout (after taxes) $556,320,000

Annuity Calculator (Totals)

Gross Payout $1,200,000,000
Federal Taxes Paid (24%) $288,000,000
Florida Taxes Paid ( 0% ) $0
Net Payout (after taxes) $912,000,000

Annuity Calculator (Per Year)

Year Gross Payout Federal Taxes Florida Taxes Net Payout
1 $18,061,722 $4,334,813 $0 $13,726,909 per year
2 $18,964,808 $4,551,554 $0 $14,413,254 per year
3 $19,913,049 $4,779,132 $0 $15,133,917 per year
4 $20,908,701 $5,018,088 $0 $15,890,613 per year
5 $21,954,136 $5,268,993 $0 $16,685,143 per year
6 $23,051,843 $5,532,442 $0 $17,519,401 per year
7 $24,204,435 $5,809,064 $0 $18,395,371 per year
8 $25,414,657 $6,099,518 $0 $19,315,139 per year
9 $26,685,390 $6,404,494 $0 $20,280,896 per year
10 $28,019,659 $6,724,718 $0 $21,294,941 per year
11 $29,420,642 $7,060,954 $0 $22,359,688 per year
12 $30,891,674 $7,414,002 $0 $23,477,672 per year
13 $32,436,258 $7,784,702 $0 $24,651,556 per year
14 $34,058,071 $8,173,937 $0 $25,884,134 per year
15 $35,760,974 $8,582,634 $0 $27,178,340 per year
16 $37,549,023 $9,011,766 $0 $28,537,258 per year
17 $39,426,474 $9,462,354 $0 $29,964,120 per year
18 $41,397,798 $9,935,471 $0 $31,462,326 per year
19 $43,467,688 $10,432,245 $0 $33,035,443 per year
20 $45,641,072 $10,953,857 $0 $34,687,215 per year
21 $47,923,126 $11,501,550 $0 $36,421,576 per year
22 $50,319,282 $12,076,628 $0 $38,242,654 per year
23 $52,835,246 $12,680,459 $0 $40,154,787 per year
24 $55,477,008 $13,314,482 $0 $42,162,526 per year
25 $58,250,859 $13,980,206 $0 $44,270,653 per year
26 $61,163,402 $14,679,216 $0 $46,484,185 per year
27 $64,221,572 $15,413,177 $0 $48,808,395 per year
28 $67,432,651 $16,183,836 $0 $51,248,814 per year
29 $70,804,283 $16,993,028 $0 $53,811,255 per year
30 $74,344,497 $17,842,679 $0 $56,501,818 per year

Our Powerball Calculator Explained

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.

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.

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.

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.

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.

Note: Payouts are approximations. For example, large charitable donations can be written off, meaning reduced tax liabilities.

Powerball Payouts

The Powerball payout chart below captures the different prize tiers and odds of winning.

Numbers Matched Prize Odds Of Winning
5 + Powerball Jackpot 1 in 292,201,338
5 $1 Million 1 in 11,688,054
4 + Powerball $50,000 1 in 913,129
4 $100 1 in 36,525
3 + Powerball $100 1 in 14,494
3 $7 1 in 580
2 + Powerball $7 1 in 701
1 + Powerball $4 1 in 92
Powerball Only $4 1 in 38

Figures in this chart are rounded to the nearest one and are based on a single $2 play.

Glossary of Terms

Advertised Jackpot: 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.

Annuity Payout Option: 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.

Lump Sum Option: 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.

Federal Taxes: Income tax withheld by the US government, including income from lottery prize money. This can range from 24% to 37% of your winnings.

State Taxes: Additional tax withheld, dependent on the state. This varies across states, and can range from 0% to more than 8%.

Tax Liability: 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.

Gross Payout: The total prize awarded to a winner before federal and state taxes are applied.

Net Payout: The remaining prize awarded to a winner after federal and state taxes are applied.

Other Lottery Calculators and Tools

Check 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.

If you haven't bought your tickets yet and are wondering what the odds of your winning are, you can use our Lottery Odds Calculator or geek out and dive into the math behind Powerball Odds or Mega Million Odds.