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) | $488,000,000 |
| Federal Taxes Paid (24%) | $117,120,000 |
| Montana Taxes Paid ( 6.9% ) | $33,672,000 |
| Net Payout (after taxes) | $337,208,000 |
Annuity Calculator (Totals)
| Gross Payout | $800,000,000 |
| Federal Taxes Paid (24%) | $192,000,000 |
| Montana Taxes Paid ( 6.9% ) | $55,200,000 |
| Net Payout (after taxes) | $552,800,000 |
Annuity Calculator (Per Year)
| Year | Gross Payout | Federal Taxes | Montana Taxes | Net Payout |
|---|---|---|---|---|
| 1 | $12,041,148 | $2,889,876 | $830,839 | $8,320,433 per year |
| 2 | $12,643,205 | $3,034,369 | $872,381 | $8,736,455 per year |
| 3 | $13,275,366 | $3,186,088 | $916,000 | $9,173,278 per year |
| 4 | $13,939,134 | $3,345,392 | $961,800 | $9,631,942 per year |
| 5 | $14,636,091 | $3,512,662 | $1,009,890 | $10,113,539 per year |
| 6 | $15,367,895 | $3,688,295 | $1,060,385 | $10,619,216 per year |
| 7 | $16,136,290 | $3,872,710 | $1,113,404 | $11,150,176 per year |
| 8 | $16,943,105 | $4,066,345 | $1,169,074 | $11,707,685 per year |
| 9 | $17,790,260 | $4,269,662 | $1,227,528 | $12,293,069 per year |
| 10 | $18,679,773 | $4,483,145 | $1,288,904 | $12,907,723 per year |
| 11 | $19,613,761 | $4,707,303 | $1,353,350 | $13,553,109 per year |
| 12 | $20,594,449 | $4,942,668 | $1,421,017 | $14,230,765 per year |
| 13 | $21,624,172 | $5,189,801 | $1,492,068 | $14,942,303 per year |
| 14 | $22,705,381 | $5,449,291 | $1,566,671 | $15,689,418 per year |
| 15 | $23,840,650 | $5,721,756 | $1,645,005 | $16,473,889 per year |
| 16 | $25,032,682 | $6,007,844 | $1,727,255 | $17,297,583 per year |
| 17 | $26,284,316 | $6,308,236 | $1,813,618 | $18,162,462 per year |
| 18 | $27,598,532 | $6,623,648 | $1,904,299 | $19,070,586 per year |
| 19 | $28,978,459 | $6,954,830 | $1,999,514 | $20,024,115 per year |
| 20 | $30,427,381 | $7,302,572 | $2,099,489 | $21,025,321 per year |
| 21 | $31,948,751 | $7,667,700 | $2,204,464 | $22,076,587 per year |
| 22 | $33,546,188 | $8,051,085 | $2,314,687 | $23,180,416 per year |
| 23 | $35,223,497 | $8,453,639 | $2,430,421 | $24,339,437 per year |
| 24 | $36,984,672 | $8,876,321 | $2,551,942 | $25,556,409 per year |
| 25 | $38,833,906 | $9,320,137 | $2,679,540 | $26,834,229 per year |
| 26 | $40,775,601 | $9,786,144 | $2,813,516 | $28,175,940 per year |
| 27 | $42,814,381 | $10,275,452 | $2,954,192 | $29,584,737 per year |
| 28 | $44,955,100 | $10,789,224 | $3,101,902 | $31,063,974 per year |
| 29 | $47,202,855 | $11,328,685 | $3,256,997 | $32,617,173 per year |
| 30 | $49,562,998 | $11,895,120 | $3,419,847 | $34,248,032 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:Â 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:Â 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.
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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.
