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Powerball Analysis Payout Amount by StatePrev TopicNext Topic
-
Powerball Jackpot for Wed, Jan 13, 2016 $1,400,000,000 $868,000,000
Gross Prize 30 average annual payments of $46,666,667
Lump-sum cash: $868,000,000
- 25% Federal Tax - $11,666,667
- $217,000,000
Subtotal
$35,000,000
$651,000,000
- State Tax:
Arizona: 5% State Tax for In-State Residents - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Non-Arizona Residents: 6% State Tax - $2,800,000
- $52,080,000
Your average net per year: $32,200,000 Your net payout: $598,920,000
After 30 payments: $966,000,000
Annuity Payment Schedule
Arkansas: 7% State Tax - $3,266,667
- $60,760,000
Your average net per year: $31,733,333 Your net payout: $590,240,000
After 30 payments: $951,999,990
Annuity Payment Schedule
California: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Colorado: 4% State Tax - $1,866,667
- $34,720,000
Your average net per year: $33,133,333 Your net payout: $616,280,000
After 30 payments: $993,999,990
Annuity Payment Schedule
Connecticut: 6.7% State Tax - $3,126,667
- $58,156,000
Your average net per year: $31,873,333 Your net payout: $592,844,000
After 30 payments: $956,199,990
Annuity Payment Schedule
Delaware: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Florida: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Georgia: 6% State Tax - $2,800,000
- $52,080,000
Your average net per year: $32,200,000 Your net payout: $598,920,000
After 30 payments: $966,000,000
Annuity Payment Schedule
Idaho: 7.4% State Tax - $3,453,333
- $64,232,000
Your average net per year: $31,546,667 Your net payout: $586,768,000
After 30 payments: $946,400,010
Annuity Payment Schedule
Illinois: 3.75% State Tax - $1,750,000
- $32,550,000
Your average net per year: $33,250,000 Your net payout: $618,450,000
After 30 payments: $997,500,000
Annuity Payment Schedule
Indiana: 3.4% State Tax - $1,586,667
- $29,512,000
Your average net per year: $33,413,333 Your net payout: $621,488,000
After 30 payments: $1,002,399,990
Annuity Payment Schedule
Iowa: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Kansas: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Kentucky: 6% State Tax - $2,800,000
- $52,080,000
Your average net per year: $32,200,000 Your net payout: $598,920,000
After 30 payments: $966,000,000
Annuity Payment Schedule
Louisiana: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Maine: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Maryland: 8.75% State Tax for In-State Residents - $4,083,333
- $75,950,000
Your average net per year: $30,916,667 Your net payout: $575,050,000
After 30 payments: $927,500,010
Annuity Payment Schedule
Non-Maryland Residents: 7.5% State Tax - $3,500,000
- $65,100,000
Your average net per year: $31,500,000 Your net payout: $585,900,000
After 30 payments: $945,000,000
Annuity Payment Schedule
Massachusetts: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Michigan: 4.25% State Tax - $1,983,333
- $36,890,000
Your average net per year: $33,016,667 Your net payout: $614,110,000
After 30 payments: $990,500,010
Annuity Payment Schedule
Minnesota: 7.25% State Tax - $3,383,333
- $62,930,000
Your average net per year: $31,616,667 Your net payout: $588,070,000
After 30 payments: $948,500,010
Annuity Payment Schedule
Missouri: 4% State Tax - $1,866,667
- $34,720,000
Your average net per year: $33,133,333 Your net payout: $616,280,000
After 30 payments: $993,999,990
Annuity Payment Schedule
Montana: 6.9% State Tax - $3,220,000
- $59,892,000
Your average net per year: $31,780,000 Your net payout: $591,108,000
After 30 payments: $953,400,000
Annuity Payment Schedule
Nebraska: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
New Hampshire: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
New Jersey: 3% State Tax - $1,400,000
- $26,040,000
Your average net per year: $33,600,000 Your net payout: $624,960,000
After 30 payments: $1,008,000,000
Annuity Payment Schedule
New Mexico: 6% State Tax - $2,800,000
- $52,080,000
Your average net per year: $32,200,000 Your net payout: $598,920,000
After 30 payments: $966,000,000
Annuity Payment Schedule
New York: 8.82% State Tax� - $4,116,000
- $76,557,600
Your average net per year: $30,884,000 Your net payout: $574,442,400
After 30 payments: $926,520,000
Annuity Payment Schedule
North Carolina: 5.75% State Tax - $2,683,333
- $49,910,000
Your average net per year: $32,316,667 Your net payout: $601,090,000
After 30 payments: $969,500,010
Annuity Payment Schedule
North Dakota: 3.99% State Tax - $1,862,000
- $34,633,200
Your average net per year: $33,138,000 Your net payout: $616,366,800
After 30 payments: $994,140,000
Annuity Payment Schedule
Ohio: 4% State Tax - $1,866,667
- $34,720,000
Your average net per year: $33,133,333 Your net payout: $616,280,000
After 30 payments: $993,999,990
Annuity Payment Schedule
Oklahoma: 4% State Tax - $1,866,667
- $34,720,000
Your average net per year: $33,133,333 Your net payout: $616,280,000
After 30 payments: $993,999,990
Annuity Payment Schedule
Oregon: 8% State Tax - $3,733,333
- $69,440,000
Your average net per year: $31,266,667 Your net payout: $581,560,000
After 30 payments: $938,000,010
Annuity Payment Schedule
Pennsylvania: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Puerto Rico: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Rhode Island: 5.99% State Tax - $2,795,333
- $51,993,200
Your average net per year: $32,204,667 Your net payout: $599,006,800
After 30 payments: $966,140,010
Annuity Payment Schedule
South Carolina: 7% State Tax - $3,266,667
- $60,760,000
Your average net per year: $31,733,333 Your net payout: $590,240,000
After 30 payments: $951,999,990
Annuity Payment Schedule
South Dakota: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Tennessee: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Texas: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
U.S. Virgin Islands: Unknown State Tax Rate - $0
- $0
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Vermont: 6% State Tax - $2,800,000
- $52,080,000
Your average net per year: $32,200,000 Your net payout: $598,920,000
After 30 payments: $966,000,000
Annuity Payment Schedule
Virginia: 4% State Tax - $1,866,667
- $34,720,000
Your average net per year: $33,133,333 Your net payout: $616,280,000
After 30 payments: $993,999,990
Annuity Payment Schedule
Washington: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Washington, D.C.: 8.5% State Tax - $3,966,667
- $73,780,000
Your average net per year: $31,033,333 Your net payout: $577,220,000
After 30 payments: $930,999,990
Annuity Payment Schedule
West Virginia: 6.5% State Tax - $3,033,333
- $56,420,000
Your average net per year: $31,966,667 Your net payout: $594,580,000
After 30 payments: $959,000,010
Annuity Payment Schedule
Wisconsin: 7.75% State Tax - $3,616,667
- $67,270,000
Your average net per year: $31,383,333 Your net payout: $583,730,000
After 30 payments: $941,499,990
Annuity Payment Schedule
Wyoming: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
� New York imposes additional withholding if you live in one of the following jurisdictions: New York City (3.876%) and Yonkers (1.323%).
IMPORTANT NOTES
The jackpot numbers are estimates rounded to the nearest million dollars.
All of the tax amounts listed above are the taxes withheld at the time of the prize award, not your exact final tax burden. Since every individual winner's situation differs, and every winner chooses to dispense their winnings in a different manner, there is no way for us to determine what your final tax burden will be. For example, someone who gives away a large amount to charities would have a vastly different tax burden than someone who buys new cars and houses. The chart above provides the information that we know for sure: the money that you will initially receive from the lottery.
We are fully aware that the tax rates listed for some states on this page are different than the states' current income and sales tax rates. The state tax rate withheld by the lottery at the time the prize is awarded is oftentimes different than what you would expect to be withheld ("standard" state tax rates). Because of the reason discussed in Note #2, states often try to keep from withholding too much, because they know that many lottery winners do not end up paying a flat (insert highest tax rate here) percent of their winnings in taxes. There are many ways to reduce the tax burden, which is why it is so important to obtain the services of a top-notch professional accountant before claiming the big prize.
The jurisdiction in which you live may impose additional local taxes, beyond those listed here. Please verify all information with your local government tax agency.
State lotteries typically deduct other amounts from prize payments, such as child support payments, back taxes owed, outstanding student loans, and other government agency responsibilities.
If you are not a U.S. resident, you will typically have a flat 30% federal withholding, and state taxes may differ from what is listed above. Consult with your local government tax authority for more information if you are not a U.S. resident. The 30% flat withholding is a dictate by the Internal Revenue Service, in conjunction with the Federal Government, not something created by the state lottery. Therefore, questions about the purpose of the withholding should be directed to the IRS (1-800-424-1040).
The states modify their tax withholding rates from time to time, and this chart is accurate as to our latest information we could track down. It is possible that the tax rate provided above is outdated, although we try not to let that happen. If you are aware of a percentage being out of date, please contact us to let us know, and we will update it. Please only contact us about lottery withholding rates, not the state income tax or sales tax rate. See Note #3 for more information.
If you are viewing the Jackpot Analysis for a past drawing date, keep in mind you are viewing the application of the current tax rates against past jackpot amounts. If the tax rates for a state have changed since that drawing date, the report is not an accurate snapshot of the taxes that would have been withheld on that date in history. Instead, you are looking at the taxes that would be withheld if the jackpot were won today. However, if a state's tax withholding rate has not changed, the report is an accurate snapshot of that date in history.
If you win the jackpot, consult a good accountant and tax attorney for ways to minimize your tax liability. Consider donating a substantial amount to the owner of this Web site, because he gave you such great advice when you needed it most. -
Quote: Originally posted by FLATRANSPLANT on Jan 11, 2016
Powerball Jackpot for Wed, Jan 13, 2016 $1,400,000,000 $868,000,000
Gross Prize 30 average annual payments of $46,666,667
Lump-sum cash: $868,000,000
- 25% Federal Tax - $11,666,667
- $217,000,000
Subtotal
$35,000,000
$651,000,000
- State Tax:
Arizona: 5% State Tax for In-State Residents - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Non-Arizona Residents: 6% State Tax - $2,800,000
- $52,080,000
Your average net per year: $32,200,000 Your net payout: $598,920,000
After 30 payments: $966,000,000
Annuity Payment Schedule
Arkansas: 7% State Tax - $3,266,667
- $60,760,000
Your average net per year: $31,733,333 Your net payout: $590,240,000
After 30 payments: $951,999,990
Annuity Payment Schedule
California: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Colorado: 4% State Tax - $1,866,667
- $34,720,000
Your average net per year: $33,133,333 Your net payout: $616,280,000
After 30 payments: $993,999,990
Annuity Payment Schedule
Connecticut: 6.7% State Tax - $3,126,667
- $58,156,000
Your average net per year: $31,873,333 Your net payout: $592,844,000
After 30 payments: $956,199,990
Annuity Payment Schedule
Delaware: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Florida: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Georgia: 6% State Tax - $2,800,000
- $52,080,000
Your average net per year: $32,200,000 Your net payout: $598,920,000
After 30 payments: $966,000,000
Annuity Payment Schedule
Idaho: 7.4% State Tax - $3,453,333
- $64,232,000
Your average net per year: $31,546,667 Your net payout: $586,768,000
After 30 payments: $946,400,010
Annuity Payment Schedule
Illinois: 3.75% State Tax - $1,750,000
- $32,550,000
Your average net per year: $33,250,000 Your net payout: $618,450,000
After 30 payments: $997,500,000
Annuity Payment Schedule
Indiana: 3.4% State Tax - $1,586,667
- $29,512,000
Your average net per year: $33,413,333 Your net payout: $621,488,000
After 30 payments: $1,002,399,990
Annuity Payment Schedule
Iowa: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Kansas: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Kentucky: 6% State Tax - $2,800,000
- $52,080,000
Your average net per year: $32,200,000 Your net payout: $598,920,000
After 30 payments: $966,000,000
Annuity Payment Schedule
Louisiana: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Maine: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Maryland: 8.75% State Tax for In-State Residents - $4,083,333
- $75,950,000
Your average net per year: $30,916,667 Your net payout: $575,050,000
After 30 payments: $927,500,010
Annuity Payment Schedule
Non-Maryland Residents: 7.5% State Tax - $3,500,000
- $65,100,000
Your average net per year: $31,500,000 Your net payout: $585,900,000
After 30 payments: $945,000,000
Annuity Payment Schedule
Massachusetts: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
Michigan: 4.25% State Tax - $1,983,333
- $36,890,000
Your average net per year: $33,016,667 Your net payout: $614,110,000
After 30 payments: $990,500,010
Annuity Payment Schedule
Minnesota: 7.25% State Tax - $3,383,333
- $62,930,000
Your average net per year: $31,616,667 Your net payout: $588,070,000
After 30 payments: $948,500,010
Annuity Payment Schedule
Missouri: 4% State Tax - $1,866,667
- $34,720,000
Your average net per year: $33,133,333 Your net payout: $616,280,000
After 30 payments: $993,999,990
Annuity Payment Schedule
Montana: 6.9% State Tax - $3,220,000
- $59,892,000
Your average net per year: $31,780,000 Your net payout: $591,108,000
After 30 payments: $953,400,000
Annuity Payment Schedule
Nebraska: 5% State Tax - $2,333,333
- $43,400,000
Your average net per year: $32,666,667 Your net payout: $607,600,000
After 30 payments: $980,000,010
Annuity Payment Schedule
New Hampshire: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
New Jersey: 3% State Tax - $1,400,000
- $26,040,000
Your average net per year: $33,600,000 Your net payout: $624,960,000
After 30 payments: $1,008,000,000
Annuity Payment Schedule
New Mexico: 6% State Tax - $2,800,000
- $52,080,000
Your average net per year: $32,200,000 Your net payout: $598,920,000
After 30 payments: $966,000,000
Annuity Payment Schedule
New York: 8.82% State Tax� - $4,116,000
- $76,557,600
Your average net per year: $30,884,000 Your net payout: $574,442,400
After 30 payments: $926,520,000
Annuity Payment Schedule
North Carolina: 5.75% State Tax - $2,683,333
- $49,910,000
Your average net per year: $32,316,667 Your net payout: $601,090,000
After 30 payments: $969,500,010
Annuity Payment Schedule
North Dakota: 3.99% State Tax - $1,862,000
- $34,633,200
Your average net per year: $33,138,000 Your net payout: $616,366,800
After 30 payments: $994,140,000
Annuity Payment Schedule
Ohio: 4% State Tax - $1,866,667
- $34,720,000
Your average net per year: $33,133,333 Your net payout: $616,280,000
After 30 payments: $993,999,990
Annuity Payment Schedule
Oklahoma: 4% State Tax - $1,866,667
- $34,720,000
Your average net per year: $33,133,333 Your net payout: $616,280,000
After 30 payments: $993,999,990
Annuity Payment Schedule
Oregon: 8% State Tax - $3,733,333
- $69,440,000
Your average net per year: $31,266,667 Your net payout: $581,560,000
After 30 payments: $938,000,010
Annuity Payment Schedule
Pennsylvania: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Puerto Rico: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Rhode Island: 5.99% State Tax - $2,795,333
- $51,993,200
Your average net per year: $32,204,667 Your net payout: $599,006,800
After 30 payments: $966,140,010
Annuity Payment Schedule
South Carolina: 7% State Tax - $3,266,667
- $60,760,000
Your average net per year: $31,733,333 Your net payout: $590,240,000
After 30 payments: $951,999,990
Annuity Payment Schedule
South Dakota: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Tennessee: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Texas: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
U.S. Virgin Islands: Unknown State Tax Rate - $0
- $0
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Vermont: 6% State Tax - $2,800,000
- $52,080,000
Your average net per year: $32,200,000 Your net payout: $598,920,000
After 30 payments: $966,000,000
Annuity Payment Schedule
Virginia: 4% State Tax - $1,866,667
- $34,720,000
Your average net per year: $33,133,333 Your net payout: $616,280,000
After 30 payments: $993,999,990
Annuity Payment Schedule
Washington: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
Washington, D.C.: 8.5% State Tax - $3,966,667
- $73,780,000
Your average net per year: $31,033,333 Your net payout: $577,220,000
After 30 payments: $930,999,990
Annuity Payment Schedule
West Virginia: 6.5% State Tax - $3,033,333
- $56,420,000
Your average net per year: $31,966,667 Your net payout: $594,580,000
After 30 payments: $959,000,010
Annuity Payment Schedule
Wisconsin: 7.75% State Tax - $3,616,667
- $67,270,000
Your average net per year: $31,383,333 Your net payout: $583,730,000
After 30 payments: $941,499,990
Annuity Payment Schedule
Wyoming: No State Tax on Lottery Prizes!
Your average net per year: $35,000,000 Your net payout: $651,000,000
After 30 payments: $1,050,000,000
Annuity Payment Schedule
� New York imposes additional withholding if you live in one of the following jurisdictions: New York City (3.876%) and Yonkers (1.323%).
IMPORTANT NOTES
The jackpot numbers are estimates rounded to the nearest million dollars.
All of the tax amounts listed above are the taxes withheld at the time of the prize award, not your exact final tax burden. Since every individual winner's situation differs, and every winner chooses to dispense their winnings in a different manner, there is no way for us to determine what your final tax burden will be. For example, someone who gives away a large amount to charities would have a vastly different tax burden than someone who buys new cars and houses. The chart above provides the information that we know for sure: the money that you will initially receive from the lottery.
We are fully aware that the tax rates listed for some states on this page are different than the states' current income and sales tax rates. The state tax rate withheld by the lottery at the time the prize is awarded is oftentimes different than what you would expect to be withheld ("standard" state tax rates). Because of the reason discussed in Note #2, states often try to keep from withholding too much, because they know that many lottery winners do not end up paying a flat (insert highest tax rate here) percent of their winnings in taxes. There are many ways to reduce the tax burden, which is why it is so important to obtain the services of a top-notch professional accountant before claiming the big prize.
The jurisdiction in which you live may impose additional local taxes, beyond those listed here. Please verify all information with your local government tax agency.
State lotteries typically deduct other amounts from prize payments, such as child support payments, back taxes owed, outstanding student loans, and other government agency responsibilities.
If you are not a U.S. resident, you will typically have a flat 30% federal withholding, and state taxes may differ from what is listed above. Consult with your local government tax authority for more information if you are not a U.S. resident. The 30% flat withholding is a dictate by the Internal Revenue Service, in conjunction with the Federal Government, not something created by the state lottery. Therefore, questions about the purpose of the withholding should be directed to the IRS (1-800-424-1040).
The states modify their tax withholding rates from time to time, and this chart is accurate as to our latest information we could track down. It is possible that the tax rate provided above is outdated, although we try not to let that happen. If you are aware of a percentage being out of date, please contact us to let us know, and we will update it. Please only contact us about lottery withholding rates, not the state income tax or sales tax rate. See Note #3 for more information.
If you are viewing the Jackpot Analysis for a past drawing date, keep in mind you are viewing the application of the current tax rates against past jackpot amounts. If the tax rates for a state have changed since that drawing date, the report is not an accurate snapshot of the taxes that would have been withheld on that date in history. Instead, you are looking at the taxes that would be withheld if the jackpot were won today. However, if a state's tax withholding rate has not changed, the report is an accurate snapshot of that date in history.
If you win the jackpot, consult a good accountant and tax attorney for ways to minimize your tax liability. Consider donating a substantial amount to the owner of this Web site, because he gave you such great advice when you needed it most.GOOD POST!
LM
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Awesome post!!
"Without wood a fire goes out; without gossip, conflict calms down.
Like adding charcoal to embers or wood to fire, quarrelsome people kindle strife."
Proverbs 26: 20-21
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A winning post!
“A day without sunshine is like, you know, night.”
Steve Martin -
For this and future drawings: https://www.usamega.com/powerball-jackpot.asp
A mind once stretched by a new idea never returns to its original dimensions!
Catch-22: A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions.
Corruptissima re publica plurimae leges: When the republic is at its most corrupt the laws are most numerous.
The best way to learn is to never stop being an Experiential Student! -
Quote: Originally posted by Candlelight777 on Jan 13, 2016
Awesome post!!
Just be aware that the post was a copy-and-paste of the Jackpot Analysis page at USA Mega. I would greatly prefer that people NOT copy and paste text from either Lottery Post or USA Mega into a message in the forums. Instead, they should only post a LINK to the page they would like to talk about -- and then they should add THEIR OWN commentary about it.
If all someone wants to say is something that I have already written, then that's not a valid forum post. People should be writing their own thoughts.
Check the State Lottery Report Card
What grade did your lottery earn?Sign the Petition for True Lottery Drawings
Help eliminate computerized drawings! -
Hi Todd, love your post and advice and info on this website, very well done and most informative anywhere on the web. Quick question under Analysis page cash payout and Federal holdings is 25% how come it is not 39.6% as I thought all gambling is taxed at 39.6 %...I might be wrong, if so sorry. just wondering
Bill thanks and have a nice day
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Yeah, I was wondering WTF someone copied and pasted the full payouts from the USA Mega site and with no link or credit. If you did not own it that would be stealing intellectual property and posting it as their own. I figured they must be new here, then saw they had 14,000 posts since 2009...Would have made more sense to post it when it was $1.6 billion not now.
WTF.....
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Quote: Originally posted by lucky6025 on Jan 17, 2016
Hi Todd, love your post and advice and info on this website, very well done and most informative anywhere on the web. Quick question under Analysis page cash payout and Federal holdings is 25% how come it is not 39.6% as I thought all gambling is taxed at 39.6 %...I might be wrong, if so sorry. just wondering
Bill thanks and have a nice day
The chart is showing the approx amount the winner will receive. It's not the amount the winner will finally get to keep, since, as you point out, the max tax rate for income is 39.6%. While it's possible some winners may be able to net close to the values shown in the table depending on their specific circumstances and how they utilize the money, most will not; they'll owe the IRS money. As it stands now, the numbers shown are inflated by upwards of 20%.
It would be helpful, if the table was revised (or an additional one added) showing the likely minimum amount the winner will receive.
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Quote: Originally posted by lucky6025 on Jan 17, 2016
Hi Todd, love your post and advice and info on this website, very well done and most informative anywhere on the web. Quick question under Analysis page cash payout and Federal holdings is 25% how come it is not 39.6% as I thought all gambling is taxed at 39.6 %...I might be wrong, if so sorry. just wondering
Bill thanks and have a nice day
The notes at the bottom of the Jackpot Analysis page are very detailed. Have you checked them out?
Check the State Lottery Report Card
What grade did your lottery earn?Sign the Petition for True Lottery Drawings
Help eliminate computerized drawings!