For a Powerball Jackpot of $0
with 37% Fed Tax and 3.75% State Tax...
Lump Sum Option
| # | Gross Pmt | Fed Tax | State Tax | Net |
|---|---|---|---|---|
| 1 | $0 | $0 | $0 | $0 |
Annual Payment Option
| # | Gross Pmt | Fed Tax | Sub Total | State Tax | Net | Weekly |
|---|---|---|---|---|---|---|
| 1 | $0 | $0 | $0 | $0 | ||
| 2 | $0 | $0 | $0 | $0 | ||
| 3 | $0 | $0 | $0 | $0 | ||
| 4 | $0 | $0 | $0 | $0 | ||
| 5 | $0 | $0 | $0 | $0 | ||
| 6 | $0 | $0 | $0 | $0 | ||
| 7 | $0 | $0 | $0 | $0 | ||
| 8 | $0 | $0 | $0 | $0 | ||
| 9 | $0 | $0 | $0 | $0 | ||
| 10 | $0 | $0 | $0 | $0 | ||
| 11 | $0 | $0 | $0 | $0 | ||
| 12 | $0 | $0 | $0 | $0 | ||
| 13 | $0 | $0 | $0 | $0 | ||
| 14 | $0 | $0 | $0 | $0 | ||
| 15 | $0 | $0 | $0 | $0 | ||
| 16 | $0 | $0 | $0 | $0 | ||
| 17 | $0 | $0 | $0 | $0 | ||
| 18 | $0 | $0 | $0 | $0 | ||
| 19 | $0 | $0 | $0 | $0 | ||
| 20 | $0 | $0 | $0 | $0 | ||
| 21 | $0 | $0 | $0 | $0 | ||
| 22 | $0 | $0 | $0 | $0 | ||
| 23 | $0 | $0 | $0 | $0 | ||
| 24 | $0 | $0 | $0 | $0 | ||
| 25 | $0 | $0 | $0 | $0 | ||
| 26 | $0 | $0 | $0 | $0 | ||
| 27 | $0 | $0 | $0 | $0 | ||
| 28 | $0 | $0 | $0 | $0 | ||
| 29 | $0 | $0 | $0 | $0 | ||
| 30 | $0 | $0 | $0 | $0 | ||
| Σ | $0 | $0 | $0 |
State Tax Rates (and time to claim prize):
Alaska: No State Tax on Lottery Prizes! (?)
Arizona: 5% (Non-Resident: 6%) (180 days)
Arkansas: 7% (180 days)
California: No State Tax on Lottery Prizes! (1 year)
Colorado: 4% (180 days)
Connecticut: 6.99% (180 days)
Delaware: No State Tax on Lottery Prizes! (1 year)
Florida: No State Tax on Lottery Prizes! (180 days)
Georgia: 6% (180 days)
Idaho: 7.4% (180 days)
Illinois: 3.75% (1 year)
Indiana: 3.4% (180 days)
Iowa: 5% (1 year)
Kansas: 5% (1 year)
Kentucky: 6% (180 days)
Louisiana: 5% (180 days)
Maine: 5% (1 year)
Maryland: 8.75% (Non-Resident: 7.5%) (182 days)
Massachusetts: 5% (1 year)
Michigan: 4.25% (1 year)
Minnesota: 7.25% (1 year)
Missouri: 4% (180 days)
Montana: 6.9% (180 days)
Nebraska: 5% (180 days)
Nevada: No State Tax on Lottery Prizes! (?)
New Hampshire: No State Tax on Lottery Prizes! (1 year)
New Jersey: 8% (1 year)
New Mexico: 6% (90 days)
New York: 8.82% (1 year)
North Carolina: 5.499% (180 days)
North Dakota: 2.9% (180 days)
Ohio: 3.99% (180 days)
Oklahoma: 4% (180 days)
Oregon: 8% (1 year)
Pennsylvania: 3.07% (1 year)
Puerto Rico: No State Tax on Lottery Prizes! (?)
Rhode Island: 5.99% (1 year)
South Carolina: 7% (180 days)
South Dakota: No State Tax on Lottery Prizes! (180 days)
Tennessee: No State Tax on Lottery Prizes! (180 days)
Texas: No State Tax on Lottery Prizes! (180 days)
U.S. Virgin Islands: Unknown (6 months)
Vermont: 6% (1 year)
Virginia: 4% (180 days)
Washington: No State Tax on Lottery Prizes! (180 days)
Washington, D.C.: 8.5% (180 days)
West Virginia: 6.5% (180 days)
Wisconsin: 7.75% (180 days)
Wyoming: No State Tax on Lottery Prizes! (180 days)
-
Hire a tax attorney first.
Don't take the lump sum. You don't want to blow it all in one spot.
If you weren't happy yesterday, you won't be happy tomorrow. It's money. It's not happiness.
If you were happy yesterday, you are going to be a lot happier tomorrow. It's money. Life gets easier when you don't have to worry about the bills.
Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.
You don't become a smart investor when you win the lottery. Don't make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won't lose money.
Be nice. No one likes a mean billionaire. :)
Data from Powerball.com.
Jackpot Analysis from USA Mega.
NOTE:
Values may be inaccurate due to rounding errors.
DISCLAIMER:
We don't claim the information on this page is good for anything -- if you think it is, great, but it's up to you to decide. If it doesn't work: tough. If you lose a million because it's not right, it's you that's out the million, not us. If you don't like this disclaimer: tough. We reserve the right to do the absolute minimum provided by law, up to and including nothing. This is basically the same disclaimer that comes with pretty much everything else, but ours is in plain English and theirs is in legalese.