Lottery Payout Calculator
Calculate your lottery after-tax payout for Powerball and Mega Millions. See federal and state tax brackets, cash vs annuity, and net take-home by state.
Lottery Payout Calculator
Calculate your after-tax take-home for any lottery jackpot
Cash Lump Sum Breakdown(Florida - No state income tax)
Federal Tax Bracket Breakdown
| Bracket | Rate | Taxable | Tax |
|---|---|---|---|
| $0 - $11,600 | 10% | $11,600 | $1,160 |
| $11,600 - $47,150 | 12% | $35,550 | $4,266 |
| $47,150 - $100,525 | 22% | $53,375 | $11,743 |
| $100,525 - $191,950 | 24% | $91,425 | $21,942 |
| $191,950 - $243,725 | 32% | $51,775 | $16,568 |
| $243,725 - $609,350 | 35% | $365,625 | $127,969 |
| $609,350 - $∞ | 37% | $299,390,650 | $110,774,541 |
| Total | 36.99% | $110,958,188 |
How Are Lottery Winnings Taxed?
Lottery winnings are taxed as ordinary income at both the federal and state level. The IRS withholds 24% upfront, but your actual federal tax liability is determined by progressive brackets with a top rate of 37%. State taxes range from 0% to 10.9% depending on where you live. Use the calculator above to see your exact after-tax payout.
Cash Option vs Annuity: Which Is Better?
The cash option gives you a lump sum worth roughly 60% of the advertised jackpot. The annuity pays the full amount over 30 years with 5% annual increases. Financial advisors often recommend the cash option if you can invest the lump sum at a rate exceeding the annuity's implicit return. Use our Annuity vs Lump Sum calculator for a detailed comparison.
State-by-State Lottery Tax Rates
Where you buy your ticket matters. A $500M Powerball jackpot yields millions more in Texas (0% state tax) than in New York (10.9%). See state-by-state lottery tax pages for detailed breakdowns and after-tax examples for every state.