Powerball’s jackpot has risen to a sizable $420 million ahead of Saturday night’s draw, although the take-home amount will vary based on your choice of payout and the state taxes where you live.
There are two payout options when you win the jackpot: The amount spread out over 30 years as an annual payment, or just over half that amount as an upfront lump sum payment.
Then there’s taxes to consider. All winners have to pay federal taxes, which includes an automatic withholding tax of 24% levied against the winnings. However, winning millions of dollars will almost certainly put you in the top income tax bracket for 2023, which means another 13% in federal taxes when you file your tax return.
You’ll likely have to pay state income taxes on those winnings as well, which range from 2.9% to 10.9% depending on which state you live in. However, eight states don’t charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.
Based on states alone, the difference in how much you take home would vary by tens of millions of dollars.
Assuming a top federal tax rate of 37%, here’s the after-tax amount you’d take home in each state and Washington, D.C., if you won the $420 million jackpot, for both the lump sum and annuity option, according to usamega.com.
Arizona
- Lump sum: $122,307,545
- Annuity: $255,211,350
Arkansas
- Lump sum: $117,861,345
- Annuity: $245,971,350
California
- Lump sum: $127,360,045
- Annuity: $265,711,350
Colorado
- Lump sum: $118,467,645
- Annuity: $247,231,350
Connecticut
- Lump sum: $113,233,255
- Annuity: $236,353,350
Delaware
- Lump sum: $114,021,445
- Annuity: $237,991,350
Florida
- Lump sum: $127,360,045
- Annuity: $265,711,350
Georgia
- Lump sum: $115,739,295
- Annuity: $241,561,350
Idaho
- Lump sum: $115,638,245
- Annuity: $241,351,350
Illinois
- Lump sum: $117,356,095
- Annuity: $244,921,350
Indiana
- Lump sum: $120,993,895
- Annuity: $252,481,350
Iowa
- Lump sum: $115,234,045
- Annuity: $240,511,350
Kansas
- Lump sum: $115,840,345
- Annuity: $241,771,350
Kentucky
- Lump sum: $118,265,545
- Annuity: $246,811,350
Louisiana
- Lump sum: $117,760,295
- Annuity: $245,761,350
Maine
- Lump sum: $112,909,895
- Annuity: $235,681,350
Maryland
- Lump sum: $109,272,095
- Annuity: $228,121,350
Massachusetts
- Lump sum: $109,171,045
- Annuity: $227,911,350
Michigan
- Lump sum: $118,770,795
- Annuity: $247,861,350
Minnesota
- Lump sum: $107,453,195
- Annuity: $224,341,350
Mississippi
- Lump sum: $117,255,045
- Annuity: $244,711,350
Missouri
- Lump sum: $117,356,095
- Annuity: $244,921,350
Montana
- Lump sum: $113,718,295
- Annuity: $237,361,350
Nebraska
- Lump sum: $113,940,605
- Annuity: $237,823,350
New Hampshire
- Lump sum: $127,360,045
- Annuity: $265,711,350
New Jersey
- Lump sum: $105,634,29
- Annuity: $220,561,350
New Mexico
- Lump sum: $115,436,145
- Annuity: $240,931,350
New York
- Lump sum: $105,331,145
- Annuity: $219,931,350
North Carolina
- Lump sum: $117,760,295
- Annuity: $245,761,350
North Dakota
- Lump sum: $121,499,145
- Annuity: $253,531,350
Ohio
- Lump sum: $119,296,255
- Annuity: $248,953,350
Oklahoma
- Lump sum: $117,760,295
- Annuity: $245,761,350
Oregon
- Lump sum: $107,352,145
- Annuity: $224,131,350
Pennsylvania
- Lump sum: $121,155,575
- Annuity: $252,817,350
Rhode Island
- Lump sum: $115,254,255
- Annuity: $240,553,350
South Carolina
- Lump sum: $114,223,545
- Annuity: $238,411,350
South Dakota
- Lump sum: $127,360,045
- Annuity: $265,711,350
Tennessee
- Lump sum: $127,360,045
- Annuity: $265,711,350
Texas
- Lump sum: $127,360,045
- Annuity: $265,711,350
Vermont
- Lump sum: $109,676,295
- Annuity: $228,961,350
Virginia
- Lump sum: $115,739,295
- Annuity: $241,561,350
Washington
- Lump sum: $127,360,045
- Annuity: $265,711,350
Washington, D.C.
- Lump sum: $105,634,295
- Annuity: $220,561,350
West Virginia
- Lump sum: $114,223,545
- Annuity: $238,411,350
Wisconsin
- Lump sum: $111,899,395
- Annuity: $233,581,350
Wyoming
- Lump sum: $127,360,045
- Annuity: $265,711,350
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