USA Mega

Powerball Jackpot Analysis for Wed, Jan 6, 2021

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The tax information provided here is based on 2021 federal marginal rates and state tax rates.  We show both the intial mandated federal withholding of 24% as well as the remaining federal taxes that will be due.  The initial state withholding taxes are based on published guidance from each state lottery and the final state tax rates are from state government publications.

All annuity amounts shown are the average amounts a jackpot winner would receive.  Powerball annuity payments are made on an annually-increasing rate schedule, so to see what the payments would be on a year-by-year basis for any state, click the Annual Payment Schedule link next to the state.

Important:  Be sure to review the Important Notes section at the bottom of the page, which provide additional context about the numbers presented here.

AnnuityCash
Powerball Jackpot for Wed, Jan 6, 2021
$410,000,000
$316,400,000
Gross Prize
30 average annual payments of $13,666,667
Cash: $316,400,000
- 24% federal tax
- $3,280,000
- $75,936,000
- Add'l federal taxes due (37% final rate)
- $1,740,739
- $41,096,072


Subtotal
$8,645,928
$199,367,928
- State Tax:

Arizona: 4.8% state tax for in-state residents
- $656,000
- $15,187,200
Your average net per year: $7,989,928Your net payout: $184,180,728
After 30 payments: $239,697,840
Annuity Payment Schedule
Non-Arizona residents: 6% state tax
- $820,000
- $18,984,000
Your average net per year: $7,825,928Your net payout: $180,383,928
After 30 payments: $234,777,840
Annuity Payment Schedule

Arkansas: 6.6% state tax
- $902,000
- $20,882,400
Your average net per year: $7,743,928Your net payout: $178,485,528
After 30 payments: $232,317,840
Annuity Payment Schedule

California: No state tax on lottery prizes
Your average net per year: $8,645,928Your net payout: $199,367,928
After 30 payments: $259,377,840
Annuity Payment Schedule

Colorado: 4% state tax withheld
- $546,667
- $12,656,000
Add'l state taxes due (4.63% final rate)
- $86,100
- $1,993,320
Your average net per year: $8,013,161Your net payout: $184,718,608
After 30 payments: $240,394,830
Annuity Payment Schedule

Connecticut: 6.99% state tax
- $955,300
- $22,116,360
Your average net per year: $7,690,628Your net payout: $177,251,568
After 30 payments: $230,718,840
Annuity Payment Schedule

Delaware: 0% state tax withheld
- $0
- $0
Add'l state taxes due (6.6% final rate)
- $902,000
- $20,882,400
Your average net per year: $7,743,928Your net payout: $178,485,528
After 30 payments: $232,317,840
Annuity Payment Schedule

Florida: No state tax on lottery prizes
Your average net per year: $8,645,928Your net payout: $199,367,928
After 30 payments: $259,377,840
Annuity Payment Schedule

Georgia: 5.75% state tax
- $785,833
- $18,193,000
Your average net per year: $7,860,094Your net payout: $181,174,928
After 30 payments: $235,802,820
Annuity Payment Schedule

Idaho: 6.925% state tax
- $946,417
- $21,910,700
Your average net per year: $7,699,511Your net payout: $177,457,228
After 30 payments: $230,985,330
Annuity Payment Schedule

Illinois: 4.95% state tax
- $676,500
- $15,661,800
Your average net per year: $7,969,428Your net payout: $183,706,128
After 30 payments: $239,082,840
Annuity Payment Schedule

Indiana: 3.23% state tax
- $441,433
- $10,219,720
Your average net per year: $8,204,494Your net payout: $189,148,208
After 30 payments: $246,134,820
Annuity Payment Schedule

Iowa: 5% state tax withheld
- $683,333
- $15,820,000
Add'l state taxes due (8.53% final rate)
- $482,433
- $11,168,920
Your average net per year: $7,480,161Your net payout: $172,379,008
After 30 payments: $224,404,830
Annuity Payment Schedule

Kansas: 5% state tax withheld
- $683,333
- $15,820,000
Add'l state taxes due (5.7% final rate)
- $95,667
- $2,214,800
Your average net per year: $7,866,928Your net payout: $181,333,128
After 30 payments: $236,007,840
Annuity Payment Schedule

Kentucky: 5% state tax
- $683,333
- $15,820,000
Your average net per year: $7,962,594Your net payout: $183,547,928
After 30 payments: $238,877,820
Annuity Payment Schedule

Louisiana: 5% state tax withheld
- $683,333
- $15,820,000
Add'l state taxes due (6% final rate)
- $136,667
- $3,164,000
Your average net per year: $7,825,928Your net payout: $180,383,928
After 30 payments: $234,777,840
Annuity Payment Schedule

Maine: 5% state tax withheld
- $683,333
- $15,820,000
Add'l state taxes due (7.15% final rate)
- $293,833
- $6,802,600
Your average net per year: $7,668,761Your net payout: $176,745,328
After 30 payments: $230,062,830
Annuity Payment Schedule

Maryland: 8.95% state tax for in-state residents
- $1,223,167
- $28,317,800
Your average net per year: $7,422,761Your net payout: $171,050,128
After 30 payments: $222,682,830
Annuity Payment Schedule
Non-Maryland residents: 8% state tax
- $1,093,333
- $25,312,000
Your average net per year: $7,552,594Your net payout: $174,055,928
After 30 payments: $226,577,820
Annuity Payment Schedule

Massachusetts: 5% state tax
- $683,333
- $15,820,000
Your average net per year: $7,962,594Your net payout: $183,547,928
After 30 payments: $238,877,820
Annuity Payment Schedule

Michigan: 4.25% state tax
- $580,833
- $13,447,000
Your average net per year: $8,065,094Your net payout: $185,920,928
After 30 payments: $241,952,820
Annuity Payment Schedule

Minnesota: 7.25% state tax withheld
- $990,833
- $22,939,000
Add'l state taxes due (9.85% final rate)
- $355,333
- $8,226,400
Your average net per year: $7,299,761Your net payout: $168,202,528
After 30 payments: $218,992,830
Annuity Payment Schedule

Mississippi: 5% state tax
- $683,333
- $15,820,000
Your average net per year: $7,962,594Your net payout: $183,547,928
After 30 payments: $238,877,820
Annuity Payment Schedule

Missouri: 4% state tax withheld
- $546,667
- $12,656,000
Add'l state taxes due (5.4% final rate)
- $191,333
- $4,429,600
Your average net per year: $7,907,928Your net payout: $182,282,328
After 30 payments: $237,237,840
Annuity Payment Schedule

Montana: 6.9% state tax
- $943,000
- $21,831,600
Your average net per year: $7,702,928Your net payout: $177,536,328
After 30 payments: $231,087,840
Annuity Payment Schedule

Nebraska: 5% state tax withheld
- $683,333
- $15,820,000
Add'l state taxes due (6.84% final rate)
- $251,467
- $5,821,760
Your average net per year: $7,711,128Your net payout: $177,726,168
After 30 payments: $231,333,840
Annuity Payment Schedule

New Hampshire: No state tax on lottery prizes
Your average net per year: $8,645,928Your net payout: $199,367,928
After 30 payments: $259,377,840
Annuity Payment Schedule

New Jersey: 8% state tax withheld
- $1,093,333
- $25,312,000
Add'l state taxes due (10.75% final rate)
- $375,833
- $8,701,000
Your average net per year: $7,176,761Your net payout: $165,354,928
After 30 payments: $215,302,830
Annuity Payment Schedule

New Mexico: 6% state tax
- $820,000
- $18,984,000
Your average net per year: $7,825,928Your net payout: $180,383,928
After 30 payments: $234,777,840
Annuity Payment Schedule

New York: 8.82% state tax withheld
- $1,205,400
- $27,906,480
Add'l state taxes due (9.62% final rate)
- $109,333
- $2,531,200
Your average net per year: $7,331,194Your net payout: $168,930,248
After 30 payments: $219,935,820
Annuity Payment Schedule

North Carolina: 5.25% state tax
- $717,500
- $16,611,000
Your average net per year: $7,928,428Your net payout: $182,756,928
After 30 payments: $237,852,840
Annuity Payment Schedule

North Dakota: 2.9% state tax
- $396,333
- $9,175,600
Your average net per year: $8,249,594Your net payout: $190,192,328
After 30 payments: $247,487,820
Annuity Payment Schedule

Ohio: 4.797% state tax
- $655,590
- $15,177,708
Your average net per year: $7,990,338Your net payout: $184,190,220
After 30 payments: $239,710,140
Annuity Payment Schedule

Oklahoma: 5% state tax
- $683,333
- $15,820,000
Your average net per year: $7,962,594Your net payout: $183,547,928
After 30 payments: $238,877,820
Annuity Payment Schedule

Oregon: 8% state tax withheld
- $1,093,333
- $25,312,000
Add'l state taxes due (9.9% final rate)
- $259,667
- $6,011,600
Your average net per year: $7,292,928Your net payout: $168,044,328
After 30 payments: $218,787,840
Annuity Payment Schedule

Pennsylvania: 3.07% state tax
- $419,567
- $9,713,480
Your average net per year: $8,226,361Your net payout: $189,654,448
After 30 payments: $246,790,830
Annuity Payment Schedule

Puerto Rico: No state tax on lottery prizes
Your average net per year: $8,645,928Your net payout: $199,367,928
After 30 payments: $259,377,840
Annuity Payment Schedule

Rhode Island: 5.99% state tax
- $818,633
- $18,952,360
Your average net per year: $7,827,294Your net payout: $180,415,568
After 30 payments: $234,818,820
Annuity Payment Schedule

South Carolina: 7% state tax
- $956,667
- $22,148,000
Your average net per year: $7,689,261Your net payout: $177,219,928
After 30 payments: $230,677,830
Annuity Payment Schedule

South Dakota: No state tax on lottery prizes
Your average net per year: $8,645,928Your net payout: $199,367,928
After 30 payments: $259,377,840
Annuity Payment Schedule

Tennessee: No state tax on lottery prizes
Your average net per year: $8,645,928Your net payout: $199,367,928
After 30 payments: $259,377,840
Annuity Payment Schedule

Texas: No state tax on lottery prizes
Your average net per year: $8,645,928Your net payout: $199,367,928
After 30 payments: $259,377,840
Annuity Payment Schedule

U.S. Virgin Islands: Unknown state tax rate
Your average net per year: $8,645,928Your net payout: $199,367,928
After 30 payments: $259,377,840
Annuity Payment Schedule

Vermont: 6% state tax withheld
- $820,000
- $18,984,000
Add'l state taxes due (8.75% final rate)
- $375,833
- $8,701,000
Your average net per year: $7,450,094Your net payout: $171,682,928
After 30 payments: $223,502,820
Annuity Payment Schedule

Virginia: 4% state tax withheld
- $546,667
- $12,656,000
Add'l state taxes due (5.75% final rate)
- $239,167
- $5,537,000
Your average net per year: $7,860,094Your net payout: $181,174,928
After 30 payments: $235,802,820
Annuity Payment Schedule

Washington: No state tax on lottery prizes
Your average net per year: $8,645,928Your net payout: $199,367,928
After 30 payments: $259,377,840
Annuity Payment Schedule

Washington, D.C.: 8.95% state tax
- $1,223,167
- $28,317,800
Your average net per year: $7,422,761Your net payout: $171,050,128
After 30 payments: $222,682,830
Annuity Payment Schedule

West Virginia: 6.5% state tax
- $888,333
- $20,566,000
Your average net per year: $7,757,594Your net payout: $178,801,928
After 30 payments: $232,727,820
Annuity Payment Schedule

Wisconsin: 7.65% state tax
- $1,045,500
- $24,204,600
Your average net per year: $7,600,428Your net payout: $175,163,328
After 30 payments: $228,012,840
Annuity Payment Schedule

Wyoming: No state tax on lottery prizes
Your average net per year: $8,645,928Your net payout: $199,367,928
After 30 payments: $259,377,840
Annuity Payment Schedule

New York imposes additional withholding if you live in one of the following jurisdictions: New York City (3.876%) and Yonkers (1.477%).

Important Notes

  1. The federal taxes approximated above are based on the 2021 marginal tax tables published by the IRS. We perform a marginal tax calculation, which does provide a good representation of the federal tax burden, but it is a "worst case scenario" because of the lack of deductions (see next note).
  2. The tax amounts listed above do not include any standard or itemized deducations that would result in a lower 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 exact final tax burden will be.  For example, someone who gives away a large amount to charities or opens certain types of investments would have a vastly different tax burden than someone who buys new cars and houses.
  3. The state tax rates withheld by the lottery, as well as the final state income tax rates, are amounts that USA Mega found in publicly-available sources. It is possible that niche tax law in a state would add or subtract from the state tax burden faced by a winner, but that is beyond the scope of this analysis.
  4. Although federal taxes are calculated according to marginal tax rates (graduated-rate brackets), all state taxes are shown as a fixed-rate calculation.  In states that calculate tax with graduated rates this results in our chart showing a slightly higher tax burden than what would actually be due.
  5. Selecting a Federal Filing Status above only makes changes to the federal taxes shown.  Because all state taxes are shown as a fixed-rate calculation (see previous note), changing the filing status does not affect the state taxes in this chart.  If your state uses graduated rates your actual state tax burden will change based on your filing status.
  6. 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.
  7. State lotteries typically deduct other amounts from prize payments, such as delinquent child support payments, back taxes owed, outstanding student loans, and other government agency responsibilities.
  8. 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).
  9. 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.
  10. 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 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.
  11. If you win the jackpot, consult a good accountant and tax attorney for ways to minimize your tax liability — before you claim the prize.  Also consider donating a substantial amount to the owner of this website, because he gave you such great advice when you needed it most.