USA Mega

Powerball Jackpot Analysis for Wed, Aug 25, 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, Aug 25, 2021
$304,600,000
$222,700,000
Gross Prize
30 average annual payments of $10,153,333
Cash: $222,700,000
- 24% federal tax
- $2,436,800
- $53,448,000
- Add'l federal taxes due (37% final rate)
- $1,284,006
- $28,915,072


Subtotal
$6,432,528
$140,336,928
- State Tax:

Arizona: 4.5% state tax for in-state residents
- $456,900
- $10,021,500
Your average net per year: $5,975,628Your net payout: $130,315,428
After 30 payments: $179,268,840
Annuity Payment Schedule
Non-Arizona residents: 6% state tax withheld
- $609,200
- $13,362,000
Your average net per year: $5,823,328Your net payout: $126,974,928
After 30 payments: $174,699,840
Annuity Payment Schedule

Arkansas: 5.9% state tax
- $599,047
- $13,139,300
Your average net per year: $5,833,481Your net payout: $127,197,628
After 30 payments: $175,004,430
Annuity Payment Schedule

California: No state tax on lottery prizes
Your average net per year: $6,432,528Your net payout: $140,336,928
After 30 payments: $192,975,840
Annuity Payment Schedule

Colorado: 4% state tax withheld
- $406,133
- $8,908,000
Add'l state taxes due (4.55% final rate)
- $55,843
- $1,224,850
Your average net per year: $5,970,551Your net payout: $130,204,078
After 30 payments: $179,116,530
Annuity Payment Schedule

Connecticut: 6.99% state tax
- $709,718
- $15,566,730
Your average net per year: $5,722,810Your net payout: $124,770,198
After 30 payments: $171,684,300
Annuity Payment Schedule

Delaware: 0% state tax withheld
- $0
- $0
Add'l state taxes due (6.6% final rate)
- $670,120
- $14,698,200
Your average net per year: $5,762,408Your net payout: $125,638,728
After 30 payments: $172,872,240
Annuity Payment Schedule

Florida: No state tax on lottery prizes
Your average net per year: $6,432,528Your net payout: $140,336,928
After 30 payments: $192,975,840
Annuity Payment Schedule

Georgia: 5.75% state tax
- $583,817
- $12,805,250
Your average net per year: $5,848,711Your net payout: $127,531,678
After 30 payments: $175,461,330
Annuity Payment Schedule

Idaho: 6.925% state tax
- $703,118
- $15,421,975
Your average net per year: $5,729,409Your net payout: $124,914,953
After 30 payments: $171,882,270
Annuity Payment Schedule

Illinois: 4.95% state tax
- $502,590
- $11,023,650
Your average net per year: $5,929,938Your net payout: $129,313,278
After 30 payments: $177,898,140
Annuity Payment Schedule

Indiana: 3.23% state tax
- $327,953
- $7,193,210
Your average net per year: $6,104,575Your net payout: $133,143,718
After 30 payments: $183,137,250
Annuity Payment Schedule

Iowa: 5% state tax withheld
- $507,667
- $11,135,000
Add'l state taxes due (8.53% final rate)
- $358,413
- $7,861,310
Your average net per year: $5,566,448Your net payout: $121,340,618
After 30 payments: $166,993,440
Annuity Payment Schedule

Kansas: 5% state tax withheld
- $507,667
- $11,135,000
Add'l state taxes due (5.7% final rate)
- $71,073
- $1,558,900
Your average net per year: $5,853,788Your net payout: $127,643,028
After 30 payments: $175,613,640
Annuity Payment Schedule

Kentucky: 5% state tax
- $507,667
- $11,135,000
Your average net per year: $5,924,861Your net payout: $129,201,928
After 30 payments: $177,745,830
Annuity Payment Schedule

Louisiana: 5% state tax withheld
- $507,667
- $11,135,000
Add'l state taxes due (6% final rate)
- $101,533
- $2,227,000
Your average net per year: $5,823,328Your net payout: $126,974,928
After 30 payments: $174,699,840
Annuity Payment Schedule

Maine: 5% state tax withheld
- $507,667
- $11,135,000
Add'l state taxes due (7.15% final rate)
- $218,297
- $4,788,050
Your average net per year: $5,706,564Your net payout: $124,413,878
After 30 payments: $171,196,920
Annuity Payment Schedule

Maryland: 8.95% state tax for in-state residents
- $908,723
- $19,931,650
Your average net per year: $5,523,804Your net payout: $120,405,278
After 30 payments: $165,714,120
Annuity Payment Schedule
Non-Maryland residents: 8% state tax withheld
- $812,267
- $17,816,000
Add'l state taxes due (8.95% final rate)
- $96,457
- $2,115,650
Your average net per year: $5,523,804Your net payout: $120,405,278
After 30 payments: $165,714,120
Annuity Payment Schedule

Massachusetts: 5% state tax
- $507,667
- $11,135,000
Your average net per year: $5,924,861Your net payout: $129,201,928
After 30 payments: $177,745,830
Annuity Payment Schedule

Michigan: 4.25% state tax
- $431,517
- $9,464,750
Your average net per year: $6,001,011Your net payout: $130,872,178
After 30 payments: $180,030,330
Annuity Payment Schedule

Minnesota: 7.25% state tax withheld
- $736,117
- $16,145,750
Add'l state taxes due (9.85% final rate)
- $263,987
- $5,790,200
Your average net per year: $5,432,424Your net payout: $118,400,978
After 30 payments: $162,972,720
Annuity Payment Schedule

Mississippi: 5% state tax
- $507,667
- $11,135,000
Your average net per year: $5,924,861Your net payout: $129,201,928
After 30 payments: $177,745,830
Annuity Payment Schedule

Missouri: 4% state tax withheld
- $406,133
- $8,908,000
Add'l state taxes due (5.4% final rate)
- $142,147
- $3,117,800
Your average net per year: $5,884,248Your net payout: $128,311,128
After 30 payments: $176,527,440
Annuity Payment Schedule

Montana: 6.9% state tax
- $700,580
- $15,366,300
Your average net per year: $5,731,948Your net payout: $124,970,628
After 30 payments: $171,958,440
Annuity Payment Schedule

Nebraska: 5% state tax withheld
- $507,667
- $11,135,000
Add'l state taxes due (6.84% final rate)
- $186,821
- $4,097,680
Your average net per year: $5,738,040Your net payout: $125,104,248
After 30 payments: $172,141,200
Annuity Payment Schedule

New Hampshire: No state tax on lottery prizes
Your average net per year: $6,432,528Your net payout: $140,336,928
After 30 payments: $192,975,840
Annuity Payment Schedule

New Jersey: 8% state tax withheld
- $812,267
- $17,816,000
Add'l state taxes due (10.75% final rate)
- $279,217
- $6,124,250
Your average net per year: $5,341,044Your net payout: $116,396,678
After 30 payments: $160,231,320
Annuity Payment Schedule

New Mexico: 5.9% state tax
- $599,047
- $13,139,300
Your average net per year: $5,833,481Your net payout: $127,197,628
After 30 payments: $175,004,430
Annuity Payment Schedule

New York: 8.82% state tax withheld
- $895,524
- $19,642,140
Add'l state taxes due (10.9% final rate)
- $211,189
- $4,632,160
Your average net per year: $5,325,814Your net payout: $116,062,628
After 30 payments: $159,774,420
Annuity Payment Schedule

North Carolina: 5.25% state tax
- $533,050
- $11,691,750
Your average net per year: $5,899,478Your net payout: $128,645,178
After 30 payments: $176,984,340
Annuity Payment Schedule

North Dakota: 2.9% state tax
- $294,447
- $6,458,300
Your average net per year: $6,138,081Your net payout: $133,878,628
After 30 payments: $184,142,430
Annuity Payment Schedule

Ohio: 4.797% state tax
- $487,055
- $10,682,919
Your average net per year: $5,945,472Your net payout: $129,654,009
After 30 payments: $178,364,160
Annuity Payment Schedule

Oklahoma: 5% state tax
- $507,667
- $11,135,000
Your average net per year: $5,924,861Your net payout: $129,201,928
After 30 payments: $177,745,830
Annuity Payment Schedule

Oregon: 8% state tax withheld
- $812,267
- $17,816,000
Add'l state taxes due (9.9% final rate)
- $192,913
- $4,231,300
Your average net per year: $5,427,348Your net payout: $118,289,628
After 30 payments: $162,820,440
Annuity Payment Schedule

Pennsylvania: 3.07% state tax
- $311,707
- $6,836,890
Your average net per year: $6,120,820Your net payout: $133,500,038
After 30 payments: $183,624,600
Annuity Payment Schedule

Puerto Rico: No state tax on lottery prizes
Your average net per year: $6,432,528Your net payout: $140,336,928
After 30 payments: $192,975,840
Annuity Payment Schedule

Rhode Island: 5.99% state tax
- $608,185
- $13,339,730
Your average net per year: $5,824,343Your net payout: $126,997,198
After 30 payments: $174,730,290
Annuity Payment Schedule

South Carolina: 7% state tax
- $710,733
- $15,589,000
Your average net per year: $5,721,794Your net payout: $124,747,928
After 30 payments: $171,653,820
Annuity Payment Schedule

South Dakota: No state tax on lottery prizes
Your average net per year: $6,432,528Your net payout: $140,336,928
After 30 payments: $192,975,840
Annuity Payment Schedule

Tennessee: No state tax on lottery prizes
Your average net per year: $6,432,528Your net payout: $140,336,928
After 30 payments: $192,975,840
Annuity Payment Schedule

Texas: No state tax on lottery prizes
Your average net per year: $6,432,528Your net payout: $140,336,928
After 30 payments: $192,975,840
Annuity Payment Schedule

U.S. Virgin Islands: Unknown state tax rate
Your average net per year: $6,432,528Your net payout: $140,336,928
After 30 payments: $192,975,840
Annuity Payment Schedule

Vermont: 6% state tax withheld
- $609,200
- $13,362,000
Add'l state taxes due (8.75% final rate)
- $279,217
- $6,124,250
Your average net per year: $5,544,111Your net payout: $120,850,678
After 30 payments: $166,323,330
Annuity Payment Schedule

Virginia: 4% state tax withheld
- $406,133
- $8,908,000
Add'l state taxes due (5.75% final rate)
- $177,683
- $3,897,250
Your average net per year: $5,848,711Your net payout: $127,531,678
After 30 payments: $175,461,330
Annuity Payment Schedule

Washington: No state tax on lottery prizes
Your average net per year: $6,432,528Your net payout: $140,336,928
After 30 payments: $192,975,840
Annuity Payment Schedule

Washington, D.C.: 8.95% state tax
- $908,723
- $19,931,650
Your average net per year: $5,523,804Your net payout: $120,405,278
After 30 payments: $165,714,120
Annuity Payment Schedule

West Virginia: 6.5% state tax
- $659,967
- $14,475,500
Your average net per year: $5,772,561Your net payout: $125,861,428
After 30 payments: $173,176,830
Annuity Payment Schedule

Wisconsin: 7.65% state tax
- $776,730
- $17,036,550
Your average net per year: $5,655,798Your net payout: $123,300,378
After 30 payments: $169,673,940
Annuity Payment Schedule

Wyoming: No state tax on lottery prizes
Your average net per year: $6,432,528Your net payout: $140,336,928
After 30 payments: $192,975,840
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.