USA Mega

Powerball Jackpot Analysis for Mon, Dec 4, 2023

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  We show both the initial 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 Mon, Dec 4, 2023
$416,100,000
$195,900,000
Gross Prize
30 average annual payments of $13,870,000
Cash: $195,900,000
- 24% federal tax
- $3,328,800
- $47,016,000
- Add'l federal taxes due (37% final rate)
- $1,761,288
- $25,425,188


Subtotal
$8,779,912
$123,458,812
- State Tax:

Arizona: 2.5% state tax
- $346,750
- $4,897,500
Your average net per year: $8,433,162Your net payout: $118,561,312
After 30 payments: $252,994,860
Annuity Payment Schedule

Arkansas: 4.4% state tax
- $610,280
- $8,619,600
Your average net per year: $8,169,632Your net payout: $114,839,212
After 30 payments: $245,088,960
Annuity Payment Schedule

California: No state tax on lottery prizes
Your average net per year: $8,779,912Your net payout: $123,458,812
After 30 payments: $263,397,360
Annuity Payment Schedule

Colorado: 4% state tax withheld
- $554,800
- $7,836,000
Add'l state taxes due (4.4% final rate)
- $55,480
- $783,600
Your average net per year: $8,169,632Your net payout: $114,839,212
After 30 payments: $245,088,960
Annuity Payment Schedule

Connecticut: 6.99% state tax
- $969,513
- $13,693,410
Your average net per year: $7,810,399Your net payout: $109,765,402
After 30 payments: $234,311,970
Annuity Payment Schedule

Delaware: 0% state tax withheld
- $0
- $0
Add'l state taxes due (6.6% final rate)
- $915,420
- $12,929,400
Your average net per year: $7,864,492Your net payout: $110,529,412
After 30 payments: $235,934,760
Annuity Payment Schedule

Florida: No state tax on lottery prizes
Your average net per year: $8,779,912Your net payout: $123,458,812
After 30 payments: $263,397,360
Annuity Payment Schedule

Georgia: 5.49% state tax
- $761,463
- $10,754,910
Your average net per year: $8,018,449Your net payout: $112,703,902
After 30 payments: $240,553,470
Annuity Payment Schedule

Idaho: 5.8% state tax
- $804,460
- $11,362,200
Your average net per year: $7,975,452Your net payout: $112,096,612
After 30 payments: $239,263,560
Annuity Payment Schedule

Illinois: 4.95% state tax
- $686,565
- $9,697,050
Your average net per year: $8,093,347Your net payout: $113,761,762
After 30 payments: $242,800,410
Annuity Payment Schedule

Indiana: 3.05% state tax
- $423,035
- $5,974,950
Your average net per year: $8,356,877Your net payout: $117,483,862
After 30 payments: $250,706,310
Annuity Payment Schedule

Iowa: 5% state tax withheld
- $693,500
- $9,795,000
Add'l state taxes due (5.7% final rate)
- $97,090
- $1,371,300
Your average net per year: $7,989,322Your net payout: $112,292,512
After 30 payments: $239,679,660
Annuity Payment Schedule

Kansas: 5% state tax withheld
- $693,500
- $9,795,000
Add'l state taxes due (5.7% final rate)
- $97,090
- $1,371,300
Your average net per year: $7,989,322Your net payout: $112,292,512
After 30 payments: $239,679,660
Annuity Payment Schedule

Kentucky: 4% state tax
- $554,800
- $7,836,000
Your average net per year: $8,225,112Your net payout: $115,622,812
After 30 payments: $246,753,360
Annuity Payment Schedule

Louisiana: 4.75% state tax
- $658,825
- $9,305,250
Your average net per year: $8,121,087Your net payout: $114,153,562
After 30 payments: $243,632,610
Annuity Payment Schedule

Maine: 5% state tax withheld
- $693,500
- $9,795,000
Add'l state taxes due (7.15% final rate)
- $298,205
- $4,211,850
Your average net per year: $7,788,207Your net payout: $109,451,962
After 30 payments: $233,646,210
Annuity Payment Schedule

Maryland: 8.95% state tax for in-state residents
- $1,241,365
- $17,533,050
Your average net per year: $7,538,547Your net payout: $105,925,762
After 30 payments: $226,156,410
Annuity Payment Schedule
Non-Maryland residents: 8% state tax withheld
- $1,109,600
- $15,672,000
Add'l state taxes due (8.95% final rate)
- $131,765
- $1,861,050
Your average net per year: $7,538,547Your net payout: $105,925,762
After 30 payments: $226,156,410
Annuity Payment Schedule

Massachusetts: 5% state tax withheld
- $693,500
- $9,795,000
Add'l state taxes due (9% final rate)
- $554,800
- $7,836,000
Your average net per year: $7,531,612Your net payout: $105,827,812
After 30 payments: $225,948,360
Annuity Payment Schedule

Michigan: 4.25% state tax
- $589,475
- $8,325,750
Your average net per year: $8,190,437Your net payout: $115,133,062
After 30 payments: $245,713,110
Annuity Payment Schedule

Minnesota: 7.25% state tax withheld
- $1,005,575
- $14,202,750
Add'l state taxes due (9.85% final rate)
- $360,620
- $5,093,400
Your average net per year: $7,413,717Your net payout: $104,162,662
After 30 payments: $222,411,510
Annuity Payment Schedule

Mississippi: 4.7% state tax
- $651,890
- $9,207,300
Your average net per year: $8,128,022Your net payout: $114,251,512
After 30 payments: $243,840,660
Annuity Payment Schedule

Missouri: 4% state tax withheld
- $554,800
- $7,836,000
Add'l state taxes due (4.95% final rate)
- $131,765
- $1,861,050
Your average net per year: $8,093,347Your net payout: $113,761,762
After 30 payments: $242,800,410
Annuity Payment Schedule

Montana: 5.9% state tax
- $818,330
- $11,558,100
Your average net per year: $7,961,582Your net payout: $111,900,712
After 30 payments: $238,847,460
Annuity Payment Schedule

Nebraska: 5% state tax withheld
- $693,500
- $9,795,000
Add'l state taxes due (5.84% final rate)
- $116,508
- $1,645,560
Your average net per year: $7,969,904Your net payout: $112,018,252
After 30 payments: $239,097,120
Annuity Payment Schedule

New Hampshire: No state tax on lottery prizes
Your average net per year: $8,779,912Your net payout: $123,458,812
After 30 payments: $263,397,360
Annuity Payment Schedule

New Jersey: 8% state tax withheld
- $1,109,600
- $15,672,000
Add'l state taxes due (10.75% final rate)
- $381,425
- $5,387,250
Your average net per year: $7,288,887Your net payout: $102,399,562
After 30 payments: $218,666,610
Annuity Payment Schedule

New Mexico: 5.9% state tax
- $818,330
- $11,558,100
Your average net per year: $7,961,582Your net payout: $111,900,712
After 30 payments: $238,847,460
Annuity Payment Schedule

New York: 8.82% state tax withheld
- $1,223,334
- $17,278,380
Add'l state taxes due (10.9% final rate)
- $288,496
- $4,074,720
Your average net per year: $7,268,082Your net payout: $102,105,712
After 30 payments: $218,042,460
Annuity Payment Schedule

North Carolina: 4.5% state tax
- $624,150
- $8,815,500
Your average net per year: $8,155,762Your net payout: $114,643,312
After 30 payments: $244,672,860
Annuity Payment Schedule

North Dakota: 2.9% state tax
- $402,230
- $5,681,100
Your average net per year: $8,377,682Your net payout: $117,777,712
After 30 payments: $251,330,460
Annuity Payment Schedule

Ohio: 3.5% state tax
- $485,450
- $6,856,500
Your average net per year: $8,294,462Your net payout: $116,602,312
After 30 payments: $248,833,860
Annuity Payment Schedule

Oklahoma: 4.75% state tax
- $658,825
- $9,305,250
Your average net per year: $8,121,087Your net payout: $114,153,562
After 30 payments: $243,632,610
Annuity Payment Schedule

Oregon: 8% state tax withheld
- $1,109,600
- $15,672,000
Add'l state taxes due (9.9% final rate)
- $263,530
- $3,722,100
Your average net per year: $7,406,782Your net payout: $104,064,712
After 30 payments: $222,203,460
Annuity Payment Schedule

Pennsylvania: 3.07% state tax
- $425,809
- $6,014,130
Your average net per year: $8,354,103Your net payout: $117,444,682
After 30 payments: $250,623,090
Annuity Payment Schedule

Puerto Rico: No state tax on lottery prizes
Your average net per year: $8,779,912Your net payout: $123,458,812
After 30 payments: $263,397,360
Annuity Payment Schedule

Rhode Island: 5.99% state tax
- $830,813
- $11,734,410
Your average net per year: $7,949,099Your net payout: $111,724,402
After 30 payments: $238,472,970
Annuity Payment Schedule

South Carolina: 6.4% state tax
- $887,680
- $12,537,600
Your average net per year: $7,892,232Your net payout: $110,921,212
After 30 payments: $236,766,960
Annuity Payment Schedule

South Dakota: No state tax on lottery prizes
Your average net per year: $8,779,912Your net payout: $123,458,812
After 30 payments: $263,397,360
Annuity Payment Schedule

Tennessee: No state tax on lottery prizes
Your average net per year: $8,779,912Your net payout: $123,458,812
After 30 payments: $263,397,360
Annuity Payment Schedule

Texas: No state tax on lottery prizes
Your average net per year: $8,779,912Your net payout: $123,458,812
After 30 payments: $263,397,360
Annuity Payment Schedule

U.S. Virgin Islands: Unknown state tax rate
Your average net per year: $8,779,912Your net payout: $123,458,812
After 30 payments: $263,397,360
Annuity Payment Schedule

Vermont: 6% state tax withheld
- $832,200
- $11,754,000
Add'l state taxes due (8.75% final rate)
- $381,425
- $5,387,250
Your average net per year: $7,566,287Your net payout: $106,317,562
After 30 payments: $226,988,610
Annuity Payment Schedule

Virginia: 4% state tax withheld
- $554,800
- $7,836,000
Add'l state taxes due (5.75% final rate)
- $242,725
- $3,428,250
Your average net per year: $7,982,387Your net payout: $112,194,562
After 30 payments: $239,471,610
Annuity Payment Schedule

Washington: No state tax on lottery prizes
Your average net per year: $8,779,912Your net payout: $123,458,812
After 30 payments: $263,397,360
Annuity Payment Schedule

Washington, D.C.: 10.75% state tax
- $1,491,025
- $21,059,250
Your average net per year: $7,288,887Your net payout: $102,399,562
After 30 payments: $218,666,610
Annuity Payment Schedule

West Virginia: 6.5% state tax
- $901,550
- $12,733,500
Your average net per year: $7,878,362Your net payout: $110,725,312
After 30 payments: $236,350,860
Annuity Payment Schedule

Wisconsin: 7.65% state tax
- $1,061,055
- $14,986,350
Your average net per year: $7,718,857Your net payout: $108,472,462
After 30 payments: $231,565,710
Annuity Payment Schedule

Wyoming: No state tax on lottery prizes
Your average net per year: $8,779,912Your net payout: $123,458,812
After 30 payments: $263,397,360
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 2024 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.