how much is the current powerball jackpot

and around the world, and breaks down by state what you would take home if you win the lottery drawing - both the lump sum option and the annuity option. One note: Your winnings could also be subject to local taxes in some states.Ĭlick here for USA Mega, a website that provides information on lotteries in the U.S. This means if you live in those states and win, you will get $405,568,045 If you buy a winning Powerball ticket in California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming, there’s some good news for you: those states do not tax lottery winnings.

In Ohio, the state taxes lottery winnings at 3.99%, so you will take home $379,884,415. Each play costs 2 or 3 with the Power Play option which allows players to increase the payout of their winning numbers. Additional taxes are charged if you live in New York City or Yonkers. The lump sum that most New York residents would get after federal and state taxes would be $335,404,745. If you live in New York, get out your wallet, because that state taxes lottery winnings at 8.82%. That means you get $368,555,295 after taxes.

If you live in Georgia, your state tax rate for lottery winnings is 5.75%. State tax rates on lottery winnings vary. So, when you take the cash option, you will end up with $405,568,045 after federal taxes. Remember, the rest of your federal tax bill comes next year and will cost you another $83,643,955. The federal government will immediately take $154,488,000 from that cash option (24%).

If the jackpot remains at $1.4 billion for the next drawing, and the cash option is $643.7 million then here is how it will go: So, let’s say you decide to take the cash option when you win the jackpot.

How much is the current powerball jackpot