How much do you actually take home from a $232M Powerball jackpot?

The advertised Powerball jackpot is paid as a 30-year annuity. Most winners take the lump sum cash option, which is roughly 45% of the advertised jackpot. From that lump sum, the IRS withholds 24% federal tax at the source, and the rest of the federal tax up to the 37% top bracket comes due at filing. State lottery tax ranges from 0% (Texas, Florida, California, and 7 other no-tax states) to as much as 10.9% (New York). The Lottery Math calculator runs this math for the current jackpot and any state.

What is the federal tax on lottery winnings?

Federal tax on lottery winnings can reach 37%, the top marginal bracket for single filers earning over $640,600 in 2026. Any Powerball or Mega Millions jackpot pushes a winner into that bracket. The IRS withholds 24% upfront on any lottery prize above $5,000, but the additional 13% balance comes due at tax filing the following April. The Lottery Math calculator uses the exact IRS 2026 brackets, not a flat rate.

Which states do not tax lottery winnings?

Ten states do not collect state income tax on lottery winnings: Alaska, California, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. California law exempts California Lottery winnings, including Powerball and Mega Millions; the other nine have no state income tax at all. Alabama, Alaska, Hawaii, Nevada, and Utah do not sell Powerball or Mega Millions tickets, so residents must buy in a participating jurisdiction. The purchase state may tax the prize, and the winner's home state may also tax it. Federal lottery tax still applies in every state.

Should I take the lump sum or annuity from Powerball or Mega Millions?

Most Powerball and Mega Millions winners choose the lump sum cash option, which delivers roughly 45% of the advertised jackpot immediately. The annuity pays the full advertised jackpot over 30 graduated annual payments. The choice depends on your goals, your expected investment return, and your tax planning. The Lottery Math calculator focuses on the lump sum because that is what most winners take. For a direct comparison, see the annuity vs. lump sum calculator.

Are the Lottery Math calculations accurate?

The Lottery Math uses IRS 2026 federal brackets and top marginal state rates published by the Tax Foundation. Federal tax is calculated progressively across brackets, not as a flat 37%. State tax is applied at each state's top marginal rate to the full lump sum. Live jackpot data is pulled from official lottery sources. The calculator does not account for itemized deductions, charitable giving, or trust structures a winner might use to reduce their effective rate.

The Best Lottery Tax Calculator

What You'd Actually Take Home.

Lottery Tax Calculator for Powerball, Mega Millions, and Every State.

Pick your game, state, and filing status to see what you'd really keep after taxes.

Advertised jackpot29-yr annuity

$232M

Marketed as $232,000,000.
Almost nobody takes the annuity, and even if you did, the tax math barely changes.

What you actually keepafter taxes

$63,044,043

Lump-sum, in Texas · Single
27.2% kept · 56.9% cash-option reduction · 15.9% federal + state taxes

StateTexas

GamePowerball

Filing statusSingle

Single

Standard deduction: $16,100. All lottery income is taxed at your individual rate. This is the most common filing status for winners.

$12,955,957 surprise tax bill due next April. The IRS only withholds 24% upfront, but lottery wins push you into the top 37% bracket. The difference comes out of your pocket when you file, and most winners never see it coming.

You keep 27.2% · $63.0MCash-option reduction 56.9% · $132.0MFederal + state taxes 15.9% · $37.0M

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Cash option

43%

$100.0M lump sum

Federal effective

37.0%

$37.0M owed

Texas tax

No state tax

Jackpot odds

1 in 292M

Per single ticket

Itemized breakdown

From Advertised to Deposit, Line by Line.

Every row updates as you change the controls above. Sources cited inline.

Advertised jackpot

Paid as an annuity over 29 years. Fewer than 5% of winners pick this option.Lottery commission

$232,000,000

Lump-sum cash (43%)

The cash value of the annuity, paid as a single check on day one.Lottery cash option

$100,000,000

Federal withholding (24%)

The IRS takes this off the top before you ever see the money.IRS Publication 525

−$24,000,000

Additional federal tax owed in April

Big lottery wins push you into the 37% top bracket. Your effective federal rate is 37.0%. Due April 15.IRS 2026 brackets

−$12,955,957

Texas state tax (0%)

No state income tax on lottery winnings. This is one of the no-tax states.State revenue department

What you actually take home

27.17% of the advertised jackpot.Net deposit

$63,044,043

Browse by state

All 50 States + DC, Ranked by Lottery Tax Bite.

10 states · no lottery taxHighest: Hawaii, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, Oregon, Washington DC

Click any tile to see that state's full breakdown. Green = no state lottery tax. Red = top-bracket states.

Alabama

5.00%

PB jackpots won: Not soldMM jackpots won: Not sold

Alabama does not sell Powerball or Mega Millions tickets

Alaska

No tax ✓

PB jackpots won: Not soldMM jackpots won: Not sold

Alaska does not sell Powerball or Mega Millions tickets

Arizona

2.50%

PB jackpots won: 5MM jackpots won: 3

Arkansas

3.90%

PB jackpots won: 2MM jackpots won: 1

California

No tax ✓

PB jackpots won: 17MM jackpots won: 26

California law exempts California Lottery winnings, including Powerball and Mega Millions, from state income tax

Colorado

4.40%

PB jackpots won: 2MM jackpots won: 0

Connecticut

6.99%

PB jackpots won: 3MM jackpots won: 0

Delaware

6.60%

PB jackpots won: 4MM jackpots won: 0

Delaware allows lottery winners to claim any prize anonymously (state law since 1988), one of the few states to do so

Florida

No tax ✓

PB jackpots won: 17MM jackpots won: 6

Georgia

4.99%

PB jackpots won: 5MM jackpots won: 6

Georgia reduced its flat income tax rate to 4.99% for 2026

Hawaii

11.00%

PB jackpots won: Not soldMM jackpots won: Not sold

Hawaii does not sell Powerball or Mega Millions tickets

Idaho

5.30%

PB jackpots won: 0MM jackpots won: 1

Illinois

4.95%

PB jackpots won: 3MM jackpots won: 12

Indiana

2.95%

PB jackpots won: 4MM jackpots won: 2

Iowa

3.80%

PB jackpots won: 3MM jackpots won: 0

Kansas

5.58%

PB jackpots won: 3MM jackpots won: 1

Kentucky

3.50%

PB jackpots won: 2MM jackpots won: 0

Louisiana

3.00%

PB jackpots won: 4MM jackpots won: 0

Maine

9.15%

PB jackpots won: 0MM jackpots won: 1

Includes the 2% surtax on income over $1M, effective 2026 (LD 2212); a jackpot lump sum clears that threshold

Maryland

9.50%

PB jackpots won: 3MM jackpots won: 4

6.5% state top rate for 2026 plus 2.25% to 3.30% local county income tax; the Lottery withholds 9.5% from residents and 8.75% from non-residents

Massachusetts

9.00%

PB jackpots won: 4MM jackpots won: 4

Includes the 4% surtax on income over $1M (the "millionaire tax")

Michigan

4.25%

PB jackpots won: 6MM jackpots won: 9

Minnesota

9.85%

PB jackpots won: 2MM jackpots won: 1

Mississippi

4.00%

PB jackpots won: 0MM jackpots won: 0

Missouri

4.70%

PB jackpots won: 7MM jackpots won: 2

Montana

5.65%

PB jackpots won: 1MM jackpots won: 0

Nebraska

4.55%

PB jackpots won: 1MM jackpots won: 0

Nevada

No tax ✓

PB jackpots won: Not soldMM jackpots won: Not sold

Nevada does not sell Powerball or Mega Millions tickets

New Hampshire

No tax ✓

PB jackpots won: 2MM jackpots won: 1

New Jersey

10.75%

PB jackpots won: 12MM jackpots won: 10

New Mexico

5.90%

PB jackpots won: 0MM jackpots won: 0

New York

10.90%

PB jackpots won: 13MM jackpots won: 23

NYC residents owe ~3.88% additional city tax

North Carolina

3.99%

PB jackpots won: 4MM jackpots won: 2

North Dakota

2.50%

PB jackpots won: 0MM jackpots won: 0

Ohio

2.75%

PB jackpots won: 5MM jackpots won: 8

Oklahoma

4.50%

PB jackpots won: 0MM jackpots won: 0

Oregon

9.90%

PB jackpots won: 3MM jackpots won: 0

Pennsylvania

3.07%

PB jackpots won: 7MM jackpots won: 3

Rhode Island

5.99%

PB jackpots won: 2MM jackpots won: 1

South Carolina

5.21%

PB jackpots won: 1MM jackpots won: 1

Top rate cut to 5.21% for 2026 (H.4216), down from 6%

South Dakota

No tax ✓

PB jackpots won: 0MM jackpots won: 0

Tennessee

No tax ✓

PB jackpots won: 6MM jackpots won: 2

Texas

No tax ✓

PB jackpots won: 4MM jackpots won: 7

Utah

4.50%

PB jackpots won: Not soldMM jackpots won: Not sold

Utah does not sell Powerball or Mega Millions tickets

Vermont

8.75%

PB jackpots won: 1MM jackpots won: 0

Virginia

5.75%

PB jackpots won: 2MM jackpots won: 4

Washington

No tax ✓

PB jackpots won: 2MM jackpots won: 3

Washington DC

10.75%

PB jackpots won: 0MM jackpots won: 0

West Virginia

4.58%

PB jackpots won: 2MM jackpots won: 0

Top rate cut ~5% to 4.58% for 2026 (SB 392), retroactive to Jan 1

Wisconsin

7.65%

PB jackpots won: 4MM jackpots won: 1

Wyoming

No tax ✓

PB jackpots won: 0MM jackpots won: 0

Top marginal state lottery tax rates · 2026 · Source: state revenue departments + Tax Foundation

Jackpot-winning tickets sold since Jan. 31, 2010. Snapshot through Aug. 13, 2026. Raw totals do not account for population, ticket sales, or participation start dates.