PEMBROKE PARK, Fla. — Monday’s $1.1 billion Powerball jackpot promises a tantalizing sum for a lucky winner. But no one will actually walk away with that much money once Uncle Sam gets involved.
No matter how you slice it, though, the final number ― while not eight figures ― remains a life-changing sum that would make just about anyone ecstatic.
The $1.1 billion figure, the fifth-largest prize in the game’s history, represents the total of pre-tax annuity payments made over 30 years. Winners can also take a lump sum of $498.4 million ― before taxes.
Florida is one of a handful of states that don’t tax lottery prizes. According to an analysis by the lottery website USA Mega, which has a state-by-state breakdown of jackpot prizes, a Florida winner who elects a lump-sum payment could expect to take home $314,034,980 after the federal government takes a 37% cut.
That number also holds true for California, which, despite its reputation as a high-tax state, doesn’t impose a state tax on lottery prize winners either. Of the states and territories that participate in Powerball, New Hampshire, Puerto Rico, South Dakota, Tennessee, Texas, Washington and Wyoming also don’t tax winnings, according to USA Mega.
A winner in New York state would wind up taking home the least, according to the website. They would end up with $259,709,380 after the state takes a 10.9% cut. Winners in the cities of New York and Yonkers would also have to pay additional municipal taxes of 3.876% and 1.477% respectively, according to USA Mega.
An after-tax annuity breakdown is a little more complicated. Here’s what USA Mega says a single filer in Florida could expect to come away with:
| Year | Gross Payment | Federal Taxes | State Taxes | Net Payment |
|---|---|---|---|---|
| 1 | $16,556,579 | $6,082,954 | $0 | $10,473,624 |
| 2 | $17,384,408 | $6,389,251 | $0 | $10,995,157 |
| 3 | $18,253,628 | $6,710,862 | $0 | $11,542,765 |
| 4 | $19,166,310 | $7,048,555 | $0 | $12,117,755 |
| 5 | $20,124,624 | $7,403,131 | $0 | $12,721,493 |
| 6 | $21,130,856 | $7,775,437 | $0 | $13,355,419 |
| 7 | $22,187,399 | $8,166,358 | $0 | $14,021,041 |
| 8 | $23,296,769 | $8,576,825 | $0 | $14,719,944 |
| 9 | $24,461,608 | $9,007,815 | $0 | $15,453,792 |
| 10 | $25,684,688 | $9,460,355 | $0 | $16,224,333 |
| 11 | $26,968,922 | $9,935,521 | $0 | $17,033,401 |
| 12 | $28,317,368 | $10,434,446 | $0 | $17,882,922 |
| 13 | $29,733,237 | $10,958,318 | $0 | $18,774,919 |
| 14 | $31,219,899 | $11,508,383 | $0 | $19,711,516 |
| 15 | $32,780,893 | $12,085,951 | $0 | $20,694,942 |
| 16 | $34,419,938 | $12,692,397 | $0 | $21,727,541 |
| 17 | $36,140,935 | $13,329,166 | $0 | $22,811,768 |
| 18 | $37,947,982 | $13,997,773 | $0 | $23,950,208 |
| 19 | $39,845,380 | $14,699,811 | $0 | $25,145,569 |
| 20 | $41,837,650 | $15,436,951 | $0 | $26,400,699 |
| 21 | $43,929,532 | $16,210,947 | $0 | $27,718,585 |
| 22 | $46,126,009 | $17,023,643 | $0 | $29,102,365 |
| 23 | $48,432,309 | $17,876,975 | $0 | $30,555,335 |
| 24 | $50,853,924 | $18,772,972 | $0 | $32,080,952 |
| 25 | $53,396,620 | $19,713,770 | $0 | $33,682,850 |
| 26 | $56,066,452 | $20,701,608 | $0 | $35,364,845 |
| 27 | $58,869,775 | $21,738,837 | $0 | $37,130,938 |
| 28 | $61,813,263 | $22,827,927 | $0 | $38,985,335 |
| 29 | $64,903,926 | $23,971,473 | $0 | $40,932,453 |
| 30 | $68,149,123 | $25,172,196 | $0 | $42,976,927 |
| Total | $1,100,000,002 | $405,710,608 | $0 | $694,289,393 |
The Associated Press contributed to this report.
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