(NEXSTAR) — The Powerball has performed it again. Without a winner in Monday evening’s drawing, the jackpot has grown, reaching an estimated $643 million with a money worth of $290.6 million. There’s even a probability it will grow again before Wednesday’s drawing.
Regardless of whether the Powerball jackpot stays at $643 million or grows, you would take home far less if you overcome the odds and win on Wednesday. You can thank taxes.
Whether you take the annuitized payout or the money prize, you’ll see 24% in federal tax withheld immediately. With further taxes, you’ll see roughly 37% of your prize money withheld, should you win.
Cash vs. annuity: Which payout should you choose if you win Mega Millions, Powerball jackpots?
There are only a handful of states that do not have a native lottery tax withholding. It’s within these states that the winner of the present jackpot would lose the least of their winnings to taxes.
Your complete annuitized payout ($643 million, pre-tax, unfold out over 30 annual funds) would complete almost $406.4 million, according to an evaluation by USA Mega. If you chosen the money option (which financial consultants suggest), you would take home roughly $183.1 million.
While both are far less than the marketed annuitized and money prizes, winners in some states have it worse.
Across states that do have lottery taxes, Arizona has the lowest fee, according to USA Mega. There, a Powerball winner stands to take home an estimated money payout of $175.9 million. If they chosen the annuitized option, they could obtain roughly $390.3 million over 30 years.
A winner in New York would take home far less after state tax withholdings. USA Mega discovered the payouts there would be about $336.3 million in annuitized funds or $151.4 million with the money option — barely more than half of the marketed estimated prize quantities.
Want to guarantee a Powerball jackpot win? How many tickets you’d need to buy
Ready to discover out how much you will (or will not, relying on how you look at it) take home, should you win the Powerball jackpot on Wednesday? The interactive map below exhibits the estimated annuitized or money payouts, post-tax, in each state. You’ll discover a few states are grey on the map — these do not take part in Powerball or Mega Millions.
It’s important to keep in mind that these are estimates. The jackpot could go up or down before the next drawing. Plus, a jackpot can be break up between a number of winners. While the odds of successful the Powerball are 1 in 292.2 million, more than 15 have been break up by two or more tickets that matched the successful numbers.
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