You might have lost out on Powerball’s $1.08 billion jackpot reward, however there’s still $820 million up for grabs with Mega Millions’ next draw Tuesday night at 11 p.m. ET.
In the extremely not likely case that you win– the chances are 1 in 302.5 million– you’ll have the option of 2 2 payment alternatives. You can take either the complete prize quantity as an annuity expanded over 29 years, or an in advance swelling amount worth simply over half the prize quantity.
But then there’s taxes. For either payment choice, you’ll pay an automated 24% federal withholding tax on your profits. However, winning countless dollars will put you in the leading bracket, which imposes a 37% tax for earnings of $578,126 or more. That indicates you ‘d likely pay another 13% in taxes when you submit a 2023 income tax return.
You likewise need to pay state taxes, which differ based upon where you live. Some states do not tax lottery game profits, while those that do have rates varying from 2.9% to 10.9%.
Eight states do not charge earnings tax on lottery game profits: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.
Assuming a leading federal tax rate of 37%, here’s the after-tax quantity you ‘d take house in each taking part state, in addition to Washington, D.C., for both the swelling amount and annuity choice, according to usamega.com.
Arizona
- Lump amount: $255,347,045
- Annuity: $497,211,360
Arkansas
- Lump amount: $246,063,045
- Annuity: $479,171,340
California
- Lump amount: $265,897,045
- Annuity: $517,711,350
Colorado
- Lump amount: $247,329,045
- Annuity: $481,631,340
Connecticut
- Lump amount: $236,399,245
- Annuity: $460,393,350
Delaware
- Lump amount: $238,045,045
- Annuity: $463,591,350
Florida
- Lump amount: $265,897,045
- Annuity: $517,711,350
Georgia
- Lump amount: $241,632,045
- Annuity: $470,561,340
Idaho
- Lump amount: $241,421,045
- Annuity: $470,151,360
Illinois
- Lump amount: $245,008,045
- Annuity: $477,121,350
Indiana
- Lump amount: $252,604,045
- Annuity: $491,881,350
Iowa
- Lump amount: $240,577,045
- Annuity: $468,511,350
Kansas
- Lump amount: $241,843,045
- Annuity: $470,971,350
Kentucky
- Lump amount: $246,907,045
- Annuity: $480,811,350
Louisiana
- Lump amount: $245,852,045
- Annuity: $478,761,360
Maine
- Lump amount: $235,724,045
- Annuity: $459,081,360
Maryland
- Lump amount: $228,128,045
- Annuity: $444,321,360
Massachusetts
- Lump amount: $227,917,045
- Annuity: $443,911,350
Michigan
- Lump amount: $247,962,045
- Annuity: $482,861,340
Minnesota
- Lump amount: $224,330,045
- Annuity: $436,941,360
Mississippi
- Lump amount: $244,797,045
- Annuity: $476,711,340
Missouri
- Lump amount: $245,008,045
- Annuity: $477,121,350
Montana
- Lump amount: $237,412,045
- Annuity: $462,361,350
Nebraska
- Lump amount: $237,876,245
- Annuity: $463,263,360
New Hampshire
- Lump amount: $265,897,045
- Annuity: $517,711,350
New Jersey
- Lump amount: $220,532,045
- Annuity: $429,561,360
New Mexico
- Lump amount: $240,999,045
- Annuity: $469,331,340
New York
- Lump amount: $219,899,045
- Annuity: $428,331,360
North Carolina
- Lump amount: $245,852,045
- Annuity: $478,761,360
North Dakota
- Lump amount: $253,659,045
- Annuity: $493,931,340
Ohio
- Lump amount: $249,059,245
- Annuity: $484,993,350
Oklahoma
- Lump amount: $245,852,045
- Annuity: $478,761,360
Oregon
- Lump amount: $224,119,045
- Annuity: $436,531,350
Pennsylvania
- Lump amount: $252,941,645
- Annuity: $492,537,360
Rhode Island
- Lump amount: $240,619,245
- Annuity: $468,593,340
South Carolina
- Lump amount: $238,467,045
- Annuity: $464,411,340
South Dakota
- Lump amount: $265,897,045
- Annuity: $517,711,350
Tennessee
- Lump amount: $265,897,045
- Annuity: $517,711,350
Texas
- Lump amount: $265,897,045
- Annuity: $517,711,350
Vermont
- Lump amount: $228,972,045
- Annuity: $445,961,340
Virginia
- Lump amount: $241,632,045
- Annuity: $470,561,340
Washington
- Lump amount: $265,897,045
- Annuity: $517,711,350
Washington, D.C.
- Lump amount: $220,532,045
- Annuity: $429,561,360
West Virginia
- Lump amount: $238,467,045
- Annuity: $464,411,340
Wisconsin
- Lump amount: $233,614,045
- Annuity: $454,981,350
Wyoming
- Lump amount: $265,897,045
- Annuity: $517,711,350
DON’T MISS: Want to be smarter and more effective with your cash, work & & life? Sign up for our brand-new newsletter!
Take your company to the next level: Register for CNBC’s totally free Small Business Playbook virtual occasion on August 2 at 1 p.m. ET to gain from leading professionals and business owners how you can beat inflation, work with leading skill and get access to capital.
