WASHINGTON CROSSING, PA – MAY 10: Powerball tickets await players at Cumberland Farms convenience store May 10, 2004 in Washington Crossing, Pennsylvania. The winner of the May 8th $213 million dollar Powerball jackpot has yet to come forward. For se
ORLANDO, Fla. – Update: The winning numbers for the record-setting $1.6B Powerball jackpot were drawn Saturday night. They are: 28 45 53 56 69 20
The Powerball jackpot for Saturday night's drawing is up to $1.6 billion – yes, we said BILLION! If someone wins the jackpot — a cash value of $782.4 million – they would win the largest lotto jackpot prize in U.S. history!
While you're dreaming of what you would do with all that money – like buying a new house, car, or maybe an island – how much do you really get after taxes?
With a jackpot that high, it's safe to say that no matter how much in taxes is taken out, you'd still be sitting pretty on quite a sweet chunk of change in the end. But in case you want to start calculating your potential take home dollars now, we've tracked down some online lottery payout calculators for you to play with.
When it comes to Powerball, your payout will vary depending on some factors, including whether or not you have to pay state taxes. Of course, the accuracy of the online calculators may not be fully in line with what you actually end up with. So if you happen to win, experts say you should consult with a financial advisor.
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Now, your winnings depend on whether you decide to take the lump sum payment or the annuity payout. According to the Powerball website, "jackpot winners can either select their prize as an annuity or a lump-sum payment. If the annuity option is selected, the winner is guaranteed to receive 30 graduated payments over 29 years. The annual payments increase by 5% until the 30th and final payment. The 30 payments added up equal the value of the annuity."
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For Saturday's jackpot, the cash option (or lump sum payout) would be $782.4 million. According to annuity.org, federal taxes reduce lottery winnings immediately. But winners who take annuity payouts can come closer to getting the actual jackpot amount than lump-sum takers.
Omni Calculator breaks down what your payout amount will be for both the lump sum option and the annuity option, depending on what state you reside in and your filing status. (Figures below are based on Florida)
AfterLotto.com has you choose your state, enter the estimated jackpot value and lets you see the payout amount for both the lump sum option and the annuity option. For example, if you live in Florida, which has no state tax, the tool calculates that you would take home:
LotteryCritic.com came up with slightly different calculations for Floridians when it comes to the cash option take home amount.
LotteryUSA.com lets you choose your filing status and state to try and determine the take home amount. For a Florida resident filing as single:
The overall odds of winning a prize are 1 in 24.9, and the odds of winning the jackpot are 1 in 292.2 million. But if you still want to take your shot, the next drawing is on Saturday, November 5 at 10:59 p.m. ET.
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Powerball payout calculator: How much would you get after taxes if you won? – FOX 6 Milwaukee