For example, if you live in Florida, which has no state tax, the tool calculates that you would take home: 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. But winners who take annuity payouts can come closer to getting the actual jackpot amount than lump-sum takers. According to, federal taxes reduce lottery winnings immediately. RELATED: Powerball: These stores have sold jackpot winning tickets in Floridaįor Saturday's jackpot, the cash option (or lump sum payout) would be $782.4 million.
The 30 payments added up equal the value of the annuity.' The annual payments increase by 5% until the 30th and final payment. If the annuity option is selected, the winner is guaranteed to receive 30 graduated payments over 29 years. According to the Powerball website, 'jackpot winners can either select their prize as an annuity or a lump-sum payment.
Now, your winnings depend on whether you decide to take the lump sum payment or the annuity payout.
