Lottery Tax Calculator

Lottery Tax Calculator

What a lottery prize is estimated to be worth after federal and state taxes — cash and annuity side by side, with every assumption stated. Estimates only, never tax advice.

Prefilled with the advertised Powerball jackpot. Change any figure — this page works for any amount.

Tax year

Every figure uses tax year 2026: 2026 IRS marginal tax tables (Rev. Proc. 2025-32, released October 9, 2025), rates as of August 12, 2026. The annuity schedule applies the same 2026 tables to all thirty years, because future rates are not knowable — real payments would be taxed under each year's own rules.

Filing status

The estimate treats the prize as your only taxable income for the year, taxed as ordinary income under the filing status you chose — no other income, no deductions, no credits.

State and residency

The state line assumes you live in the state you selected and bought the ticket there. Living in one state and winning in another can put two states in the picture; residency and credit rules decide, and this tool does not model that.

Where you buy and claim

Where the ticket was bought and where the prize is claimed can change what is withheld. Local taxes — New York City, Yonkers, Maryland county rates, Ohio and Michigan city taxes — are noted on the state's row but never included in the figures.

Where the jackpot figures came from

The advertised jackpot and cash value came from this build's Powerball data layer for the drawing of 2026-07-11 (preview data — verify against the game's official page). You can type over either context by changing the amount.

Estimates only

These are estimates based on the 2026 IRS marginal tax tables and published state rates as of August 12, 2026. They don't include deductions, local taxes, or amounts a lottery may offset. Every winner's situation is different — before claiming a large prize, verify the numbers with the lottery and a qualified tax professional.

Get real advice before claiming

This page is general math with stated assumptions, not tax advice. A qualified tax professional who can see your whole situation — and the lottery paying the prize — are the only two sources that can tell you what a claim will actually pay.

Who maintains these tables

LotteryCorner editorial team — federal table and every state rate re-verified against the cited sources before this page may be indexed, and after every state legislative session. Something wrong? Our corrections policy explains how to reach us. Corrections policy

Federal: prizes over $5,000 have 24% withheld when paid (IRS Form W-2G rules). The estimated total federal tax is then computed bracket by bracket through the 2026 marginal table for your filing status — never one blended percentage — and anything above the 24% already withheld appears as "estimated additional federal tax".

State: the withheld line uses the state's published lottery withholding rate (applied above the same reporting threshold). Where the state's top income-tax rate is higher than what it withholds, the gap appears as "estimated additional state tax" — from the income level where that top rate genuinely applies. Where a state withholds more than its current income-tax rate would produce, the estimate says so rather than counting a refund.

Annuity: the advertised jackpot is paid as 30 graduated yearly payments, each 5% larger than the one before, which is the schedule shape the big jackpot games publish. Each payment is taxed in its own year. Payments are computed to the cent and the final payment absorbs rounding, so the thirty payments sum exactly to the advertised figure.

Cash option: taxed once, in the year it is paid. Where no published cash value is available, the tool assumes the typical ratio of roughly half the advertised jackpot and labels the assumption.

Not included, on purpose: deductions and credits, local income taxes, and amounts a lottery may offset before paying — unpaid back taxes, child support, and similar state-recovered debts.

Federal table source: IRS Rev. Proc. 2025-32 — tax year 2026 annual inflation adjustments (https://www.irs.gov/pub/irs-drop/rp-25-32.pdf), recorded 2026-08-12. Each state's source and date appear beside its result above.

Withheld is what the lottery takes out before the money reaches you — a flat 24% federally on prizes over $5,000, plus whatever your state withholds. Owed is what the year's tax return actually comes to. For a big prize those are different numbers, because the federal tables are marginal: the withholding is 24%, but income above the top bracket line is taxed at 37% — so most large winners are estimated to owe more at filing than was withheld. For a small prize the opposite can happen, and the difference usually comes back as a refund.

Worth knowing: because the annuity's payments rise 5% every year, the thirtieth payment is a little over four times the first one. That is arithmetic about the published payment schedule — not a reason to pick either option, and this page will never tell you which to take.

• Mega Millions results and jackpot
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• Claiming a prize in Florida — deadlines and steps
• Community: cash or annuity — what would you take?
• All lottery tools

The annuity schedule above covers 30 years — a claim decision made once, at claim time. State pages carry each lottery's own claim deadlines and steps.

Save this scenario

The estimate above already ran — saving only keeps these figures on your free account so you can come back to them on any device.

Powerball — $457,000,000 advertised, cash option, no state selected, Single — estimated net $141,101,043 (tax year 2026)