Not all states charge taxes on lottery prizes, a difference that can total nearly $50 million depending on where you live Unfortunately, New York is on the opposite side of that list
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As for federal taxes, there's an upfront 24% withholding tax on the winnings. But with such a large jackpot, you'd also likely owe a total of 37% in federal taxes on your 2022 tax return, which is the top rate for high income earners. If you choose the annuity, which pays the most over time, you'd take home $756,000,000 in states that don't charge income tax on lottery winnings, according to Powerball. If you choose the lump sum payment, you'd take home $367,899,840.There are four places that levy local income taxes of 8% or more on lottery winnings:For the annuity option, that translates into winnings between around $660,000,000 and $650,160,000, depending on where you live.
New York residents would owe the most in taxes if they end up with the winning ticket. Choosing the lump sum option in New York state would amount to $316,393,862 after taxes — barely 26% of the total jackpot and $51.5 million less than states that don't charge taxes on lottery prizes.
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