The Powerball jackpot for Wednesday is over $1 billion!
, "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."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.
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: came up with slightly different calculations for Floridians when it comes to the cash option take home amount.lets you choose your filing status and state to try and determine the take home amount.
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