8 states you would win the most

Powerball lottery jackpot includes: reached a whopping $366 million It takes place ahead of Saturday night’s draw, but even if you’re lucky, the amount you actually take home is probably much less.

It depends on two factors: the type of payment you choose and the state you live in.

There are two payment options: a lump sum paid immediately or an annuity over 30 years. Annuity option allows you to receive the full jackpot. According to the lottery site’s calculations, you will receive 52% of the jackpot amount with a single payment.

Many winners choose the lump sum option because even though the overall sum is small, it can be quickly reinvested.

Besides that, you also have to pay taxes. State taxes vary, but all winners are paid upfront on their winnings and he pays 24% federal withholding tax. However, the highest tax rate for single filers is 37% for her, so she may pay an additional 13%. Earn over $578,125 in 2023.

8 states with the most money after taxes

Only eight states do not impose state taxes on lottery winnings. So, here are the states offering the highest dividends:

  • California
  • florida
  • new hampshire
  • south dakota
  • Tennessee
  • texas
  • Washington
  • Wyoming

Residents of these states will take home the maximum after-tax amount. $231,691,350 for the annuity option and $119,107,045 for the lump sum.

In other states and districts, winners will be subject to additional state taxes ranging from 2.9% to 10.9%. Below are five locations with the highest tax rates on lottery winnings.

  1. new york: 10.9%
  2. New Jersey: 10.75%
  3. Washington DC: 10.75%
  4. Oregon: 9.9%
  5. Minnesota: 9.85%

New York lottery winners pay the most taxes. For a $366 million jackpot, his annuity payout would be $191,797,350 and his lump sum payout would be $98,506,045. That’s tens of millions of dollars less than winners in states without lottery taxes receive.

Depending on where you live in New York State, you could be in even more debt. If you live in New York City, you will pay an additional withholding tax of 3.876%. If you live in Yonkers, you will pay an additional withholding tax of 1.477%.

The next draw is Saturday night at 10:59 PM ET. All six of his numbers drawn must match to win the jackpot. It also takes a lot of luck. The odds of winning the jackpot are 1 in 292,201,338.

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