Please Note: Powerball annuity payments are NOT allocated evenly by years. The average net lump-sum payment after tax withholding is going to be $8,500,000.00 per year. There is no state tax liability for lottery prizes. The average federal tax liability is $2,833,333.33 per year. After all the taxes are paid, the winner gets a net lump-sum payment of $117,375,000.00. There is no state tax for lottery prizes.
For more information on taxes for lottery winnings in the state of Florida, click here. Luckily, lottery prizes are exempt from Florida state and local personal income taxes. For prizes over $5,000.00, US citizens and resident aliens with a social security number are subject to a 25% deduction to their prizes, which represents federal taxes.
The Powerball prize analysis tells you how much you would get after state, local and federal tax withholdings.Īs legally required by the state of Florida, taxes are withheld on lottery winnings of $600.00 or more. The estimated jackpot for Powerball on Sat is $340 million. Updated: Thursday, November 23rd, 2023 12:06 AM
