Lottery Payout Calculator
Lump Sum vs Annuity
Compare lump sum vs annuity payout options for lottery winnings
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Quick After-Tax Winnings
Quickly see what you take home after taxes on any prize amount
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Formula
Lump Sum = Jackpot x Lump% | After Tax = Gross - (Gross x (Federal% + State%)) | Annuity Payment(n) = Base x 1.05^n | Invested Lump = Net x (1 + return)^years
Frequently Asked Questions
Should I take the lump sum or annuity?
It depends on your financial discipline and investment skill. The lump sum is typically about 60% of the advertised jackpot. If invested wisely, it can grow to more than the annuity total. However, the annuity provides guaranteed income and protects against overspending.
How much tax do you pay on lottery winnings?
Federal tax on lottery winnings over $5,000 is withheld at 24%, but the top marginal rate of 37% applies to most large jackpots. State taxes range from 0% (states with no income tax) to over 10%. You may owe additional federal tax when filing.
What states have no lottery tax?
States with no state income tax on lottery winnings include: Florida, Texas, Tennessee, South Dakota, Wyoming, Washington, New Hampshire, and Alaska. California and Delaware do not tax lottery winnings specifically.
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