Powerball Jackpot Hits $426 Million — What the Winner Actually Takes Home After Taxes

 

The Powerball jackpot has climbed to $426 million, with the cash lump-sum estimated around $193.5 million. But after taxes, what the winner walks away with will be substantially less.

Federal law requires an automatic 24% withholding on winnings. That means from a $193.5 million cash payout, more than $46 million is deducted right away. Depending on income and filing status, the winner could owe up to 37% in federal taxes—possibly reducing the amount to around $140 million or less.

State taxes add another variable layer. Some states, like California, Florida, New Hampshire, Texas, and Washington, don’t tax lottery winnings—so residents could avoid additional deductions entirely. In those cases, the net cash could remain closer to $140 million. Others, like New York and Maryland, collect upward of 8–10%, which would further shrink the final sum.

Alternatively, the winner can take the 30-year annuity option, which pays the full advertised amount over time. But after accounting for federal and potential state taxes, the total received might also land around $290–$300 million spread across decades—still less than the headline amount.

Tax experts often advise winners to consult with financial and legal professionals before choosing a payout option. Factors like investment strategy, long-term planning, and potential tax strategy can significantly sway the optimal decision.

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