30 year lottery annuity payout calculator
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Lottery annuity calculator
How long after winning the lottery do you get the money!
Powerball Calculator: Payout, Tax & Annuity Explained
Our Powerball Calculator Explained
As you might already know, when a player wins the Powerball jackpot, they have to choose between a single lump sum or 30 annual payments to receive their prize.
Choosing the lump sum, also known as the cash option, reduces the jackpot size to approximately 61% of the original amount, but awards it all at once to the player.
On the other hand, the annuity option awards the winner with the full amount or 100% of the jackpot – starting with one initial payment, followed by annual payments over the next 29 years.
Since the lump sum and annuity option award different payouts, it only follows that your tax liability (federal tax + state tax) will also be different for both.
What our Powerball calculator provides is a quick overview of the gross and net (after taxes) winnings you'd receive for both options – allowing you to make a more informed decision when comparing the two.
Finally, as an added feature, our tool also breaks down the annuity option into a handy payout schedul
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