Powerball's jackpot rises to $420 million—here's the after-tax payout for every U.S. state

Powerball’s jackpot has risen to a sizable $420 million ahead of Saturday night’s draw, although the take-home amount will vary based on your choice of payout and the state taxes where you live.

There are two payout options when you win the jackpot: The amount spread out over 30 years as an annual payment, or just over half that amount as an upfront lump sum payment.

Then there’s taxes to consider. All winners have to pay federal taxes, which includes an automatic withholding tax of 24% levied against the winnings. However, winning millions of dollars will almost certainly put you in the top income tax bracket for 2023, which means another 13% in federal taxes when you file your tax return.

You’ll likely have to pay state income taxes on those winnings as well, which range from 2.9% to 10.9% depending on which state you live in. However, eight states don’t charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

Based on states alone, the difference in how much you take home would vary by tens of millions of dollars.

Assuming a top federal tax rate of 37%, here’s the after-tax amount you’d take home in each state and Washington, D.C., if you won the $420 million jackpot, for both the lump sum and annuity option, according to usamega.com.

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