How it's calculated
take-home = cash − federal tax − state tax, cash = jackpot × payout%
jackpot = advertised prize, payout% = lump-sum cash fraction (~60%), federal tax = progressive IRS brackets, state tax = chosen state rate × cash. Annuity mode spreads the full jackpot over 30 payments rising 5%/yr.
Common questions
Should I take the lump sum or the annuity?
The lump sum is roughly half the advertised jackpot but you get it all now. The annuity pays the full amount over 30 years with payments that grow 5% each year.
How much tax is taken from a Powerball win?
The IRS withholds 24% up front, but big jackpots land in the top 37% federal bracket. State tax adds anywhere from 0% to over 10% depending on where you live.