Powerball Annuity Jackpot Analysis for Oklahoma
Media: You may freely use any information on this page, but you must credit www.usamega.com.
The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year. The table below shows the payout schedule for a jackpot of $216,000,000 would be for a resident of Oklahoma, including taxes withheld.
Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year. They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money. (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)
Powerball Annuity Jackpot Analysis for Oklahoma Media: You may freely use any information on this page, but you must credit www.usamega.com . The Powerball annuity jackpot is awarded
Powerball jackpot over $400 million: How much you’d take home if you won living in Oklahoma
Powerball numbers: 10-13-28-52-61, Powerball: 2, Power Play: 2
That’s what everyone hopes to be screaming after the Powerball winning numbers are revealed after each drawing. And with Wednesday night’s take north of $400 million, there’s sure to be some people waiting with bated breath.
But if you won, do you know how much you would actually get?
The jackpot is $403,000,000, which you can opt to receive as an annuity – paid out over 30 years – or as a lump sum. If you decide on the lump sum, the amount is $243,900,000.
Regardless of your decision, you will still have to pay taxes on your winnings. The federal government takes out 25 percent while Oklahoma takes 4 percent.
So, if you take the lump sum of $243.9 million, you can expect to pay nearly $61 million in federal taxes and $9.7 million in state taxes, if your ticket was purchased in the Sooner state. Your net payout would be around $173,169,000, according to USA Mega. Not bad at all.
If you choose the annuity over 30 years, your net payout would be just over $286 million. That’s a sizeable difference from the lump sum option. In fact, your first payment would net you more than $4.3 million – enough to buy the most expensive AND the 10th most expensive homes for sale in Tulsa, according to listings on Zillow.
According to USA Mega, the chart below shows an estimate on taxes and net payment in Oklahoma for those who choose to reap the benefits of the big win over the next 30 years.
There are several states that don’t charge a tax on lottery winnings, including our neighbors to the south. New York levies the highest state tax at 8.82 percent.
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I WON!That's what everyone hopes to be screaming after the Powerball winning numbers are revealed after each drawing