Here’s How Much New York Will Take From You If You Win The Powerball Jackpot Tomorrow
It will be one heck of a payday tomorrow if you win the Powerball Jackpot. After all, it's the second largest jackpot in the history of the game and you'll walk away with a payout of over $412 million---that's before New York gets a hold of you of course.
JACKPOT: $650 MILLION
FEDERAL TAX: APPROX $103 MILLION
BEFORE NEW YORK TAX: APPROX $308 MILLION
This is of course assuming the winners takes a single lump sum (which most do). With one of the highest tax rates in America, New York wants a piece of your winnings. Here's what you'll have to give them:
New York: 8.82% state tax
- Annuity: -$1,911,000 per year (avg. net pay per year: $14,339,000; after 30 payments: $430,170,000)
- Lump Sum: -$36,311,940 (net payout: $272,463,060)
- New York City and Yonkers impose an additional tax: 3.876% and 1.323%, respectively
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